SBP exempts certain deposits from minimum profit rate requirement

MG News | November 26, 2024 at 10:51 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

November 26, 2024 (MLN): The State Bank of Pakistan (SBP) has notified today that the Minimum Profit Rate requirement shall not be applicable to the deposits of financial institutions, public sector enterprises and public limited companies.

In September 2013, the central bank modified the payment of the minimum rate of return on deposits raised by banks.

As per this modification, the minimum profit rate to be paid on all Pak Rupee savings deposits was set at 50 basis points below the prevailing SBP Repo Rate (Interest Rate Corridor - Floor).

Moreover, the change in the Minimum Profit Rate, following any change in the SBP Repo Rate, was authorized to be applicable with effect from the 1st day of the subsequent month.

In the latest modification, SBP has exempted financial institutions, public sector enterprises and public limited companies from the imposition of this profit rate.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	168,155.49 146.93M	-0.29% -481.36
ALLSHR	101,821.25 491.54M	-0.27% -275.83
KSE30	50,151.61 66.23M	-0.22% -111.06
KMI30	240,694.06 56.00M	-0.34% -821.69
KMIALLSHR	65,906.19 236.46M	-0.35% -230.83
BKTi	46,796.32 10.20M	-0.20% -94.16
OGTi	34,362.14 4.89M	0.39% 134.82

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	85,600.00	85,665.00 84,680.00	1010.00 1.19%
BRENT CRUDE	102.61	103.04 98.40	0.30 0.29%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	0.50 0.39%
ROTTERDAM COAL MONTHLY	140.00	143.25 140.00	-3.90 -2.71%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	91.26	0.00 0.00	0.15 0.16%
SUGAR #11 WORLD	19.91	19.96 18.93	0.97 5.12%