$1.8 billion injected into cash starved Pakistani economy

$1.8 billion injected into cash starved Pakistani economy

ISLAMABAD -1.8 billion injected into cash starved Pakistani economy reveals the statement by the spokesperson of State Bank of Pakistan on Thursday.

It was announced that the rate of investment in the country saw an increase of 68 percent from July till December, ARY News reported.

The statement further read that foreign investment in Pakistan was recorded at 1.34 billion dollars in the past six months.

The performance of the Pakistan stock market remained satisfactory with earnings of 4520 million dollars in the six-month pocket.

Collective investment in the last 6 months was estimated at 1.8 billion dollars.

Earlier on January 14, The State Bank of Pakistan has slapped penalties worth Rs219 million on five commercial banks in December 2019 owing to procedural violations in areas of customer due diligence (CDD), know your customer (KYC) and Foreign Exchange (FX) operations.

According to a statement issued by a spokesperson of SBP, the central bank, in addition to penal action, has advised these banks to strengthen their KYC,CDD and FX operation processes in order to avoid similar violations in future. The central bank has also urged the banks to launch an internal inquiry on the certain breaches.

The banks have been advised to bring improvements in their systems to avoid recurrence of such violations in future.