Cattle markets: SBP launches ‘go cashless' campaign
This strategic initiative, in line with SBP's goal of fostering digital financial inclusion throughout Pakistan, was officially launched today, May 20, 2025, and will run until June 6, 2025, or Eid night.
In partnership with the banking industry, the campaign aims to streamline the sale and purchase of sacrificial animals in 54 designated cattle markets across the country. Following the success of last year's digitalization efforts, this year's campaign seeks to further expand digital adoption among market participants.
Within these cattle markets, digital payment solutions can be utilized for various transactions, including the purchase of sacrificial animals, payment for necessities such as water and feed, and settlement of parking fees.
To support both merchants and buyers during this period, the SBP has temporarily raised transaction limits, effective from May 19 to June 15, 2025, Branchless Banking Level-1 Accounts, Asaan Account/Asaan Digital Account, and Merchant Accounts: Daily transaction limits have been eliminated, and the per-month limit has been increased to PKR 5,000,000.
The public is strongly encouraged to take advantage of these convenient and secure digital financial services during the Eid-ul-Azha period. By participating in the 'Go Cashless' campaign, individuals can contribute to a more efficient and inclusive financial ecosystem in Pakistan.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
7 hours ago
- Business Recorder
SBP-held foreign exchange reserves rise $13mln, clock in at $14.26bn
Foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $13 million to $14.26 billion during the week ended August 15, 2025, the central bank said on Thursday. Meanwhile, net foreign reserves held by commercial banks stood at $5.31 billion, taking the country's total liquid foreign reserves to $19.57 billion. The central bank did not attribute any reason to the increase in the FX reserves. 'During the week ended on 15-Aug-2025, SBP reserves increased by US$13 million to US$14,256.2 million,' it said. Last week, SBP's foreign exchange reserves increased $11 million.
Business Recorder
8 hours ago
- Business Recorder
Pakistan has a mounting garbage problem
Pakistan generates 49.6 million tonnes of solid waste annually yet the federal government has allocated no money for the purpose of waste management in its 2025-2026 budget. This glaring disconnect between policy rhetoric and financial reality explains the fundamental failure of Pakistan's legal framework to address what experts speaking to Business Recorder call a mounting garbage problem. In a country where cities are littered with garbage, while recyclable material worth millions goes to waste, outdated waste management laws represent a missed opportunity that could transform urban landscapes from dumping grounds to resource hubs. Dr Tanveer Ahmed Gadhi - who is an assistant professor at the US-Pakistan Centre for Advanced Studies in Water at Mehran University of Engineering & Technology Jamshoro - said Pakistan's waste management system struggles with an inefficient coordination mechanism, leading to significant environmental and economic losses. Major cities like Karachi and Lahore generate over 20,000 tons of solid waste annually, out of which only 40% are sent to engineered landfills. A lost opportunity There is a lost opportunity to generate energy from manure, and livestock, agricultural industrial and municipal waste to meet the coountry's 60% primary energy demand, he said. Meanwhile, plastic recycling rate remains below 10% and the recycling sector remains severely underdeveloped, with only 3% of plastic waste currently recycled in Pakistan, even though the country generates 2 million tonnes of plastic waste annually. This inefficiency directly costs an estimated loss of $1.2 billion annually to the economy. He said the situation demands a centralized monitoring system, public-private partnerships, and 'Extended Producer Responsibility' - a policy approach that holds producers financially and physically responsible for their products and packaging at the end of their useful life, including collection, sorting, recycling, and safe disposal. Meanwhile, researcher and undergraduate student of the same centre, Syed Samiya Shah, said the country's waste ends up contaminating open fields, waterways, and roadsides. Cities like Lahore could significantly benefit from recycling, with current recycling operations already generating Rs271 million revenue from 21.2% of solid waste collected from the city, whereas the estimated worth is approximately Rs530 million if the city was given a higher industrial status. The environmental cost is equally severe, with formally registered institutions managing only 50% of Pakistan's municipal waste, leaving the remainder to informal entrepreneurs who lack proper infrastructure and environmental safeguards. What does the law say? The country's waste management legal architecture appears comprehensive on paper. The Pakistan Environmental Protection Agency (PEPA) 1997 established a regulatory framework while the National Environmental Policy 2005 provides overarching guidelines for addressing environmental issues, including waste management. Although the country has adequate legislation, it unfortunately does not have a national institution for proper waste management. The 18th Amendment has also complicated matters by making waste management a provincial subject while creating coordination challenges between federal and provincial regulations. The 2024-2025 federal budget has revealed a lack of serious commitment to waste management. While Sindh allocated Rs28.4 billion for waste management in the budget, a 58% increase from the previous year's Rs18 billion allocation, the federal government provided no dedicated waste management allocation. Punjab allocated Rs5 billion for two modern landfill sites - Rs4.5 billion for one in Faisalabad and Rs500 million for one in Gujranwala. However, an absence of a central monitoring and coordinating authority has created a vacuum; each province operates in isolation with different standards and with no unified enforcement mechanism. Moreover, provincial allocations reveal a critical flaw in post-18th Amendment decentralization: Selective urban prioritization. Sindh and Punjab's billions of budgets for solid waste management primarily target major metropolitan areas, such as Karachi, Lahore, and Faisalabad, while smaller cities and towns remain neglected. This defeats the core principle of decentralization, which was meant to ensure equitable service delivery across all urban and rural areas. The result is a two-tier system where major cities receive provincial attention while smaller municipalities struggle. Meanwhile, PEPA and the Ministry of Climate Change and Environmental Coordination (MoCC) lack proper coordination mechanisms to ensure equitable implementation across all municipal tiers. A centralized solution Shah and Dr Gadhi believe that Pakistan needs a centralized monitoring and guidelines system that ensures provincial policies translate effectively to smaller cities and towns. This federal oversight would guide provincial policies towards comprehensive coverage that includes secondary cities, tehsils, and rural areas that currently fall through the cracks of provincial planning, while enforcing existing circular economy regulations that remain unimplemented despite the policy framework. The two experts recommend that regulations should require manufacturers to manage their products' entire lifecycle, shifting responsibility from municipalities to producers. To reduce dependency on expensive foreign contractors while building local capacity, the government should leverage the informal recycling sector, which already handles significant waste volumes, by formalizing and supporting these operations, they said. Legal reforms alone won't suffice without corresponding financial mechanisms. Pakistan needs a dedicated waste management cess on generators, green bonds for financing waste infrastructure, and inclusion of the waste sector in the new carbon levy system introduced in the 2025-2026 budget. Pakistan's waste crisis reflects weak institutions, poor coordination between federal and provincial governments, inadequate financing, and a lack of long-term planning. International examples demonstrate that successful waste management requires coordinated national strategies with federal oversight, standardized regulations and financial commitment, all of which is currently missing from Pakistan's approach.
Express Tribune
18 hours ago
- Express Tribune
RDA inflows cross $10.7 billion
In terms of growth, during March 2022, remittances increased 28.3% on a month-on-month basis. PHOTO: reuters Remittances through the Roshan Digital Account (RDA) reached $10.748 billion by the end of July 2025, up from $10.563 billion at the close of June, according to the State Bank of Pakistan (SBP). Inflows during July came in at $185 million, slightly higher than remittances of $182 million in June, but lower than arrival of $201 million in May, according to APP. Account registrations under the scheme also recorded growth, rising 10,619 in July to reach 842,582, compared to 831,963 in June. By the end of July, overseas Pakistanis had invested $479 million in the Naya Pakistan Certificates, $936 million in the Naya Pakistan Islamic Certificates and $75 million in Roshan Equity Investments. Furthermore, the government of Pakistan raised Rs865.2 billion through debt auctions, including the Ijara Sukuk, to meet financing needs. According to results released by the central bank, the government secured Rs526.974 billion from the sale of Market Treasury Bills (MTBs) across tenors of one month, three months, six months and 12 months. Cut-off yields ranged between 10.85% and 11%, showing stability in short-term borrowing costs. In the latest T-bill auction, the State Bank raised a total of Rs527 billion, surpassing the target of Rs450 billion, noted Arif Habib Limited (AHL). Investor participation remained robust, with bids amounting to Rs1,314 billion. Yields were largely stable, although the six-month paper registered a marginal decline of two basis points, indicating steady short-term borrowing costs with a slight softening in the medium tenor, added AHL. In a parallel transaction, the SBP raised an additional Rs109.250 billion through the auction of 10-year Pakistan Investment Bonds — Floating Rate (PFL), which were sold at a cut-off price of Rs95.5244. The government of Pakistan also raised Rs228.99 billion through its latest auction of Ijarah Sukuk conducted by the Pakistan Stock Exchange, surpassing the combined target of Rs200 billion. Investor demand was strong, with total bids received were Rs626.85 billion. The 10-year Zero Coupon Sukuk attracted the highest interest (Rs210.25 billion in bids) and raised Rs77.4 billion. All fixed-rate offerings were fully subscribed, with cut-off rental rates ranging between 10.44% and 12%. However, all bids for the five-year Variable Rate Rental (VRR) Sukuk were rejected. Moreover, the rupee inched up one paisa, closing at 281.95 per dollar in the inter-bank market, marking its ninth consecutive gain. Meanwhile, gold prices in Pakistan slipped, moving in the opposite direction of the international market, where the metal gained nearly 1% as the US dollar weakened. Investors globally awaited minutes of the Federal Reserve's last policy meeting and the upcoming Jackson Hole symposium for signals on future interest rate trends. In the domestic market, the price of gold fell Rs1,400, settling at Rs355,200 per tola. According to the All Pakistan Sarafa Gems and Jewellers Association, the 10-gram rate fell Rs1,201 to Rs304,526. Globally, spot gold rose 0.9% to $3,343.42 per ounce after hitting its lowest level since August 1 earlier in the session. US gold futures rose 0.9% to $3,387.10.
