SBP directed all banks to use SECP's digital portal for digital verification of companies' documents willing to open their bank accounts.

State Bank of Pakistan (SBP) has signed a memorandum of understanding (MoU) with Zameen.com for utilising data about the real sector. Under the MoU between SBP and Zameen.com, the latter will provide data on the prices and rental costs of residential and commercial properties in the country’s metropolitan areas. Later, the provided data will subsequently be used by SBP to analyze house prices, develop related indices and use the information in its publications, working papers and reports.

SBP and Zameen.com to fill the Price Trends Gap in the Real Estate Sector

On the signing of this MoU, Deputy Governor (Policy) Dr Murtaza Syed, expressed his pleasure and opined that the real-estate sector is under-researched in Pakistan due to a number of factors including paucity of available data. He said that in the absence of dependable information on price trends in the real sector, understanding households’ asset allocation decisions becomes difficult. He hoped that the MoU between the two entities will greatly help to fill these gaps.

Zameen.com CEO, Mr Zeeshan Ali Khan, while sharing his thoughts said that he was delighted to have entered into a partnership with the SBP to provide invaluable data to help it make informed decisions and draft effective policies. He further said that this engagement with the Central Bank is a testament to the usefulness of the work done by Zameen.com in digitizing and transforming the country’s real estate industry.

SBP’s EasyData Portal

The central bank said it aims to upload the aggregate house price and rental indices on its data portal — Easydata – a data portal that provides consumers with an overview of major economic and financial statistics across a variety of sectors. Users can also save their favourite indications to a personal basket for quick access.

Read more: SBP Launches an Interactive Data Portal Easy Data Making Data Access Easier

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