Author name: Press Release

Lahore – MCB Islamic Bank Limited has appointed Mr. Hammad Khalid as its new President and Chief Executive Officer. The Board of Directors of MCB Islamic Bank has approved Mr. Khalid’s appointment in line with its strategic vision and governance framework. His appointment reflects the Bank’s commitment to strengthening leadership and driving sustainable growth in an evolving financial landscape. Mr. Khalid has been associated with MCB Islamic Bank as a Director on the Board since June 2022, during which time he contributed to the Bank’s strategic planning and governance oversight. Mr. Khalid is a member of the Institute of Chartered Accountants of Pakistan (ICAP) and brings over 16 years of experience with MCB Bank Limited. Most recently, he served as Chief Financial Officer, where he led strategic decision-making, capital management and regulatory compliance, while representing the Bank at national and international forums. His expertise in financial governance, risk management and banking operations has been instrumental in driving sustainable growth and institutional resilience. In addition to his executive experience, Mr. Khalid holds board positions at 1LINK (Pvt.) Limited, MCB NBCO Azerbaijan and MCB Exchange, reflecting his broad leadership experience across the financial services industry.

In 2025, BingX achieved 100% user growth, with a peak 24-hour trading volume surpassing $26 billion, underscoring strong global adoption and momentum. PANAMA CITY, December 15, 2025 – BingX, a leading cryptocurrency exchange and Web3 AI company, has reached a major milestone by surpassing 40 million global users. This achievement marks an extraordinary 100% year-over-year growth, cementing BingX’s position as one of the fastest-growing platforms in the industry. Pioneering Innovation in the Crypto Space BingX is at the forefront of innovation in the crypto space. The exchange launched a groundbreaking $300 million commitment to AI, making a strong push into an AI-native crypto exchange. This bold move has attracted over 3 million early users who are trading with BingX AI Bingo and BingX AI Master, which provide advanced insights and enhance decision-making. In addition, BingX has introduced a CeDeFi approach with the launch of BingX Chainspot, a centralized exchange system with decentralized transparency, marking a first in the industry. This unique hybrid model blends the strengths of centralized exchanges with the security and transparency of decentralized finance (DeFi), offering users enhanced flexibility and trust in their trading environment. Early Access to the Market and Offerings BingX has further enhanced its trading offerings with significant improvements across both spot and futures trading: Uncompromising Commitment to Security BingX has always prioritized user security and transparency. The platform has consistently provided publicly accessible, verifiable 100% Proof of Reserves since 2022, reinforcing its commitment to accountability. To further protect users, BingX launched a $150 million Shield Fund and has achieved ISO 27001 certification, meeting the highest security standards in the industry. In addition, BingX has attained PCI DSS v4.0.1 certification for its fiat business, ensuring robust safeguards for both user data and financial transactions. User-Centric Enhancements for the Community BingX’s dedication to its users is exemplified through a series of new community-driven initiatives designed to enhance the trading experience. Strategic Investments in the Future of Web3 BingX has shown continued dedication to the evolution of the Web3 space, with BingX Labs investing $16 million in promising Web3 projects. This commitment underscores BingX’s role as a driving force in the future of decentralized technologies. Additionally, BingX is nurturing the next generation of crypto leaders through its TalentX program, empowering young talent to explore career opportunities within the digital asset industry. Beyond innovation and trading, BingX has maintained its corporate social responsibility efforts, making impactful donations globally, including a donation of $200,000 USD to the “One Light, Thousands of Hearts” initiative in Vietnam, and a donation of HKD $5 million to the Support Fund for Wang Fuk Court in Tai Po, Hong Kong, following a tragic fire disaster. “Reaching 40 million users is more than just a number,” said Vivien Lin, Chief Product Officer of BingX. “It represents the recognition we have received from our users, partners, and the broader crypto community. Every milestone reflects our unwavering commitment to innovation, security, and putting our users first, and it motivates us to continue doing more for our users. We always take a step further, and that is the spirit we hope to demonstrate in our Beyond the Alpha campaign. “ To celebrate this significant achievement, BingX is launching its “Beyond the Alpha” campaign, a celebration of its commitment to engaging with users in innovative and meaningful ways. Running from December 15 to December 26, 2025, the campaign invites users to participate in a lucky draw for a chance to win guaranteed prizes, including a limited-edition BingX Field Barista Kit, trading vouchers, and more. Users can earn additional entries by completing daily tasks such as trading, depositing, and referring to new users. As part of this vibrant campaign, BingX will also release a first-ever branded music video, showcasing the key achievements and reinforcing its dedication to delivering secure, user-friendly, and responsive products and services.

The State Bank of Pakistan (SBP) has announced a 50 basis points (bps) cut in the policy rate, effective December 16, 2025, marking the first change in interest rates after a prolonged pause of seven months. The decision was taken during the Monetary Policy Committee (MPC) meeting held on December 15, 2025, as outlined in the latest Monetary Policy Statement. The policy rate had remained unchanged at 11 percent since May 2025, when the central bank last reduced it from 12 percent to 11 percent. With the latest decision, the SBP aims to strike a balance between maintaining price stability and supporting sustainable economic growth. Read More: https://theboardroompk.com/sbp-expected-to-maintain-11-policy-rate-amid-inflation-caution/ Why the State Bank of Pakistan Cut the Policy Rate According to the MPC, inflation during July–November FY26 averaged within the SBP’s medium-term target range of 5–7 percent, providing room for cautious monetary easing. While core inflation remains relatively sticky, the overall inflation outlook is broadly unchanged due to:• Benign global commodity prices• Anchored inflation expectations• A prudent monetary policy stance The MPC noted that economic activity is gaining traction, supported by strong improvement in high-frequency indicators, including a better-than-expected recovery in large-scale manufacturing (LSM) during the first quarter of FY26. Despite these positive indicators, the Committee highlighted that the global economic environment remains challenging, particularly for exports, which could pose risks to Pakistan’s macroeconomic outlook. Against this backdrop, the MPC concluded that there was sufficient space to modestly reduce the policy rate while safeguarding price stability. Economic Developments Since the Last MPC Meeting The Monetary Policy Committee reviewed several key domestic and external developments that influenced its decision: Labor Market TrendsThe Labor Force Survey 2024–25 indicates an increase in the unemployment rate compared to 2020–21, despite faster employment growth. This reflects structural challenges in the labor market and underscores the need for sustained economic expansion to generate jobs. Foreign Exchange Reserves and IMF SupportDespite ongoing external debt repayments, SBP’s foreign exchange reserves increased to over $15.8 billion, supported by a $1.2 billion inflow from the IMF following the successful completion of EFF and RSF reviews. The reserves level has already surpassed the December 2025 target of $15.5 billion. Business and Consumer ConfidenceLatest SBP-IBA surveys show an improvement in consumer confidence, while business confidence, though still positive, has moderated slightly amid global uncertainties. Fiscal PerformancePakistan recorded overall and primary fiscal surpluses in Q1-FY26, largely due to a sizeable profit transfer from the SBP. However, slower tax collection growth raises concerns about meeting full-year fiscal targets. Real Sector Performance: Industrial and Agricultural Outlook Industrial Growth Gains MomentumThe real sector continues to demonstrate robust momentum. Large-scale manufacturing (LSM) posted 4.1 percent year-on-year growth in Q1-FY26, with most industrial sectors showing increased output. Additional indicators such as:• Automobile sales• Fertilizer and cement demand• Imports of machinery and intermediate goodsall point to a positive outlook for industrial activity. Agriculture Sector OutlookIncoming data on major crops, particularly wheat, suggests favorable production prospects. Improved input conditions and government-backed incentive schemes indicate that wheat output may exceed targets, providing support to food security and rural incomes.Collectively, these developments are expected to support the services sector, with real GDP growth for FY26 projected in the upper half of the 3.25–4.25 percent range. External Sector: Current Account and Trade Challenges The current account deficit stood at $0.7 billion during July–October FY26, aligning with MPC expectations. While imports grew alongside economic recovery and workers’ remittances remained resilient, exports faced pressure due to a sharp decline in food exports, particularly rice. Looking ahead:• Global trade dynamics and tariff-related developments may constrain exports• Lower global oil prices could help contain import growth Overall, the current account deficit is projected to remain within 0–1 percent of GDP in FY26, while SBP’s foreign exchange reserves are expected to rise to $17.8 billion by June 2026, assuming planned inflows materialize. Fiscal Sector: Progress and Structural Challenges Although fiscal balances showed improvement in Q1-FY26, FBR tax collection growth slowed to 10.2 percent year-on-year during July–November FY26, requiring significant acceleration to meet budget targets. Lower-than-budgeted interest payments may help contain the fiscal deficit, but achieving the targeted primary surplus remains challenging. The MPC reiterated the importance of:• Broadening the tax base• Privatizing loss-making state-owned enterprises (SOEs)• Implementing long-overdue structural reforms to strengthen fiscal buffers and create space for public investment. Money, Credit, and Inflation Trends Credit Expansion Broad money (M2) growth accelerated to 14.9 percent by late November, driven largely by increased government borrowing. Private sector credit expanded by Rs187 billion during July–November, with strong demand from textiles, wholesale and retail trade, and chemicals. Consumer financing, particularly auto loans, remained robust due to easing financial conditions and improved sentiment. Inflation Outlook Headline inflation has remained within the target range for three consecutive months, with food, energy, and core inflation converging as expected. However, the MPC cautioned that inflation may temporarily rise above the target toward the end of FY26 due to base effects before stabilizing again in FY27. Key inflation risks include:• Volatile global commodity prices• Energy price adjustments• Fiscal slippages• Uncertainty around wheat and food prices What the Policy Rate Cut Means for Businesses The 50 bps policy rate cut signals a cautiously supportive monetary stance, aimed at encouraging investment and credit expansion while preserving macroeconomic stability. However, many business stakeholders believe that further reductions may be necessary to fully unlock industrial growth, enhance export competitiveness, and support SMEs. With the policy rate having remained unchanged for seven months prior to this move, the decision represents a critical turning point in Pakistan’s monetary policy cycle.