Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.
Karachi, April 17, 2024 – The Pakistani Rupee (PKR) continued its downward trajectory against the US dollar on Wednesday, marking its third consecutive fall to end at PKR 278.40 at the interbank foreign exchange market.
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Karachi, April 17, 2024 – The State Bank of Pakistan (SBP) has wielded its regulatory authority, imposing a hefty penalty of Rs 776 million on several banks and an exchange company for breaching regulations during the first quarter of 2024, which ended on March 31.
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The Federal Investigation Agency (FIA) of Pakistan has made a significant breakthrough in its ongoing efforts to combat illegal currency exchange activities, with the arrest of a gang leader involved in Hawala and Hundi operations.
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The Board of Directors of Bank Alfalah Limited has given its in-principle approval to the non-binding indicative offer received from Bank Asia Limited, Dhaka, Bangladesh, to acquire Bank Alfalah’s operations and assets in Bangladesh.
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Karachi, April 17, 2024 – United Bank Limited (UBL) announced an 11.54 percent increase in profit after tax for the first quarter ending March 31, 2024, according to consolidated financial results submitted to the Pakistan Stock Exchange (PSX) on Wednesday.
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Karachi, April 16, 2024 – The Pakistani Rupee experienced a decline, reaching PKR 278.29 against the US Dollar on Tuesday in the interbank foreign exchange market, as demand for the greenback surged.
(more…)Karachi, April 15, 2024 – The Pakistani Rupee experienced a decline of PKR 0.18 against the US Dollar on Monday, attributed to heightened demand for dollar payments following the Eid ul Fitr holidays.
(more…)The Pakistan Rupee is anticipated to maintain its stability against the US Dollar in the week starting from April 15, 2024, owing to the impending talks for a new loan program with the International Monetary Fund (IMF).
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In a concerning development for Pakistan’s financial landscape, data released by the State Bank of Pakistan (SBP) reveals a notable 4.8 percent decline in registered prize bond investments by the end of February 2024 compared to the same period the previous year.
(more…)Karachi, April 11, 2024 – Official data reveals a staggering surge in government borrowing from the banking system, soaring to Rs 4.84 trillion during the initial nine months (July – March) of the fiscal year 2023-24.
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