Aug 12

Dollar plummets to Rs215.49 against Pakistani Rupee on August 12, 2022

KARACHI: The US dollar plummeted by Rs3.39 against the Pakistani Rupee to Rs215.49 on Friday August 12, 2022 in interbank foreign exchange market. The rupee appreciated to Rs215.49 to the dollar from previous day’s closing of Rs218.88 in the interbank foreign exchange market. The local units gained about Rs24.45 or 10.19 per cent during past […]

by Faisal Shahnawaz

Meezan Bank posts 36% growth in half year profit

Aug 11

Corporate, Money & Banking

Meezan Bank posts 36% growth in half year profit

KARACHI: Meezan Bank Limited on Thursday declared 36 per cent increase in after tax profit for the half year ended June 30, 2022. The bank announced its financial results for the first half (January – June) 2022 where the bank reported consolidated net profit after tax of Rs17.1 billion compared to Rs12.7 billion in the […]

by Faisal Shahnawaz

Dollar continues to fall against PKR; ends at Rs218.88

Aug 11

Money & Banking, Top stories

Dollar continues to fall against PKR; ends at Rs218.88

KARACHI: The US dollar continued to fall against the Pakistan Rupee (PKR) on Thursday and ended at Rs218.88 in the interbank foreign exchange market. The exchange rate witnessed an increase of Rs3.06 in the rupee value to end at Rs218.88 from previous day’s closing of Rs221.94 in the interbank foreign exchange market. READ MORE: Rupee […]

by Faisal Shahnawaz

Aug 10

Money & Banking

Rupee jumps to Rs221.91 against dollar

KARACHI: The Pakistani rupee recovered Rs2.13 against the US dollar on Wednesday to close at Rs221.91 at closing of interbank foreign exchange market. Previously, the exchange rate closed at Rs224.04 to the dollar on August 05, 2022. READ MORE: Pakistani rupee extends gain to dollar for sixth session The rupee continued the gain for seventh […]

by Faisal Shahnawaz

US Treasury sanctions virtual currency mixer Tornado Cash

Aug 8

Money & Banking, World

US Treasury sanctions virtual currency mixer Tornado Cash

WASHINGTON: The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) Monday sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. This includes over $455 million stolen by the Lazarus Group, a Democratic People’s Republic of Korea […]

by Mrs. Anjum Shahnawaz

National Savings stops profit coupons after August 31, 2022

Aug 7

Money & Banking, Top stories

National Savings stops profit coupons after August 31, 2022

ISLAMABAD: The Central Directorate of National Savings (CDNS) has announced that it will not issue profit for various savings schemes through coupons. In a public notice, the CDNS said that laws have been amended related to regular income certificates, Behbood Saving Certificates and Pensioners Benefit Account. READ MORE: Pakistan increases profit rates for saving accounts […]

by Hamza Shahnawaz

Pakistan increases profit rates for saving accounts

Aug 7

Money & Banking

Pakistan increases profit rates for saving accounts

Pakistan has increased profit rates for saving accounts to 13.50 per cent per annum from 12.25 per cent. The Central Directorate of National Savings (CDNS), the authority to manage the saving schemes in Pakistan, has announced the increase in profit rates on various schemes. READ MORE: Pakistan hikes key policy rate by 125 basis points […]

by Mrs. Anjum Shahnawaz

Non-resident Pakistanis allowed contribution in pension funds

Aug 6

Money & Banking

Non-resident Pakistanis allowed contribution in pension funds

KARACHI: The State Bank of Pakistan (SBP) has allowed non-resident Pakistanis to contribute in pension funds. In a circular issued to banks/Authorized Dealers (ADs) on August 05, 2022, the SBP said in order to improve the value proposition of NRP Rupee Value Account (NRVA) and facilitating the non-resident Pakistanis (NRPs), it has been decided to […]

by Hamza Shahnawaz

SBP issues options to make donation in PM flood relief fund

Aug 6

Money & Banking, National

SBP issues options to make donation in PM flood relief fund

KARACHI: The State Bank of Pakistan (SBP) on Saturday issued multiple options to make donations in prime minister flood relief fund 2022. The central bank said that the government had notified establishment of a flood relief fund, namely, Prime Minister’s Flood Relief Fund, 2022, for providing relief and rehabilitation to the affected population due to […]

by Faisal Shahnawaz

SBP relaxes cash margin restriction on import

Aug 6

Money & Banking, Top stories

SBP relaxes cash margin restriction on import

KARACHI: The State Bank of Pakistan (SBP) has relaxed restriction on cash margin requirement on imported items. According to a circular issued on August 05, 2022, the SBP said that banks were required to maintain 100 percent cash margin against certain items of import (HS codes), regardless of the mode of payment. READ MORE: SBP […]

by Hamza Shahnawaz