Category: Money & Banking

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.

SBP Likely to Raise Interest Rate to Record High of 24%: Survey

Karachi, September 8, 2023 – A survey conducted by Topline Securities indicates that a majority of respondents anticipate the State Bank of Pakistan (SBP) will increase the benchmark interest rate to a record high of 24 percent in the upcoming monetary policy committee (MPC) meeting scheduled for September 14, 2023.
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September 8, 2023
PKR Maintains Winning Streak Against Dollar for Third Consecutive Day at Interbank

Karachi, September 8, 2023 – In a remarkable display of resilience, the Pakistani Rupee (PKR) continued its winning streak against the US dollar for the third consecutive day on Friday, bolstered by a series of proactive measures implemented by authorities.
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September 8, 2023
Pakistani Banks Raise Lending Cost to Record High at 24.62%

Karachi, September 8, 2023 – Analysts have reported that Pakistani banks have raised lending costs to a record high of 24.62 percent, indicating potential actions by the central bank to increase its benchmark policy rate to an all-time high in the near future.
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September 8, 2023
Dollar Falls to PKR 302 in Intraday Amid Crackdown Against Currency Smuggling

Karachi, September 8, 2023 – The Pakistani Rupee (PKR) witnessed a sharp and significant recovery against the US dollar in intraday trading on Friday, as authorities continued their relentless crackdown against currency smuggling and the black market.
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September 8, 2023
Pakistan Facilitates Conversion of Rs 5 Billion Worth Unregistered Prize Bonds

Karachi, September 8, 2023 – Pakistan has taken steps to facilitate its citizens in converting unregistered prize bonds worth approximately Rs 5 billion, with a deadline set for the end of June next year.
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September 8, 2023
Pakistan Refutes Reports of Ban on Rs 5000 Banknote

Islamabad, September 7, 2023 – Pakistan has officially denied recent reports suggesting a ban on the Rs 5000 denomination banknote. The Ministry of Finance issued a statement on Thursday to address the circulating rumors and clarify the situation.
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September 8, 2023
Massive Recovery of PKR as Pakistan Launches Crackdown on Currency Smuggling

Karachi, September 7, 2023 – The Pakistani Rupee (PKR) has undergone a significant recovery in both the interbank and open markets, thanks to a comprehensive crackdown launched by authorities in Pakistan against currency smuggling and the black market.
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September 7, 2023
Pakistani Rupee Makes Sharp Recovery to End at PKR 304.94 to the Dollar

Karachi, September 7, 2023 – In a surprising turn of events, the Pakistani Rupee (PKR) demonstrated a remarkable recovery against the US dollar today, closing at PKR 304.94 in the interbank foreign exchange market. This recovery represents a significant gain of PKR 2.04 in rupee value compared to the previous day’s closing rate of PKR 306.98.
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September 7, 2023
State Bank of Pakistan Introduces Reforms in Exchange Companies

Islamabad, September 6, 2023 – The State Bank of Pakistan (SBP) has initiated a series of structural reforms aimed at enhancing the monitoring and governance of exchange companies operating within the country.
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September 7, 2023
SBP Enhances Minimum Paid-Up Capital Requirement for Exchange Companies to PKR 500 Million

Karachi, September 6, 2023 – In a significant move aimed at fortifying the financial stability of exchange companies in Pakistan, the State Bank of Pakistan (SBP) announced on Wednesday that it would be raising the minimum paid-up capital requirement for these entities from PKR 200 million to PKR 500 million.
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September 6, 2023