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, July 18, 2023 – State Bank of Pakistan (SBP) has granted approval to Summit Bank Limited to change its name ‘Bank Makramah Limited (BML).
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Karachi, July 17, 2023 – Pakistan’s salaried class has shown remarkable financial prudence, depositing a staggering Rs3.45 trillion in banks by the end of June 2023. This surge in deposits is primarily attributed to the country’s highest rate of return on investments.
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Karachi, July 17, 2023 – The Pakistani Rupee (PKR) experienced a decline of PKR 1.67 against the US dollar on Monday due to the increasing demand for import payments. The interbank foreign exchange market witnessed the exchange rate falling from PKR 277.59 to PKR 279.26 at the close of the day.
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Karachi, July 17, 2023 – According to industry analysts, Pakistani banks are poised to achieve substantial profits in the first half of the year ending June 30, 2023, primarily driven by higher interest rates.
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Karachi, July 14, 2023 – The Pakistani Rupee (PKR) experienced a weakening trend against the US dollar on Friday, closing at PKR 277.59 in the interbank foreign exchange market. This decline of PKR 1.13 from the previous day’s closing value of PKR 276.46 is primarily attributed to increased import and corporate payment pressures.
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Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.
(more…)Karachi, July 13, 2023 – The Pakistani Rupee (PKR) experienced a notable surge against the US Dollar on Thursday, reaching a value of PKR 276.46 in the interbank foreign exchange market.
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Karachi, July 13, 2023 – The Banking Mohtasib Pakistan has taken significant measures to address customer concerns by resolving 12,015 complaints, resulting in a monetary relief of Rs 539.72 million during the first half of the current calendar year, spanning from January to June 2023.
(more…)Karachi, July 13, 2023 – The deposits in commercial banks have soared to a record high of Rs25.51 trillion by the end of June 2023, driven by the prevailing highest interest rate in the country.
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Islamabad, July 12, 2023 – President Dr. Arif Alvi has dismissed an appeal by Bank Alfalah against the decision of the Banking Ombudsman, directing the bank to issue a refund to a customer and send him an apology.
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