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 20, 2023: Market participants are divided over the State Bank of Pakistan’s (SBP) decision on whether to raise the benchmark policy rate further in the upcoming monetary policy meeting.
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Karachi, July 19, 2023 – The Pakistani Rupee (PKR) experienced yet another fall against the US dollar on Wednesday, closing at PKR 283.80 in the interbank foreign exchange market.
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Karachi, July 19, 2023 – United Bank Limited (UBL), one of Pakistan’s largest banks, has witnessed a remarkable over fourfold surge in net profit for the quarter ending June 30, 2023.
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Karachi, July 19, 2023 – Pakistan is set to establish a new trading platform for spot exchange rate transactions, as part of its commitment to the International Monetary Fund (IMF).
(more…)Karachi, July 18, 2023 – In a notable turn of events, the Pakistani Rupee (PKR) experienced a significant devaluation against the US dollar, reaching a new low of PKR 283.04 in the interbank foreign exchange market on Tuesday.
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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.
(more…)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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