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.

Pakistani Rupee Weakened Against US Dollar to PKR 277.59 at Interbank Closing

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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July 14, 2023
Banks Initiate Withholding Tax on Cash Withdrawal

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.
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July 14, 2023
Pakistani Rupee Strengthens to PKR 276.46 Against Dollar After IMF Bailout Boost

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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July 13, 2023
Banking Mohtasib Pakistan Assists Customers with Rs 539.72 Million Relief in 1HCY23

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.
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July 13, 2023
Bank Deposits Reach Record High of Rs25.51 Trillion Amidst Highest Interest Rate

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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July 13, 2023
President Alvi Rejects Bank Alfalah’s Appeal, Orders Refund to Customer

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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July 12, 2023
PKR Gains Momentum in Anticipation of Inflows

The Pakistani Rupee showed significant progress on Wednesday as it gained Rs1.09 against the US Dollar, closing at PKR 277.48 in the interbank foreign exchange market.
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July 12, 2023
Pakistan Advises Financial Institutions to Refrain from Processing Cryptocurrencies

Karachi, July 12, 2023 – The State Bank of Pakistan (SBP) has issued a detailed report advising all financial institutions (FIs) in the country to avoid processing cryptocurrencies due to their status as non-legal tender.
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July 12, 2023
Pakistani Rupee Makes Recovery Against US Dollar, Ends at PKR 278.57

Karachi, July 11, 2023 – The Pakistani Rupee (PKR) demonstrated a remarkable recovery against the US dollar on Tuesday, closing at PKR 278.57 in the interbank foreign exchange market. This positive trend reflects a gain of PKR 1.23 in the rupee’s value compared to the previous day’s closing rate of PKR 279.80.
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July 11, 2023
Remittances Plunge by Approximately 14% in 2022-23, Reveals State Bank of Pakistan

Karachi, July 10, 2023 – Workers’ remittances flowing into Pakistan have experienced a significant decline of around 14%, amounting to $24.02 billion in the fiscal year 2022-23, according to official data released by the State Bank of Pakistan (SBP) on Monday.
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July 10, 2023