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.
MCB Bank, one of Pakistan’s leading banks, has announced its stance on the benchmark policy rate set by the State Bank of Pakistan (SBP), ruling out the possibility of further rate hikes.
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In a significant blow to Pakistan’s economy, the Pakistani Rupee (PKR) experienced a historic low against the dollar, reaching PKR 288.50 during midday trading at the interbank foreign exchange market on Wednesday, May 10, 2023. This plunge follows the previous record low of PKR 288.43, which occurred during the interbank foreign exchange closing on April 11, 2023.
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Unfriendly economic conditions have had a significant impact on the private sector credit offtake in Pakistan, with bank loans falling by 80 percent during the first ten months of the 2022-2023 fiscal year.
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Pakistani Rupee has ended at a rate of Rs284.84 against the US Dollar in the interbank foreign exchange market on May 09, 2023. The cause of this latest development is attributed to delay in the finalization of tranche by the International Monetary Fund (IMF).
(more…)The Pakistani Rupee (PKR) experienced a decline on Monday, weakening by 26 paisas against the US dollar and closing at PKR 283.85 compared to the previous closing ofPKR 283.59.
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D&B Pakistan, a leading provider of commercial data and analytics, has announced its partnership with ABHI (Pvt) Ltd., a fintech company that offers innovative financial solutions to businesses and their employees in Pakistan.
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The Pakistani government is facing a significant shortfall in its revenue target for fiscal year 2023, prompting analysts to suggest that the banking sector could be a prime target for additional taxation levies.
(more…)On Friday, the Pakistani Rupee (PKR) strengthened by 23 paisas against the US dollar, closing at PKR 283.59 compared to the previous day’s rate of PKR 283.82.
(more…)The Pakistan Rupee (PKR) showed a slight upward trend against the US dollar on Thursday, gaining six paisas in the interbank foreign exchange market.
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Today (May 3, 2023), the Regional Office of Banking Mohtasib Pakistan at SBP BSC, Muzaffarabad premises was officially inaugurated by the Managing Director of State Bank of Pakistan Banking Services Corporation, Muhammad Ashraf Khan.
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