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.
State Bank of Pakistan works towards Sharia-compliant financial system
Karachi, June 19, 2023: In a significant move that aligns with Islamic teachings, Pakistan is on the verge of implementing a Riba-free banking system in the country.
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Karachi, June 16, 2023 – The Pakistani Rupee (PKR) strengthened by 18 paisas against the dollar on Friday, reaching a closing rate of PKR 287.19 in the interbank foreign exchange market.
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Karachi: Private sector credit in May 2023 has fallen into the negative zone for the first time in a decade, according to analysts at JS Global Research.
(more…)Karachi, June 15, 2023: The Pakistani Rupee (PKR) experienced a decline against the dollar on Thursday, primarily driven by looming default threats and concerns over the country’s foreign exchange reserves.
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Karachi, June 15, 2023 – The State Bank of Pakistan (SBP) has issued a reminder to investors holding bearer prize bonds, stating that they have only 15 days left to redeem their bonds.
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In a recent development, concerns have been raised by experts regarding the proposed immunity in the Finance Bill, 2023, which allows individuals to bring dollars into Pakistan.
(more…)Karachi, June 14, 2023: The Pakistani Rupee (PKR) saw a significant increase of 79 paisas against the US dollar on Wednesday in the interbank foreign exchange market.
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Islamabad, June 9, 2023: Pakistan has introduced a withholding tax of up to 10 percent on individuals making foreign payments through debit and credit cards. Finance Minister Ishaq Dar announced the increase in tax rates during the presentation of the budget for the fiscal year 2023-24 on Friday.
(more…)Karachi, June 9, 2023: The Pakistani Rupee (PKR) experienced a 12 paisas depreciation against the dollar on Friday, primarily due to the sharp reduction in the country’s foreign exchange reserves.
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Islamabad, June 8, 2023: The Pakistan Economic Survey 2022-23 disclosed on Thursday that in the absence of external financing, Pakistan relied on internal resources to meet its budget deficit, placing significant pressure on domestic commercial banks.
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