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.
Amidst heated debates surrounding the demonetization of the Rs 5000 banknote in Pakistan, particularly in the wake of a recent fake news episode, the question of why Pakistan should consider phasing out this high-denomination currency looms large.
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Karachi, September 8, 2023 – A survey conducted by Topline Securities indicates that a majority of respondents anticipate the State Bank of Pakistan (SBP) will increase the benchmark interest rate to a record high of 24 percent in the upcoming monetary policy committee (MPC) meeting scheduled for September 14, 2023.
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Karachi, September 8, 2023 – In a remarkable display of resilience, the Pakistani Rupee (PKR) continued its winning streak against the US dollar for the third consecutive day on Friday, bolstered by a series of proactive measures implemented by authorities.
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Karachi, September 8, 2023 – Analysts have reported that Pakistani banks have raised lending costs to a record high of 24.62 percent, indicating potential actions by the central bank to increase its benchmark policy rate to an all-time high in the near future.
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Karachi, September 8, 2023 – The Pakistani Rupee (PKR) witnessed a sharp and significant recovery against the US dollar in intraday trading on Friday, as authorities continued their relentless crackdown against currency smuggling and the black market.
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Karachi, September 8, 2023 – Pakistan has taken steps to facilitate its citizens in converting unregistered prize bonds worth approximately Rs 5 billion, with a deadline set for the end of June next year.
(more…)Islamabad, September 7, 2023 – Pakistan has officially denied recent reports suggesting a ban on the Rs 5000 denomination banknote. The Ministry of Finance issued a statement on Thursday to address the circulating rumors and clarify the situation.
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Karachi, September 7, 2023 – The Pakistani Rupee (PKR) has undergone a significant recovery in both the interbank and open markets, thanks to a comprehensive crackdown launched by authorities in Pakistan against currency smuggling and the black market.
(more…)Karachi, September 7, 2023 – In a surprising turn of events, the Pakistani Rupee (PKR) demonstrated a remarkable recovery against the US dollar today, closing at PKR 304.94 in the interbank foreign exchange market. This recovery represents a significant gain of PKR 2.04 in rupee value compared to the previous day’s closing rate of PKR 306.98.
(more…)Islamabad, September 6, 2023 – The State Bank of Pakistan (SBP) has initiated a series of structural reforms aimed at enhancing the monitoring and governance of exchange companies operating within the country.
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