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.
Category: Money & Banking
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Smaller banks least resilient against macroeconomic risks: SBP
KARACHI: The State Bank of Pakistan (SBP) has conducted stress test of all the three tiers (small, medium and large) banks and identified that small banks are found to be the least resilient against macroeconomic risks. According to the SBP, in line with the system-level credit risk analysis, infection ratios of banking segments (small, medium…
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After tax earnings of banking sector surge by 43%: SBP
KARACHI: The State Bank of Pakistan (SBP) on Wednesday said that the after tax earnings of the banking sector surged by around 43 per cent in calendar year 2020. The SBP in its financial stability review 2020, stated that drastic cut in policy rate during March to June 2020 transmitted into lower funding costs on…
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Bitcoin not legal tender in Pakistan
Bitcoin and other crypto currencies are not recognized as legal tender in Pakistan. The SBP has advised the general public that Virtual Currencies/Coins/Tokens (like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc.) are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange…
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Rupee weakens by 55 paisas against dollar
KARACHI: The Pak Rupee ended down by 55 paisas against the dollar on Wednesday owing to demand for oil and other import payments. The rupee ended at Rs158.92 to the dollar from the previous day’s closing of Rs158.37 in the interbank foreign exchange market. Currency experts said that the rupee depreciated due to higher demand…
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KIBOR rates on July 07, 2021
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued following Karachi Interbank Offered Rates (KIBOR) on July 07, 2021. Tenor BID OFFER 1 – Week 6.92 7.42 2 – Week 6.96 7.46 1 – Month 7.01 7.51 3 – Month 7.18 7.43 6 – Month 7.40 7.65 9 – Month 7.51 8.01 1 – Year…
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SBP issues customers exchange rates on July 07, 2021
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued customers’ exchange rates on the basis of weighted average rates of commercial banks. The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients. They…
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SBP decides to impose penalty on banks for missing housing loan disbursement target
KARACHI: The State Bank of Pakistan (SBP) on Tuesday decided to impose penalty of banks for falling disbursement of housing loans below given targets. The SBP said that through Circular No. 03 of 2021, whereby Government’s Mark-up Subsidy Scheme (G-MSS) for Housing Finance was issued. Banks are expected to make all-out efforts to harness full…
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SBP announces timeline for implementing IFRS 9
KARACHI: State Bank of Pakistan (SBP) on Tuesday announced timeline for implementing International Financial Reporting Standards 9 (IFRS 9). The central bank said that it has been decided to implement the IFRS 9 from January 01, 2022. The SBP said that through Circular No. 04 dated October 23, 2019 wherein the effective date of IFRS…
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KIBOR rates on July 06, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on July 06, 2021. Tenor BID OFFER 1 – Week 6.90 7.40 2 – Week 6.95 7.45 1 – Month 7.01 7.51 3 – Month 7.20 7.45 6 – Month 7.41 7.66 9 – Month 7.50 8.00 1 – Year…
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Rupee depreciates by 19 paisas against dollar
KARACHI: The Pak Rupee depreciated by 19 paisas against the dollar on Tuesday owing to higher demand for import payments, dealers said. The rupee ended at Rs158.37 to the dollar from the previous day’s closing of Rs158.18 in the interbank foreign exchange market. The dealers said that payment demand for import had witnessed an increase…
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