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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SBP issues customers exchange rates on July 06, 2021
KARACHI: The State Bank of Pakistan (SBP) on Tuesday 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 reintroduces incentive scheme for banks for promoting inflow of home remittances
KARACHI: State Bank of Pakistan (SBP) on Monday reintroduced incentive scheme for banks to attract home remittances through formal channels. The SBP said that in order to further encourage promotion of home remittances through formal channels, the government of Pakistan has approved reintroduction of subject scheme with effective from July 01, 2021 to June 30,…
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KIBOR rates on July 05, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 05, 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 7.42 7.67 9 – Month 7.51 8.01 1 – Year…
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Meezan Bank Sharia Board approves issuance of Ijara Sukuk
KARACHI: Meezan Bank’s Shariah Board, In its 51st Shariah Board meeting, approved Shariah structure for issuance of new Government of Pakistan (GoP) Ijarah Sukuks.
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Rupee depreciates by 31 paisas against dollar
KARACHI: The Pak Rupee ended down by 31 paisas against the dollar on Monday owing to demand of the foreign currency on the first day of the week. The rupee ended at Rs158.18 to the dollar from last Friday’s closing of Rs157.87 in the interbank foreign exchange market. Currency experts said that the demand for…
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Banks to pay income tax on advance to deposit ratio
KARACHI: The Federal Board of Revenue (FBR) has said that in order to facilitate banking companies on payment of additional tax on earning arising from investment in government securities, a new regime has been introduced. The FBR said that the income of banking companies earned from additional investment in federal government securities for tax year…
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SBP issues customers exchange rates on July 05, 2021
KARACHI: The State Bank of Pakistan (SBP) on Monday 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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Overseas Pakistanis deposit $1.56 billion through Roshan Digital Account: SBP
KARACHI: State Bank of Pakistan (SBP) on Saturday said that overseas Pakistanis have deposited $1.56 billion through Roshan Digital Account during past 10 months. The SBP said that since its launch by the Prime Minister of Pakistan on September 10, 2020, Roshan Digital Account has attracted significant interest from overseas Pakistanis. “According to the new…
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Form-E requirement to be abolished for PSW exports
KARACHI: State Bank of Pakistan (SBP) on Friday said that requirement of Electronic Form-E (EFE) will be eliminated for carrying out exports through Pakistan Single Window (PSW). In this regard SBP has notified revisions in foreign exchange regulations for export of goods from Pakistan (Chapter 12 of the Foreign Exchange Manual). The key changes include…
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Dollar gains 33 paisas on foreign payment demand
KARACHI: The US dollar on Friday strengthened by 33 paisas against the Pak Rupee on higher demand for foreign payments. The rupee ended at Rs157.87 to the dollar from the previous day’s closing of Rs157.54 in the interbank foreign exchange market. Experts said that demand for the foreign currency remained higher during the day because…
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