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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Bitcoin recovers after yesterday’s crash
KARACHI: Bitcoin has recovered on Wednesday after witnessed a decline below $30,000 a day earlier. The bitcoin on Wednesday bounced back above $34,000 mark to trade as high as $34,367 in early morning trading. It last changed hands at $33,641.27, up 3 per cent on the day, according to CNBC.com Smaller rivals also surged, with…
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Rupee weakens by 34 paisas against dollar
KARACHI: The Pakistani Rupee experienced a decline of 34 paisas against the US Dollar on Wednesday, closing at Rs158.53 in the interbank foreign exchange market.
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Bitcoin plunges below $30,000; other cryptocurrencies mirror crash
LONDON: Bitcoin on Tuesday plunged below $30,000 after a crackdown launched by Chinese central bank. Bitcoin made around 50 per cent losses since it hit an all time high in April this year. The cryptocurrency has suffered several price falls in recent days, having traded above $40,000 just one week ago. The world’s largest cryptocurrency…
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SBP’s adoption of market-based exchange rate and its impact on current account balance: analysis
KARACHI: The current account balance of the country turned in to surplus following the State Bank of Pakistan (SBP) adopted market-based exchange rate regime. The State Bank of Pakistan (SBP) adopted market-based exchange rate regime in May 2019. Resultantly, the current account deficit (CAD) of US$ 19.2 billion in FY2018 gradually came down to US$…
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Karachi Interbank Offered Rates on June 22
KARACHI: State Bank of Pakistan (SBP) issued following Karachi Interbank Offered Rates (KIBOR) for June 22, 2021. Tenor BID OFFER 1 – Week 6.92 7.42 2 – Week 6.96 7.46 1 – Month 7.01 7.51 3 – Month 7.20 7.45 6 – Month 7.44 7.69 9 – Month 7.51 8.01 1 – Year 7.56 8.06
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Rupee weakens by 68 paisas against dollar
KARACHI: The Pak Rupee ended down by 68 paisas against the dollar on Tuesday owing to demand for import and corporate payments. The rupee ended Rs158.19 to the dollar from the previous day’s close of Rs157.51 in the interbank foreign exchange market. Currency experts said that due to year-end demand for dollars remained high. They…
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SBP unveils policy to enhance financial inclusion of persons with disabilities
KARACHI: State Bank of Pakistan (SBP) on Monday unveiled a policy to enhance the financial inclusion of persons with disabilities (PWDs), according to a statement issued by the central bank. The President of Pakistan, Dr. Arif Alvi graced the occasion as Chief Guest and launched the policy. This policy initiative aims at improving financial independence…
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Karachi Interbank Offered Rates on June 21
KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) as on June 21, 2021. Tenor BID OFFER 1 – Week 6.92 7.42 2 – Week 6.96 7.46 1 – Month 7.01 7.51 3 – Month 7.20 7.45 6 – Month 7.44 7.69 9 – Month 7.52 8.02 1 –…
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Rupee ends down by 62 paisas against dollar
In Karachi, the Pakistani Rupee witnessed a depreciation of 62 paisas against the US Dollar on Monday, primarily attributed to heightened demand for imports and corporate payments.
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SBP, JazzCash sign MoU for increasing financial literacy
KARACHI: National Institute of Banking and Finance (NIBAF) – a subsiday of State Bank of Pakistan – and JazzCash, Pakistan’s leading FinTech Company, have signed a Memorandum of Understanding for increasing financial literacy amongst youth of Pakistan, the SBP said on Saturday. NIBAF and JazzCash aim to jointly promote financial literacy through the engaging and…
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