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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KIBOR rates on June 18
KARACHI – The State Bank of Pakistan (SBP) has released the Karachi Interbank Offered Rates (KIBOR) as of Friday, June 18, 2021.
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Rupee falls by 15 paisas against dollar
The Pakistani Rupee faced a depreciation of 15 paisas against the US Dollar on Friday, closing at Rs156.89 in the interbank foreign exchange market.
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Banks asked to use income estimation model for low cost housing finance
KARACHI: State Bank of Pakistan (SBP) on Thursday directed the banks to use a newly developed model for income estimation for extension of low cost housing finance. The SBP said in order to facilitate low cost housing finance applicants with informal income, the central bank asked banks to develop and deploy income estimation model for…
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KIBOR rates on June 17
KARACHI: The State Bank of Pakistan (SBP) issued Karachi Interbank Offered Rates (KIBOR) as on Thursday, June 17, 2021. Following are the KIBOR rates as on June 17, 2021. Tenor BID OFFER 1 – Week 6.92 7.42 2 – Week 6.96 7.46 1 – Month 7.01 7.51 3 – Month 7.22 7.47 6 – Month…
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Rupee gains 22 paisas on inflows
KARACHI: The Pak Rupee on Thursday gained 22 paisas against the dollar owing to substantial inflows witnessed during the day. The rupee ended Rs156.74 to the dollar from previous day’s closing of Rs156.96 in the interbank foreign exchange market. Currency experts said that the market witnessed inflows of workers’ remittances and export receipts, which helped…
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PMRC, HBL Islamic Banking raise Rs1bn Sukuk
KARACHI: Pakistan Mortgage Refinance Company (PMRC) announced the closing of another Sukuk with HBL Islamic Banking. A statement issued on Wednesday said that the sukuk will serve to make Shariah Compliant Housing Finance more accessible to the public. On the occasion Mudassir CEO/MD PMRC said: “PMRC is delighted to partner with HBL Islamic Banking for…
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SBP allows banks to charge fee on high value transactions
KARACHI: State Bank of Pakistan (SBP) on Wednesday allowed banks to charge a minimal fee on high-value transactions of Interbank Fund Transfer (IBFT). The central bank in a statement said that the new instructions allow banks and other service providers to charge a minimal fee on high-value transactions while protecting and encouraging the low-income segments…
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Rupee weakens by 17 paisas against dollar
KARACHI: The Pak Rupee fell by 17 paisas against the dollar on Wednesday as demand remained high for import and corporate payments. The rupee ended Rs156.96 to the dollar from previous day’s closing of Rs156.79 in the interbank foreign exchange market. The dollar in interbank appreciated by Rs4.68 since May 07, 2021. The dollar was…
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State Bank renews credit rating agencies status
KARACHI: The State Bank of Pakistan (SBP) on Tuesday renewed the status of both credit rating agencies operating in Pakistan namely ‘VIS Credit Rating Company Limited (VIS)’ and ‘The Pakistan Credit Rating Agency Limited (PACRA)’ as eligible / recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2021. Banks and DFIs using the standardized…
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Foreign investors praise State Bank for facilitating remittances
KARACHI: Foreign investors operating in the country have appreciated the significant improvement in the foreign exchange remittance processing time and in growing engagement of the State Bank of Pakistan (SBP) leadership with the key stakeholders.
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