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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Rupee ends down by 41 paisas against dollar
KARACHI:The Pak Rupee fell by 41 paisas against the dollar on Wednesday owing to the high demand for import and corporate payments. The rupee closed at Rs 154.78 to the dollar from previous day’s closing of Rs 154.37 in the interbank foreign exchange market. Currency experts said that economic growth forecast had escalated the demand…
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SBP grants commercial license to PayFast
KARACHI: PayFast, the indigenous payments solution by APPS, has become first payment gateway to receive a commercial license from the State Bank of Pakistan (SBP), a statement said on Tuesday. It said that the payment system enables merchants, billers and aggregators to receive payments from their customers through a variety of methods such as bank…
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Rupee weakens by 67 paisas against dollar
The Pakistani Rupee (PKR) witnessed a sharp decline against the US Dollar on Tuesday, weakening by 67 paisas due to increased demand for import and corporate payments. The rupee closed at Rs154.37 against the dollar in the interbank foreign exchange market, compared to the previous Friday’s closing of Rs153.70.
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Rs137.8bn cash withdrawn through ATMs during Eid Holidays: SBP
KARACHI: State Bank of Pakistan (SBP) on Monday said that general public made cash withdrawal to the tune of Rs137.8 billion during holidays of Eid ul Fitr. A record Rs.827.2 billion were withdrawn through 63.2 million transactions during Ramadan and Eid holidays, whereas Rs.137.8 billion were withdrawn through 11.6 million transactions during Eid holidays only.…
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Exchange companies allowed export foreign currencies on consignment basis
KARACHI: The State Bank of Pakistan (SBP) on Monday allowed exchanged companies to export foreign currencies other than US Dollars on consignment basis.
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SBP allows banks to issue guarantees on behalf of Pakistani firms
KARACHI: The State Bank of Pakistan (SBP) on Monday allowed banks to issue guarantees on behalf of Pakistani firms and companies against the back to back / counter – guarantees of banks/development financial institutions (DFIs) rated at least A or equivalent by a credit rating agency on approved panel of the SBP. The SBP amended…
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Rupee falls by 34 paisas against dollar
KARACHI: The Pak Rupee fell by 34 paisas against the dollar on Monday owing to demand for import and corporate payments. The rupee ended Rs153.70 to the dollar from last Friday’s closing of Rs153.36 in the interbank foreign exchange market. Currency experts said that due to first day of the week the demand for import…
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Rupee recovers nine paisas in interbank
KARACHI: The Pak Rupee recovered nine paisas against the dollar on Friday owing to reduction in requirement of statutory liquidity ratio (SLR) for exchange companies. The rupee ended Rs153.36 to the dollar from previous day’s closing of Rs153.45 in the interbank foreign exchange market. The rupee was continuously deteriorating against the dollar on resumption of…
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SBP cuts SLR requirement for exchange companies to 15pc
KARACHI: The State Bank of Pakistan (SBP) on Thursday reduced the requirement of Statutory Liquidity Reserve (SLR) for exchange companies from 25 percent to 15 percent in order to channelize home remittances and foreign exchange. In a statement the central bank said it had revised SLR requirement of exchange companies from 25 percent to 15…
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SBP cancels exchange company license on regulatory violation
KARACHI: The State Bank of Pakistan (SBP) on Thursday cancelled the license of an exchange company for violation the regulatory provisions. The SBP said it cancelled the license of M/s Karwan Exchange Company ‘B’ (Pvt.) Limited on account of violations of SBP’s regulations. The said exchange company, including its head office and branches have been…
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