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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Fall in rupee value continues
KARACHI: Deterioration in Pak Rupee continued on Thursday owing to demand for import and corporate payments.
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SBP issues annual schedule for monetary policy
KARACHI: The State Bank of Pakistan (SBP) for the first time issued annual schedule for announcement of monetary policy, a statement said on Thursday. The SBP said that taking another step towards making the process of monetary policy formulation more predictable and transparent, the State Bank of Pakistan (SBP) has decided to begin announcing a…
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Rupee weakens by 33 paisas on import payment demand
KARACHI: The Pak Rupee weakened by 33 paisas against the dollar on Wednesday owing to higher demand for import and corporate payments. The rupee closed at Rs153.22 to the dollar from previous day’s closing of Rs152.89 in the interbank foreign exchange market. The rupee recorded a decline of 95 paisas against the dollar since resumption…
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Rupee ends down by 29 paisas against dollar
KARACHI: The Pak Rupee ended down by 29 paisas against the dollar on Tuesday owing to demand of the foreign currency for import and corporate payments. The rupee ended Rs152.89 to the dollar from previous day’s closing of Rs152.60 in the interbank foreign exchange market. Currency experts said that the demand for the dollar was…
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Remittances hit all-time monthly high of $2.8bn in April
KARACHI: State Bank of Pakistan (SBP) on Tuesday said that the inflow of workers’ remittances rose to an all-time monthly high of $2.8 billion in April 2021, which is 56 percent higher than during the same month last year. On a cumulative basis, remittances have also surpassed previous records. At $ 24.2 billion in July-April…
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Rupee ends down by 33 paisas on extended Eid holidays
KARACHI: The Pak Rupee fell by 33 paisas on Monday owing to higher demand from import and corporate buyers as the market was opened after 10-day Eid holidays. The rupee ended Rs152.60 to the dollar from previous closing on May 07, 2021 at Rs152.27 in the interbank foreign exchange market. Currency experts said that the…
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SBP revises banking hours for public dealing
KARACHI: The State Bank of Pakistan (SBP) has revised banking hours for public dealings effective from Monday May 17, 2021. The SBP said that as per new schedule the banks and microfinance banks to observed following banking hours for public dealing: Monday to Thursday: 9:00 AM to 1:30 PM Friday: 9:00 AM to 1:00 PM…
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Banks to remain open on 10th, 11th May
KARACHI: The banks shall remain open on May 10 – 11, 2021 to facilitate general public and trade during first two Eid Holidays announced by the government from May 10, 2021 to May 15, 2021. The State Bank of Pakistan (SBP) has already issued circular in this regard. The central bank on May 06, 2021…
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Applications invited for post of DG National Savings
ISLAMABAD: The ministry of finance on Sunday invited applications for the post of Director General, Central Directorate of National Savings, Islamabad. The ministry said that prescribed qualification, experience, age limit and other terms of contract appointment under Management Position Scales Policy, 2020 (MP-I) scale are given as under: Qualification: Master degree in any of the…
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Banks make cash recovery of Rs21.17bn against Non Performing Loans
KARACHI: Banks have made cash recovery of an amount of Rs21.17 billion against non-performing loans (NPLs) during the quarter ended March 31, 2021, according to data released by State Bank of Pakistan (SBP) on Friday. The cash recovery against NPLs was Rs49.23 billion for the quarter ended December 31, 2020. Therefore, the recovery fell by…
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