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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What is last date for redemption of Rs40,000 prize bonds
ISLAMABAD: Regulators are at odds over the last date for conversion/redemption of Rs40,000 denomination national prize bonds, which created distress amongst the prize bondholders. A public notice was issued by the Central Directorate of National Savings (CDNS) in February 2021, that the government had discontinued the sale of National Prize Bonds (Bearer) of Rs25,000 and…
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Govt. offices given procedure for closure of commercial bank accounts
ISLAMABAD: The finance division has issued procedure for government offices to close their accounts with commercial banks and transfer of all available funds to treasury single account (TSA). According to official documents made available on Sunday, the finance division said that as per the Cash Management and TSA Rules 2020, the government offices are neither…
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SBP directs banks to provide tracking numbers against housing loan applications
KARACHI: State Bank of Pakistan (SBP) has taken notice of delayed processing of housing loans by banks and issued directives in this regard to ensure speedy process of applications. The central bank on Friday said that it was receiving a number of complaints especially regarding delayed processing, long turnaround time and no mechanism to track…
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Rupee makes 17 paisas gain against dollar
KARACHI: The Pak Rupee made a gain of 17 paisas against the dollar on Friday owing to improved external position of the country. The rupee ended Rs153.45 to the dollar from previous day’s closing of Rs153.62 in the interbank foreign exchange market. Currency experts said that the rupee further made recovery despite dollar demand for…
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Sale of Prize Bonds Rs7,500, Rs15,000 stopped forthwith
ISLAMABAD: The finance ministry on Thursday announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold with immediate effect. In different notifications the finance division announced to withdraw the prize bonds of denominations Rs7,500 and Rs15,000 from circulation with immediate effect. According to the notifications: “… Prize bonds of Rs7,500 denominations…
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Rupee gains 26 paisas against dollar
KARACHI: The Pak Rupee gained 26 paisas against the dollar on Thursday owing to improved economic indicators and suspension of loan repayment for Pakistan. The rupee ended Rs153.62 to the dollar from previous day’s closing of Rs153.88 in the interbank foreign exchange market. Currency experts said that market was remained optimistic owing to current account…
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SBP revises bank timings
KARACHI: State Bank of Pakistan (SBP) on Wednesday revised the office and public dealing hours of banks. The SBP said that in line with the decision of National Command & Operation Centre (NCOC) to contain the spread of COVID-19, the SBP will observe the following office hours, which will also be followed by all banks…
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Rupee makes 62 paisas recovery against dollar
KARACHI: The Pak Rupee made a recovery of 62 paisas against the dollar on Wednesday after depreciating the value for seven consecutive trading sessions. The rupee ended Rs153.88 to the dollar from previous day’s closing of Rs154.50 in the interbank foreign exchange market. The latest recovery in the local unit was seen after a continuous…
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FBR creates tax demand of over Rs667 million against Bank Alfalah
KARACHI: Tax authorities have created an income tax demand of over Rs667 million against Bank Alfalah for default in payment and wrongly allocation of expenses. According to official documents made available on Wednesday, a tax office of Federal Board of Revenue (FBR) had issued notice to the bank for recovery of amount. The bank said…
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Bank holiday announced
KARACHI: The State Bank of Pakistan (SBP) has officially announced that it, along with all commercial and microfinance banks, will observe a bank holiday on May 1, 2021, in observance of Labor Day.
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