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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Financing to housing sector increases to Rs202 billion: SBP
KARACHI: Recent measures taken by the State Bank of Pakistan (SBP) the financing for housing and construction sector increased significantly to Rs202 billion in March 2021. The SBP in a statement said that housing and construction finance has been progressing significantly and a momentum in housing and construction finance is building up. The banks’ housing…
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Rupee falls against dollar for seventh straight day
KARACHI: The Pak Rupee fell against the dollar for seventh straight day on Tuesday as demand for import and corporate payment remained high. The rupee fell by 37 paisas on Tuesday to close at Rs154.50 against the dollar from previous day’s closing of Rs154.13 in the interbank foreign exchange market. The rupee has started falling…
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Rupee weakens by 26 paisas against dollar
The Pakistani rupee weakened by another 26 paisas against the US dollar on Monday, closing at Rs154.13 in the interbank foreign exchange market. This depreciation comes as demand for the greenback continues to rise due to import and corporate payment requirements.
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SBP imposes Rs96 million as monetary penalties on top banks
KARACHI: The State Bank of Pakistan (SBP) has imposed around Rs96 million as monetary penalties on top banks for violating regulatory instructions, including instructions related to anti-money laundering (AML) and combating financing of terrorism (CFT), a notification said on Friday. The SBP imposed these penalties during quarter ended March 31, 2021 on Habib Bank Limited,…
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Rupee weakens by 41 paisas on import, corporate payment demand
KARACHI: The Pak Rupee fell by 41 paisas against the dollar on Friday owing to higher demand for import and corporate payments ahead of weekly holidays. The rupee ended Rs153.87 to the dollar from previous day’s closing of Rs 153.46 in the interbank foreign exchange market. Currency dealers said that the market witnessed demand for…
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Rupee falls by 23 paisas against dollar
KARACHI: The Pak Rupee fell by 23 paisas against the dollar on Thursday owing to rising demand for the foreign currency for import and corporate payments. The rupee ended Rs153.46 to the dollar from previous day’s closing of Rs153.23 in the interbank foreign exchange market. The currency dealers said that demand for imported goods increased…
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Bank Alfalah announces Rs3.47bn net quarterly profit
KARACHI: Bank Alfalah Limited (BAFL) on Thursday announced Rs3.47 billion profit after tax for the quarter ended March 31, 2021. The net profit is 23 percent higher when compared with Rs2.82 billion in the same quarter of the last year. The bank also declared Rs1.95 as earnings per share (EPS) for the quarter ended March…
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United Bank declares 46pc growth in Q1 profit
KARACHI: United Bank Limited (UBL) on Thursday declared 46 percent growth in its net profit for the quarter ended March 31, 2021 due to significant decline in provisioning and write-offs. The bank declared Rs7.4 billion profit after tax for the first quarter (January – March) of calendar year 2021 as compared with Rs5.06 billion in…
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SBP, SECP revise ToRs for joint task force
KARACHI: The State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) have amended the Terms of Reference (ToRs) of their Joint Task Force (JTF) on Financial Conglomerates to further strengthen the supervisory cooperation, inter alia, in AML/CFT/CPF supervision at financial-group level. Dr, Reza Baqir, Governor, SBP and Aamir Khan, Chairman, SECP have signed…
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Rupee falls by 24 paisas against dollar
KARACHI: The Pak Rupee fell by 24 paisas against the dollar on Wednesday owing to high demand for import and corporate payments. The rupee ended Rs153.23 to the dollar from previous day’s closing of Rs152.99 in the interbank foreign exchange market. The dealers said that the rupee was remained under pressure due to corporate demand…
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