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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Habib Bank pays penalty of Rs42.2 million to SBP
KARACHI: Habib Bank Limited (HBL) has paid monetary penalty of Rs42.2 million to State Bank of Pakistan (SBP) for violation of various regulatory provisions. According to HBL it paid Rs42.2 million during first quarter (January – March) of 2021 against penalties imposed by the SBP. The bank had paid around Rs231.6 million as monetary penalties…
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Meezan Bank declares Rs6.1 billion profit after tax for first quarter
KARACHI: Meezan Bank Limited, which is providing Sharia compliant banking and financing in Pakistan, on Tuesday declared Rs6.1 billion after tax profit for the quarter ended March 31, 2021. The net profit of the bank increased by 11 percent during the first quarter (January – March) 2021 when compared with the net profit of Rs5.5…
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HBL declares 108 percent growth in quarterly profit
KARACHI: Habib Bank Limited (HBL) on Tuesday announced 108 percent increase in profit for the quarter ended March 31, 2021. The profit after tax of the bank increased to Rs8.56 billion during the first quarter (January – March) 2021 from Rs4.11 billion in the same quarter of the last year. Analysts at Insight Research said…
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Rupee weakens by six paisas against dollar
KARACHI: The Pak Rupee weakened by six paisas against dollar on Tuesday owing to demand for import and corporate payments. The rupee ended Rs152.99 to the dollar from previous day’s closing of Rs152.93 in the interbank foreign exchange market. Currency dealers said that the market witnessed demand from corporate buyers as foreign companies were sending…
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SBP issues payment mechanism for housing finance markup subsidy
KARACHI: State Bank of Pakistan (SBP) on Monday issued mechanism for payment of markup subsidy for housing finance and issued instructions to banks and development financial institutions (DFIs) for the facility. The SBP advised banks to submit their claims to Development Finance Support Department (DFSD), SBP BSC, Karachi as per instructions contained in the attached…
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Rupee slips by 11 paisas on import, corporate payment demand
KARACHI: The Pak Rupee weakened by 11 paisas against the dollar on Monday owing to demand for import and corporate payments, dealers said. The rupee ended Rs152.93 to the dollar from last Friday’s closing of Rs152.82 in the interbank foreign exchange market. The currency dealers said that the rupee was under pressure because the market…
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Highest monthly complaints of banking frauds, forgeries register in March 2021
KARACHI: The office of Banking Mohtasib Pakistan has said that complaints against banking frauds, forgeries and other regularities were monthly highest received in March 2021 since the inception of Mohtasib office in 2005. Complaints against banking frauds and forgeries registered massive increase of 135 percent during three months (January – March) of 2021 as compared…
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Rupee ends firmer against dollar
KARACHI: The Pak Rupee ended firmer against the dollar on Friday amid demand for import and corporate payments, dealers said.
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SBP directs banks to open EKBNS Fund Account
KARACHI: State Bank of Pakistan (SBP) has issued instructions for opening accounts for raising funds through donations / contributions for Prime Minister’s Ehsaas Koye Bhooka Na Soye initiative. The SBP said that the Finance Division, Government of Pakistan, had notified establishment of the subject Fund under the Prime Minister’s Ehsaas Koye Bhooka Na Soye initiative,…
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Rupee ends flat against dollar
KARACHI: The Pak Rupee ended flat against the dollar on Thursday owing to lower demand for import and corporate payments. The rupee closed at Rs152.83 to the dollar from the same closing of April 13, 2021 in the interbank foreign exchange market. The banks were remained closed on April 14, 2021 for the Zakat deduction…
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