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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Parliament to approve amendments to SBP Act by September
KARACHI: The National Assembly likely to adopt amendments to State Bank of Pakistan (SBP) Act by September 2021. This was assured by the Pakistani authorities to International Monetary Fund (IMF). The ministry of finance submitted the amendments to parliament in March 2021 and the authorities expect adoption by parliament by end-September 2021. The authorities assured…
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Normal corporate tax rate for banking sector recommended
KARACHI: Foreign investors have recommended that corporate tax rates for the banking sector should be aligned with other sectors. At present the banking sector is paying 35 percent corporate tax rate as compared with 29 percent corporate tax rate for other sectors. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget…
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Rupee falls by eight paisas on higher import payment demand
KARACHI: The Pak Rupee fell by eight paisas against the dollar on Tuesday owing to bank holiday a day ahead that may create pressure on import payment demand. The rupee ended Rs152.83 to the dollar from previous day’s closing of Rs152.75 in the interbank foreign exchange market. Currency experts said that the rupee witnessed a…
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Bank timings during Ramazan-ul-Mubarak
KARACHI: The State Bank of Pakistan (SBP) on Monday issued bank office and business hours during Ramazan-ul-Mubarak 1442 A. H.. The SBP said that the SBP will observe the following office hours during the month of Ramazan-ul-Mubarak, which will also be followed by all bank, Development Financial Institutions and Microfinance Banks. The bank office timings…
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Rupee gains 19 paisas against dollar
KARACHI: The Pak Rupee gained 19 paisas to close Rs152.75 against the dollar on Monday owing to lower demand for import payment. The rupee maintained gaining momentum against the dollar. The rupee was closed last Friday at Rs152.94 to the dollar in the interbank foreign exchange market. Currency experts said that due to high number…
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Bank holiday for Zakat deduction
KARACHI: Banks shall remain closed on the first day of Ramaza-ul-Mubarak 1442 A. H. for deduction of Zakat. The Stat Bank of Pakistan (SBP) in a notification issued on Monday said that SBP will remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H., which shall be observed as “Bank Holiday” for the purpose of…
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SECP warns Sindh Bank against false trading
KARACHI: Securities and Exchange Commission of Pakistan (SECP) has identified false trading by Sindh Bank Limited (SBL) and warned the bank against such activities in future. The SECP said that with reference to correspondence exchanged between SECP and the bank regarding various trades carried out by SBL in ready market during the period from January…
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Workers’ remittances grow to $21.47bn in first nine months
KARACHI: The inflow of workers’ remittances has registered 26 percent growth to $21.47 billion during first nine months (July – March) 2020/2021, State Bank of Pakistan (SBP) said on Monday. The inflow of remittances was $17 billion during the same period of the last fiscal year. The SBP said that workers’ remittances extended their unprecedented…
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Nisab of Zakat fixed at Rs80,933
ISLAMABAD: The administrator general Zakat on Saturday issued the ‘Nisab of Zakat’ for the Zakat Year 1441-42 A.H at Rs.80,933.00/- (Rupees: eighty thousand nine hundred thirty-three only). No deduction of Zakat at source shall be mentioned in column 2 of Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980 is less than…
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SBP decides to retain two-year history of borrowers’ default, delayed payments
KARACHI: The State Bank of Pakistan (SBP) on Friday announced that it will retain credit history of defaulters and delayed payments in Electronic Credit Information Bureau (eCIB) from July 01, 2021. Currently the eCIB is maintaining the credit history of default and delayed payment of borrowers only for one year. The SBP in a statement…
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