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Category: Money & Banking

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.

  • Rupee advances by 22 paisas; dollar slips to Rs158.69

    Rupee advances by 22 paisas; dollar slips to Rs158.69

    KARACHI: The Pak Rupee gained 22 paisas against dollar on Tuesday owing improved remittances and export receipts.

    The rupee ended Rs158.69 to the dollar from previous day’s closing of Rs158.91 in interbank foreign exchange market.

    The currency dealers said that importers were cautious in placing new orders due to the second wave of coronavirus across the glob.

    They further said that the inflows of export receipts and workers’ remittances are helping the local unit to improve levels.

    The rupee hit an all-time low of Rs168 on August 26, 2020.

    According to Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

    Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

    The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

  • Dollar slips to Rs158.91

    Dollar slips to Rs158.91

    KARACHI – The Pakistani Rupee strengthened against the US Dollar on Monday, gaining 18 paisas. The improved economic indicators and reduced demand for import payments were cited as contributing factors to the rupee’s resurgence.

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  • Banking system witnesses Rs222 billion withdrawal in October

    Banking system witnesses Rs222 billion withdrawal in October

    The State Bank of Pakistan (SBP) has reported a significant withdrawal of Rs222 billion from the banking system during October 2020. According to SBP statistics, banking deposits fell to Rs16,664 billion by the end of October 2020, down from a record high of Rs16,886 billion at the close of September 2020.

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  • Rupee gains 37 paisas; dollar eases to Rs159.09

    Rupee gains 37 paisas; dollar eases to Rs159.09

    KARACHI: The Pakistani Rupee gained 37 paisas against the US dollar on Friday, closing at Rs159.09 from the previous day’s rate of Rs159.46 in the interbank foreign exchange market. This appreciation was attributed to lower imports and higher inflows of export receipts and workers’ remittances, according to currency dealers.

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  • Rupee gains 35 paisas; dollar falls to Rs159.46

    Rupee gains 35 paisas; dollar falls to Rs159.46

    KARACHI: The Pak Rupee gained 35 paisas against the dollar on Thursday owing to inflows of export receipts and workers’ remittances, dealers said.

    The rupee ended Rs159.46 to the dollar from the previous day’s close of Rs159.81 in the interbank foreign exchange market.

    The dealer said that the importers were cautious over upsurge in coronavirus cases in the country as well as in the world. On the other hand, positive sentiments prevailed in the market over improved export numbers in October 2020.

    The rupee hit an all-time low of Rs168 on August 26, 2020. Since then the local unit recovered Rs8.97 against the greenback.

    According to Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

    Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

    The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

  • Dollar retreats to Rs159.81

    Dollar retreats to Rs159.81

    KARACHI: The Pak Rupee gained 16 paisas against the dollar on Wednesday owing to lower imports and inflows of export receipts and workers remittances, dealers said.

    The rupee ended Rs159.81 to the dollar from the previous day’s close of Rs159.97 in the interbank foreign exchange market.

    The dealer said that the importers were cautious over the upsurge in coronavirus cases in the country as well as in the world. On the other hand, positive sentiments prevailed in the market over-improved export numbers in October 2020.

    The rupee hit an all-time low of Rs168 on August 26, 2020. Since then the local unit recovered Rs8.62 against the greenback.

    According to the Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

    Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

    The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

  • Dollar eases to Rs159.97

    Dollar eases to Rs159.97

    KARACHI: The Pak Rupee gained 14 paisas against dollar on Tuesday amid inflows of workers’ remittances and export receipts, dealers said.

    The rupee ended at Rs159.97 to the dollar from last day’s closing of Rs160.11 in interbank foreign exchange market.

    Currency experts said that improved receipts of exports and workers’ remittances helped the rupee to make gain.

    They said that the second wave of coronavirus also reduced dollar demand for import payments.

  • Complaints against banks surge by 51 percent: Banking Mohtasib

    Complaints against banks surge by 51 percent: Banking Mohtasib

    KARACHI: The number of complaints has been increased by around 51 percent during first nine months of current calendar year against banks including fraud, forgeries and other irregularities, the office of Banking Mohtasib (Ombudsman) said on Monday.

    Inspite of COVID-19, major increase has been observed in the number of complaints lodged with the Banking Mohtasib Pakistan against the alleged frauds, forgeries and other irregularities during the first nine months of the current calendar year, 2020 as compared to the same period of last year, 2019.

    Almost 19028 complaints were received by the Banking Mohtasib Secretariat from January 01 to September 30, 2020 as against 12624 complaints received in the same period of last year depicting an increase of 50.7%. These also include about 11092 complaints received on the Prime Minister’s Portal relating to banking issues. The increase in number of complaints represents the confidence of general public in the working of the institution of Banking Mohtasib. The Banking Mohtasib Secretaiat disposed of 13488 complaints from January 01, 2020 to September 30, 2020.

    The role of Banking Mohtasib is to resolve the grievances of the banking customers amicably, speedily and free of cost. It also protects the interest of the depositors and ensures that banks not only comply with the prescribed rules and regulations of the State bank of Pakistan, but also apply them in fair and judicious manner.

    The Banking Mohtasib Pakistan, Muhammad Kamran Shehzad has urged the general public to strictly follow the instructions being given by the banks in their public awareness campaigns of not disclosing their personal and financial credentials to any person. In this way they will be able to protect themselves from any fraud, forgeries etc.

  • Rupee advances; Dollar falls to 160.11 in interbank

    Rupee advances; Dollar falls to 160.11 in interbank

    KARACHI: The Pak Rupee made another gain of 15 paisas against dollar on Monday owing to improved economic indicators.

    The rupee ended at Rs160.11 to the dollar from closing of last trading day of October 29, 2020 at Rs160.26 in interbank foreign exchange market.

    Currency experts said that the improved economic indicators and significant inflows of workers’ remittances and export receipts helped the local currency to make gain.

    The State Bank of Pakistan (SBP) said that the remittances increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August 2020.

    Workers’ remittances remained above $2 billion for the fourth consecutive month in September, the central bank said.

    On a cumulative basis, remittances rose to a record $ 7.1 billion in the first quarter of current fiscal year, 31.1 higher than the same period last year.

    The level of remittances in September was slightly higher than SBP’s projections of $2 billion.

  • Mobile banking registers phenomenal growth; transactions increase to Rs1,764 billion

    Mobile banking registers phenomenal growth; transactions increase to Rs1,764 billion

    KARACHI: The usage of mobile banking has surged phenomenally as transactions worth Rs1,764 billion recorded during fiscal year 2019/2020, which is 104 percent higher over the preceding fiscal year.

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