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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Dollar eases to Rs152.94
KARACHI: The US dollar fell by eight paisas against the Pak Rupee on Friday owing to foreign inflows of Eurobonds issuance and lower import payment demand. The rupee ended Rs152.94 to the dollar from previous day’s closing of Rs153.02 in the interbank foreign exchange market. Currency dealers said that the State Bank of Pakistan (SBP)…
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Dollar weakens to Rs153.02
KARACHI: The US dollar weakened to Pak Rupee at Rs153.02 on Thursday owing to lower demand for import payments, dealers said. The rupee ended Rs153.02 to the dollar from previous day’s closing of Rs153.18 in the interbank foreign exchange market. The dealers said that due to rising case of coronavirus the importers were cautious in…
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HBL to acquire consumer portfolio of SilkBank
KARACHI: Habib Bank Limited (HBL) has shown interest to acquire consumer portfolio of SilkBank Limited, according to a statement issued on Thursday. An information shared by the SilkBank to the Pakistan Stock Exchange (PSX) revealed that HBL had requested SilkBank Limited to provide its concurrence to HBL to apply to State Bank of Pakistan (SBP)…
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Rupee gains 15 paisas on lower import payment demand
KARACHI: The Pak Rupee gained 15 paisas against the dollar on Wednesday owing to lower demand for import payment. The rupee ended Rs153.18 to the dollar from previous day’s closing of Rs153.33 in the interbank foreign exchange market. Currency dealers said that importers were cautious in placing orders for foreign purchases due to rising cases…
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Rupee strengthens by 33 paisas on lower import payment demand
KARACHI: The Pak Rupee strengthened by 33 paisas against the dollar on Tuesday owing to decline in international oil prices and lower import payment demand after fast spread of coronavirus. The rupee ended Rs153.33 to the dollar from previous day’s closing of Rs153.66 in the interbank foreign exchange market. Currency experts said that demand for…
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Cash management, Single Treasury Rules implemented
The State Bank of Pakistan (SBP) announced on Tuesday the implementation of the Cash Management & Single Treasury Account (CM & TSA) Rules, 2020. This significant development aims to enhance the management of public finances by centralizing the treasury operations of the Federal Government.
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SBP proposes changes in procedure for repatriation of profit by foreign firms
KARACHI: The State Bank of Pakistan (SBP) on Monday issued a draft of Foreign Exchange Manual and proposes changes in procedure for repatriation of profit by foreign firms operating in Pakistan. The SBP invited comments on the draft amendments in Foreign Exchange Manual from stakeholders to finalize the changes. According to the SBP branches of…
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Banks may accept container detention, demurrage charges
KARACHI: The State Bank of Pakistan (SBP) has issued draft amendment to Foreign Exchange Manual under which banks may be allowed to accept container detention charges and demurrage charges in order to facilitate trade in payments. The SBP issued the draft amendments and invite stakeholders’ comments before finalizing the foreign exchange manual. According to the…
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SBP issues five-year strategic plan for growth of Islamic banking
KARACHI: State Bank of Pakistan (SBP) on Monday issued third five-year Strategic Plan for the Islamic Banking Industry. The strategic plan has set headline targets for Islamic banking industry to be achieved by 2025. These include: (i) 30 percent share in both assets and deposits of overall banking industry, (ii) 35 percent share in branch…
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Rupee ends down by 11 paisas on rising import bill
KARACHI: The Pak Rupee fell by 11 paisas against the dollar on Monday owing to rise in trade deficit and demand from corporate buyers. The rupee ended Rs153.66 to the dollar from last Friday’s closing of Rs153.55 in the interbank foreign exchange market. Currency experts said that the market was under pressure due to significant…
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