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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SBP revises instructions for financing wheat procurement
KARACHI: The State Bank of Pakistan (SBP) has issued notification to revise instructions regarding bank financing for wheat procurement by the private sector. The SBP issued circular No. 02 of 2021 for amending the instructions issued on March 19, 2021 for financing wheat procurement by the private sector. Following amendments have been notified by the…
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Rupee weakens by 25 paisas on import, corporate payments
KARACHI: The Pak Rupee weakened by 25 paisas against the dollar on Friday owing to demand for import and corporate payments. The rupee ended Rs153.55 to the dollar from previous day’s closing of Rs155.30 in the interbank foreign exchange market. Currency dealers said that higher demand of the foreign currency for import and corporate payments…
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Call centers: SBP issues instructions to banks for customers’ protection
KARACHI: The State Bank of Pakistan (SBP) on Thursday issued instruction to banks for protection of customers’ identity while making communication through call centers. The SBP said that to ensure confidentiality of consumers’ data, banks will put in place adequate controls at their call centers including continuous CCTV vigilance, physical entry and exit checks, restriction…
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Rupee slips by 54 paisas on import, corporate payment demand
KARACHI: The Pak Rupee slipped by 54 paisas on Thursday owing to high demand for import and corporate payments. The rupee ended Rs153.30 to the dollar from previous day’s closing of Rs152.76 in the interbank foreign exchange market. Currency dealers said market witnessed high demand of the foreign currency for import and corporate payments during…
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Rupee gains 33 paisas against dollar
KARACHI: The Pak Rupee gained 33 paisas against the dollar on Wednesday owing to improved external position. The rupee ended Rs 152.76 to the dollar from previous day’s closing of 153.09 in the interbank foreign exchange market. Currency experts said that the improved external position after the inflows of around $498 million under IMF loan…
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Dollar falls to Rs152.25 in early trade
KARACHI: The US Dollar has fallen by 84 paisas to Rs152.25 in early day trade in interbank foreign exchange market on Wednesday, dealers said. The dollar has fallen around 21 and half months and being traded at Rs152.25 from previous day’s closing of Rs153.09 in the interbank foreign exchange market. Currency experts said that the…
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Banks directed to extend hours for duty, tax collection
KARACHI: State Bank of Pakistan (SBP) on Tuesday directed banks to observe extended banking hours to facilitate collection of duty and taxes. The SBP said that to facilitate the collection of government receipts/ duties / taxes, it has been decided that the field officers of SBP Banking Services Corporation (SBP-BSC) and authorized branches of National…
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Rupee recovers Rs14.58 against dollar during current fiscal year
KARACHI: The rupee recovered Rs14.58 against the dollar during first nine months (July – March) of fiscal year 2020/2021. The rupee ended Rs153.09 on closing of March 30, 2021 as it was started the fiscal year Rs167.67 to the dollar. The rupee gained 95 paisas to close at Rs153.09 to the dollar on Tuesday as…
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Rupee strengthens by 55 paisas against dollar
KARACHI: The Pak Rupee gained 55 paisas against the dollar on Monday owing to improved in external front and discoursing demand for import payment after rise in coronavirus cases. The rupee ended Rs154.04 to the dollar as compared with last Friday’s closing of Rs154.59 in the interbank foreign exchange market. Currency experts said that the…
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HBL approves Rs4bn investment in First MicroFinanceBank
KARACHI: The Habib Bank Limited (HBL) to invest Rs4 billion in the First MicroFinanceBank Ltd. (FMFB) over the next three years, according to a statement issued on Monday. The board of directors (BOD) of HBL approved at the Annual General Meeting (AGM) authorized investment in the FMFB of up to Rs4 billion over the next…
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