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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 slides to Rs165.71 against dollar

    Rupee slides to Rs165.71 against dollar

    KARACHI: The Pak Rupee plummeted by 83 paisas Rs165.71 to the dollar on Wednesday owing to higher demand of the foreign currency for import and corporate payments.

    The rupee ended at Rs165.71 to the dollar against Rs164.88 in interbank foreign exchange market.

    Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate buyers.

    They said that the market was also under pressure due to fall in foreign exchange reserves due repayment of external loans.

    Pakistan’s foreign exchange reserves have declined by $215 million to $16.705 billion by week ended June 05, 2020.

    The foreign exchange reserves of the country were at $16.92 billion by week ended May 29, 2020.

    The foreign exchange reserves held by the SBP fell by $266 million to $10.096 billion by week ended June 05, 2020 as compared with $10.362 billion a week ago.

    The central bank attributed the decline to the government external debt repayments of $301 million during the week.

  • NBMFCs reschedule over Rs17 billion loans of 0.93 million individuals

    NBMFCs reschedule over Rs17 billion loans of 0.93 million individuals

    ISLAMABAD: Non-bank Microfinance Companies (NBMFCs) have rescheduled over Rs17 billion loan portfolios of 932,862 individuals in order to provide relief in the wake of coronavirus outbreak.

    The Securities and Exchange Commission of Pakistan (SECP) in a statement issued on Tuesday said that its permission to NBMFCs to reschedule the loan portfolio not only helped NBFCs to adjust their portfolio at risk but also resulted in extending relief to 932,862 individuals and micro-enterprises who have borrowed over 17 billion rupees from non-bank microfinance companies (NBMFCs), as reported on May 31, 2020.

    Out of these, 796,893 borrowers were facilitated through deferment of principal repayments of over 13.1 billion rupees by six NBMFCs, while 135,969 borrowers benefited through rescheduling of loans of 3.9 billion rupees by four NBMFCs.

    On March 31, 2020, the SECP had relaxed the regulatory requirements for non-bank finance sector allowing them to defer or reschedule the loan repayments to their borrowers. It was part of SECP’s efforts to provide relief for mitigating adverse effects of COVID-19 pandemic and ensuing lockdowns.

    The SECP had also urged the NBMFCs to adopt a considerate approach to accommodate the borrowers who belong to either unprivileged or underprivileged segments of the society.

    The SECP had also allowed NBMFCs to accept borrowers requests made through electronic means or phone calls.

  • Rupee eases against dollar on import payment demand

    Rupee eases against dollar on import payment demand

    The Pakistani rupee weakened marginally against the US dollar on Tuesday due to rising demand for the foreign currency, primarily driven by import and corporate sector payments.

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  • Rupee weakens by 61 paisas on falling foreign exchange reserves

    Rupee weakens by 61 paisas on falling foreign exchange reserves

    The Pakistani rupee weakened by 61 paisas against the US dollar on Monday, primarily due to a significant drop in the country’s foreign exchange reserves.

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  • SBP directs banks to ensure payment of prize bonds

    SBP directs banks to ensure payment of prize bonds

    KARACHI: State Bank of Pakistan (SBP) on Monday directed commercial banks to ensure payment of prize bonds i.e. prize money and face value.

    The SBP said that it had observed that commercial banks have not been extending the desired level of support to their customers in availing the facility on payment of prize money and face value of National Prize Bonds through their bank branches.

    In view of the above, all authorized commercial banks are advised to ensure compliance to the following instructions:

    i. The head office / regional offices of each commercial bank shall reiterate the instructions referred at para. 1 above and advise all the designated branches to extend maximum support to their customers in this regard.

    ii. Efforts shall be made to increase the number of designated branches for the subject facility so as to enhance the outreach and ensure adequate geographic coverage.

    iii. The information about availability of this facility shall be prominently displayed on the banks’ official website as also in the premises of the designated branches for information of the general public.

    iv. Customer service officials shall facilitate / brief customers on the availability of this facility in their respective branches.

  • Rupee gains 35 paisas on inflows

    Rupee gains 35 paisas on inflows

    KARACHI: The Pak Rupee gained 35 paisas against dollar on Friday owing to improved inflows of export receipts and remittances.

    The rupee ended Rs164.24 to the dollar from previous day’s closing of Rs164.59 in interbank foreign exchange market.

    The rupee gained the value after losing around Rs1.30 against dollar during past four trading days.

    Currency dealers said that the forex market witnessed improvement after inflows of foreign remittances and export receipts.

    However, the dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.

  • SBP adopts flexible monetary policy stance on adverse impact of COVID-19

    SBP adopts flexible monetary policy stance on adverse impact of COVID-19

    ISLAMABAD:  The adverse impact on the economy due to COVID-19 has forced the State Bank of Pakistan (SBP) to adopt flexible monetary policy stance, according to Pakistan Economic Survey 2019/2020 released on Thursday.

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  • Rupee weakens by four paisas against dollar

    Rupee weakens by four paisas against dollar

    The Pakistani Rupee faced a decline of four paisas against the US Dollar on Thursday, closing at Rs164.59 in the interbank foreign exchange market.

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  • Rupee depreciation against dollar continues

    Rupee depreciation against dollar continues

    KARACHI: The Pak Rupee continued to slide against dollar on Wednesday and lost 21 paisas owing to higher demand for import and corporate payments.

    The rupee ended Rs164.55 to the dollar from previous day’s closing of Rs164.34 in interbank foreign exchange market.

    The rupee lost value of around Rs1.25 against dollar during past three trading days.

    Currency dealers said that the forex market witnessed pressure for import and corporate payments.

    The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.

    The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.

    The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.

    This decline is primarily attributed to the government external debt repayments of $1.669 billion.

    The dealers further said that ease in lockdown boosted the economic activities, which also enhanced the demand for imported goods.

  • Meezan Bank plays leading role in issuance of Rs200bn worth Energy Sukuk

    Meezan Bank plays leading role in issuance of Rs200bn worth Energy Sukuk

    KARACHI: Meezan Bank Limited has played a leading role in successfully concluding the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs200 billion by Power Holding Limited (PHL), a public sector entity fully owned by the Ministry of Energy and Government of Pakistan, a statement said on Tuesday.

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