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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 recovers 13 paisas on inflows

    Rupee recovers 13 paisas on inflows

    KARACHI: The Pak Rupee recovered 13 paisas against dollar on Thursday owing to improved inflows of export receipts and workers remittances.

    The rupee ended Rs166.21 to the dollar from previous day’s closing of Rs166.34 in interbank foreign exchange market.

    Currency experts said that the rupee recovered owing to inflows of export receipts and workers’ remittances. They said that demand for import payment was remained in the market however the inflows helped the rupee to avoid losses.

    The experts hoped the local currency likely to gain further in coming days owing to better economic conditions. They said that the initiative of launching dollar and rupee denomination bonds may attract overseas Pakistanis due to better rate of return.

  • SBP facilitates overseas Pakistanis to increase participation in domestic financial market

    SBP facilitates overseas Pakistanis to increase participation in domestic financial market

    KARACHI: State Bank of Pakistan (SBP) and the government are actively working to facilitate non-resident Pakistanis in increasing their investment in domestic financial market, SBP governor Dr. Reza Baqir said.

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  • Rupee eases by seven paisas as dollar demand persists

    Rupee eases by seven paisas as dollar demand persists

    KARACHI: The Pak Rupee eased by seven paisas against dollar on Wednesday owing to rising demand for the foreign currency for import payment.

    The rupee ended Rs166.34 to the dollar from previous day’s closing of Rs166.27 in interbank foreign exchange market.

    Currency experts said that the rupee was remained under pressure for rising demand of the greenback against import payment.

    They said that normalization of industrial activities after control of coronavirus pandemic the manufacturing required imported raw materials.

    The experts hoped that the rupee may rebound in coming days on back of improved workers’ remittances and export receipts.

    The local currency fell by 37 paisas against the dollar during past three trading days.

  • SBP to review existing policy rate of 7 percent on Sep 21

    SBP to review existing policy rate of 7 percent on Sep 21

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it will review existing key policy rate at 7 percent on Monday, September 21, 2020 for next two months.

    In its monetary policy announcement on June 25, 2020 the SBP cut the key policy rate to 7 percent. The decision came after the monetary policy committee viewed that the inflation outlook had improved further, while the domestic economic slowdown continued and downside risks had grown.

    In the wake of coronavirus pandemic the central bank significantly reduced the discount rate. Through policy decision on June 25, 2020 the SBP brought down the cumulative policy rate since mid-March 2020 to 625 basis points.

    Due to frequent changes in policy rate the regular meeting of the monetary policy committee was not held that was scheduled in July 2020.

    The SBP said that the given the number of MPC meetings that had taken place in recent months, and actions taken in those meetings, the MPC had not consider it necessary to hold the regular meeting of July 2020.

    “The next regular meeting of the MPC will now be held in September 2020. The MPC continues to observe economic conditions and stands ready to take whatever further actions may become necessary in response to any adverse impact on the economy because of the pandemic or any other factor,” the SBP said in its press statement issued on July 24, 2020.

  • Bank deposits of salaried persons surge by 35 percent to Rs2.252 trillion

    Bank deposits of salaried persons surge by 35 percent to Rs2.252 trillion

    KARACHI: The deposits of salaried persons in the domestic banking system surged by 35 percent in August 2020 as financial institutions provided safe avenue for investment.

    The banking deposits of salaried persons increased to Rs2.252 trillion by end of August 2020 as compared with Rs1.671 trillion in the same month of the last year, according to data released by State Bank of Pakistan (SBP) on Tuesday.

    Banking experts said that in the past the interest rates were very high which enabled banks to offer attractive rate of return to depositors.

    The central bank kept the policy at higher rate of 13.25 percent till March 2020. However, in the wake of economic slowdown after COVID-19, the SBP significantly reduced the policy rate starting from March 2020.

    In the monetary policy announcement on June 25, 2020, the SBP brought down the key policy rate to 7 percent, which is still applicable to date.

    The decision brought the cumulative reduction in the policy rate since mid-March to 625 basis points, the SBP said in its policy statement.

    It is important to note that the deposits of the banking system reached to a record high of Rs16.327 billion by August 2020.

    The categorization of deposits showed personal deposits registered 18.53 percent growth to Rs8.051 trillion in August 2020 as compared with Rs6.792 trillion in the same month of the last year.

    The deposits of salaried persons are part of the category of personal deposits.

    The other components of this category i.e. deposits of self employed registered 12 percent increase to Rs3.376 trillion in August 2020 as compared with Rs3.012 trillion in the same month of the last year.

    Meanwhile, the deposits of other personal accounts registered 15 percent growth to Rs2.423 billion as compared with Rs2.108 billion in the same month of the last year.

  • Rupee slips by 10 paisas against dollar

    Rupee slips by 10 paisas against dollar

    KARACHI: The Pak Rupee slipped by 10 paisas against dollar on Tuesday owing to higher demand for import and corporate payments.

    The rupee ended Rs166.27 to the dollar from previous day’s closing of Rs166.17 in interbank foreign exchange market.

    Currency experts said that the local unit was remained under pressure due to higher import and corporate payment.

    However, they said that the recent announcement of the federal government to launch Naya Pakistan Certificates with attractive rate of return in both rupee denomination and dollar denomination bills, would help the local currency to gain value in coming days.

  • SBP allows opening of selected bank branches on Saturdays

    SBP allows opening of selected bank branches on Saturdays

    KARACHI: State Bank of Pakistan (SBP) on Monday allowed banks to open their selected branches on Saturdays with ensuring implementation of SOPs to prevent coronavirus.

    The SBP said that through a notification on October 14, 2011 under which banks / microfinance banks were permitted to open their selected branches at various business centers / commercial hubs / ports etc. on Saturdays.

    However, subsequent to outbreak of COVID-19 pandemic, banks / MFBs through BPRD Circular Letter No. 8 dated March 23, 2020 were advised to open their branches / work places with bare minimum staff for reduced timings from Monday to Friday until further instructions.

    Since the banks / MFBs have been reverted to normal office and business hours in terms of instructions contained in BPRD Circular Letter No. 37 of July 31, 2020, hence it has been decided that banks / MFBs may open selected branches on Saturdays in line with instructions contained in BPRD Circular No. 11 of 2011 subject to implementation of SOPs / guidelines issued by the Federal & Provincial Governments, from time to time, the SBP added.

  • Rupee eases by 20 paisas on import payment

    Rupee eases by 20 paisas on import payment

    KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Monday owing to higher demand of the foreign currency for import and corporate payments.

    The rupee ended Rs166.17 to the dollar from last Friday’s closing of Rs165.97 in interbank foreign exchange market.

    Currency experts said that the market was opened after weekly holidays and the local unit was under pressure due to demand for import and corporate payments.

    They however said that improved inflows of remittances would help the local unit to recover in coming days.

    The inflow of workers’ remittances sharply increased by 31 percent during first two months of the current fiscal year owing to initiatives of the central bank.

    The inflow of remittances surged to $4.86 billion during July – August 2020 as compared with $3.71 billion during the corresponding period of the last fiscal year.

    The inflows of remittances also registered an increase of 25 percent to $2.1 billion in August 2020 as compared with $1.68 billion in the same month of the last year.

  • Workers’ remittances surge by 31pc in July – August

    Workers’ remittances surge by 31pc in July – August

    KARACHI: Workers’ remittances to Pakistan have experienced a significant boost, surging by 31% during the first two months of the current fiscal year. This sharp increase is attributed to initiatives by the State Bank of Pakistan (SBP), which have facilitated the inflow of remittances from Pakistani workers abroad.

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  • Rupee gains 43 paisas on improved forex reserves, banking services for NRPs

    Rupee gains 43 paisas on improved forex reserves, banking services for NRPs

    KARACHI – The Pakistani Rupee gained significant ground against the US Dollar, strengthening by 43 paisas on Friday. The surge was attributed to the burgeoning foreign exchange reserves of the country and the optimistic sentiments generated by the recent launch of Roshan Digital Accounts, a financial initiative catering to non-resident Pakistanis (NRPs).

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