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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 further weakens by 81 paisas against dollar

    Rupee further weakens by 81 paisas against dollar

    KARACHI: The Pak Rupee further weakened by 81 paisas against dollar on Tuesday owing to higher demand for import and corporate payments, dealers said.

    The rupee closed at Rs164.89 to the dollar from last day’s closing of Rs164.08 in interbank foreign exchange market.

    The rupee depreciated by Rs1.79 against the dollar during last two days.

    Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments.

    Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

    The currency experts said that fall in exports and remittances also put pressure on the local currency.

    Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

    Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

    However, the experts said that the local currency recovered on the back of improved economic indicators.

  • Rupee weakens by 98 paisas on import payment demand

    Rupee weakens by 98 paisas on import payment demand

    KARACHI: The Pak Rupee weakened by 98 paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

    The rupee closed at Rs164.08 to the dollar from last Friday’s close of Rs163.10 in interbank foreign exchange market.

    Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments. They said that rupee was remained under pressure due to settlement of import payments after long holidays.

    Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

    The currency experts said that fall in exports and remittances also put pressure on the local currency.

    Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

    Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

    However, the experts said that the local currency recovered on the back of improved economic indicators.

  • Dollar rises to Rs163.10 amid payment pressure

    Dollar rises to Rs163.10 amid payment pressure

    KARACHI: The Pak Rupee ended down by Rs1.11 to the dollar on Friday as demand for import and corporate payments remained persist, dealers said.

    The rupee closed at Rs163.10 to the dollar from previous day’s closing of Rs161.99 in interbank foreign exchange market.

    Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments. They said that rupee was remained under pressure due to settlement of import payments after long holidays.

    Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

    The currency experts said that fall in exports and remittances also put pressure on the local currency.

    Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

    Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

    However, the experts said that the local currency recovered on the back of improved economic indicators.

  • Rupee falls against dollar as market resumes after long holidays

    Rupee falls against dollar as market resumes after long holidays

    KARACHI: The Pak Rupee fell by Rs1.07 against dollar on Thursday as trading resumed after long holidays due to Eid-ul-Fitr.

    The rupee closed at Rs161.99 to the dollar from previous closing of Rs160.92 on May 21, 2020 in interbank foreign exchange market.

    Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments. They said that rupee was under pressure due to settlement of import payments after long holidays.

    Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

    The currency experts said that fall in exports and remittances also put pressure on the local currency.

    Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

    Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

    However, the experts said that the local currency recovered on the back of improved economic indicators.

  • Banks timing revised

    Banks timing revised

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued revised banks timing from May 27, 2020 after Ramazan ul Mubarak.

    In a notification sent to president and chief executives of all banks, development finance institutions and microfinance banks, the SBP said that the central bank will observe the following office timings till further orders:

    Monday to Thursday: 10:00 a.m. to 4:30 p.m. (with prayer / lunch break from 1:30 p.m. to 2:00 p.m.)

    Friday: 10:00 a.m. to 1:00 p.m.

    Banks / DFIs / MFBs are accordingly advised to ensure compliance of the above-mentioned timings in letter and spirit, the SBP said.

  • Banks to open selected branches on May 27

    Banks to open selected branches on May 27

    KARACHI: Banks likely to open selected branches on Wednesday, May 27, 2020 to facilitate their customers in wake of long holidays for Eid ul Fitr.

    It is pertinent to mention that the government announced six holidays for Eid-ul-Fitr from May 22 – 27, 2020 (Friday – Wednesday).

    Tomorrow i.e. Wednesday May 27, 2020 is the last day of ongoing holidays. Due to closure of financial institutions for the long period, people are facing cash problems for their day to day transactions.

    The State Bank of Pakistan (SBP) on May 20, 2020 already granted approval for banks for opening of selected branches on May 27, 2020.

    The SBP said: “In order to ensure the availability of limited banking services to public at large during the extended holidays on the occasion of Eid‐ul‐Fitr, it has been decided that banks / MFBs may open their selected branches on Wednesday, May 27, 2020 at their own discretion in various business centers / commercial hubs etc. across Pakistan.

    “However, it may be noted that RTGS System and Clearing through NIFT will not be available on the above‐mentioned date.

    “Accordingly, NIFT will collect Financial Instruments from branches on Thursday, May 28, 2020 for clearing purposes.

    “For this purpose, banks / MFBs should ensure the deployment of minimal number of staff necessary to carry out smooth working at their selected branches on the above date.”

  • Rupee falls by 15 paisas ahead Eid holidays

    Rupee falls by 15 paisas ahead Eid holidays

    KARACHI: The Pak Rupee further eased by 15 paisas against dollar on Thursday ahead of long holidays on the occasion of Eid-ul-Fitr.

    The rupee closed at Rs160.92 to the dollar from previous day’s closing of Rs160.77 in interbank foreign exchange market.

    Currency experts said that the deterioration in rupee value was continued due to higher demand for import and corporate payments. They said that buyers were remained active due to advance payments. They said that the Eid Holidays will commence from May 22 till May 27.

    Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

    The currency experts said that fall in exports and remittances also put pressure on the local currency.

    Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

    Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

    However, the experts said that the local currency recovered on the back of improved economic indicators.

  • SBP allows banks to open selected branches on May 27

    SBP allows banks to open selected branches on May 27

    KARACHI: The State Bank of Pakistan (SBP) has granted permission for banks to open selected branches on May 27, 2020, to facilitate the public during the extended holidays for Eid-ul-Fitr.

    (more…)
  • Bank holidays for Eid-ul-Fitr announced

    Bank holidays for Eid-ul-Fitr announced

    KARACHI: Banks shall remain closed during May 22 – 27, 2020 (Friday to Wednesday) on the occasion of Eid ul Fitr.

    In an official note on Wednesday issued by State Bank of Pakistan (SBP) said that the central bank will remain closed from 22nd to 27th May, 2020 (Friday to Wednesday) on the occasion of Eid-ul-Fitr.

  • Rupee eases against dollar as payment demand persists

    Rupee eases against dollar as payment demand persists

    KARACHI: The Pak Rupee eased by three paisas against dollar on Wednesday as high demand remained persist for import payment.

    The rupee closed at Rs160.77 to the dollar from previous day’s closing of Rs160.74 in interbank foreign exchange market.

    Currency dealers said that the local unit was under pressure because market due to higher demand for import and corporate payments.

    Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

    The currency experts said that fall in exports and remittances also put pressure on the local currency.

    Overseas Pakistani workers sent home $1.790 billion in April, compared with $1.894 billion in previous month.

    Pakistan received $18.781 billion in remittances in July-April FY2020, compared with $17.801 billion in the same period last year.

    However, the experts said that the local currency recovered on the back of improved economic indicators.