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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.

  • 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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  • Rupee extends losses against dollar on external payments

    Rupee extends losses against dollar on external payments

    KARACHI: The Pak Rupee extended losses for second day against dollar and fell by 72 paisas on external payments, dealers said on Tuesday.

    The rupee ended Rs164.34 to the dollar from previous day’s closing of Rs163.62 in interbank foreign exchange market.

    The rupee lost value of around Rs1.04 against dollar during past two 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.

  • Bank deposits touch new peak of Rs15.48 trillion

    Bank deposits touch new peak of Rs15.48 trillion

    KARACHI: The deposits of banking system high record high at Rs15.48 trillion in May 2020 despite sharp cut in policy rate cut and Eid festival.

    According to statistics released by State Bank of Pakistan (SBP) on Monday the deposits of banking system sharply grew by 15 percent to Rs15.48 trillion by end of May 2020 as compared with deposits of Rs13.459 trillion in the same month of the last year.

    The deposits of banking system by May 2020 also grew by 7 percent when compared with Rs14.475 trillion in April 2020.

    The banking system witnessed record high deposits despite cut in key policy rate by the SBP during the past two months.

    The SBP in its latest monetary policy announcement on May 15, 2020 reduced the policy rate by 100 basis points to bring down to 8 percent.

    The cumulative reduction in key policy rate was 525 basis points during the past two months.

    Further, the deposits hit record high despite Eid festival when people opt to withdraw cash. However, on this Eid-ul-Fitr the SBP had not issued fresh currency notes due to coronavirus.

    Banking experts said that due to partial halt in business activities and easing lockdown to allow opening of markets in the last days of the month of Ramazan helped the banking system to have massive deposits.

  • Rupee depreciates by 32 paisas on import payment demand

    Rupee depreciates by 32 paisas on import payment demand

    KARACHI: The Pak Rupee depreciated by 32 paisas against dollar on Monday owing to higher demand for foreign currency on opening of the market after two weekly holidays.

    The rupee ended Rs163.62 to the dollar from last Friday’s closing of Rs163.30 in interbank foreign exchange market.

    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.

  • SBP issues fake call alert; advises not to share account information

    SBP issues fake call alert; advises not to share account information

    KARACHI: The State Bank of Pakistan (SBP) on Sunday issued alert warning general public that unscrupulous elements are making phone calls to collect account holders information.

    “It has come to the knowledge of SBP that unscrupulous elements are making phone calls to individuals, impersonating as officials of SBP or other agencies, seeking personal information regarding their deposit accounts on the pretext that SBP is collecting information from banking customers in light of emergency declared in the country due to COVID-19,” the SBP said.

    In some instances, the fraudsters also claim that the information is required to ensure smooth functioning of their accounts in case ATM services become unavailable.

    The central bank said that it never seeks details of account holders of any bank and all such calls made on its behalf are a hoax and with fraudulent intentions.

    Public is advised not to respond to any such calls and provide any information.

    Please report such calls to your bank immediately.

    In addition, these call can also be reported to SBP helpline at 021-111-727-273 (during business hours) or at email [email protected].