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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 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].

  • Rupee makes gain for third consecutive day

    Rupee makes gain for third consecutive day

    KARACHI: The Pak Rupee strengthened by 36 paisas against dollar for third consecutive day on Friday owing to inflows of export receipts and remittances.

    The rupee ended at Rs163.30 to the dollar from previous day’s closing of Rs163.66 in interbank foreign exchange market.

    Currency experts said that the supply of dollar into the market was seen in shape of remittances and export receipts.

    The local currency witnessed gain against dollar for third straight day. The rupee gained Rs1.59 against dollar in last three trading days.

    Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.

    The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.

    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.

  • SBP takes additional cash management measures amid rapid spread of coronavirus

    SBP takes additional cash management measures amid rapid spread of coronavirus

    KARACHI: The State Bank of Pakistan (SBP) has implemented additional measures for cash movement amidst the rapid spread of COVID-19. In a notification issued to the CEOs and Presidents of banks, the SBP emphasized the importance of these measures to protect those directly involved in cash management and operations.

    (more…)
  • Rupee further strengthens by 67 paisas against dollar on inflows

    Rupee further strengthens by 67 paisas against dollar on inflows

    KARACHI: The Pak Rupee further gained 67 paisas against dollar on Thursday owing to supply of remittances and export receipts.

    The rupee ended Rs163.66 to the dollar from previous day’s closing of Rs164.33 in interbank foreign exchange market.

    Currency experts said that the supply of dollar into the market was seen in shape of remittances and export receipts.

    The local currency witnessed gain against dollar for second straight day. The rupee gained Rs1.23 against dollar in last two trading days.

    Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.

    The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.

    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 recovers 56 paisas against dollar on inflows

    Rupee recovers 56 paisas against dollar on inflows

    KARACHI: The Pak Rupee recovered 56 paisas against dollar on Wednesday on inflows of remittances and export receipts, dealers said.

    The rupee ended Rs164.33 to the dollar from previous day’s closing of Rs164.89 in interbank foreign exchange market.

    Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.

    The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.

    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 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.

    (more…)
  • 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.