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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.

  • Dollar touches record high of Rs146.52 to close in interbank

    Dollar touches record high of Rs146.52 to close in interbank

    KARACHI: The Pak Rupee depreciated massively against dollar to end at record low of Rs146.52 by shedding Rs5.12 in the single day trading.

    The exchange rate hit Rs148 for one dollar in midday trading. However, the local unit recovered slightly.

    The exchange rate in the Interbank market closed today at Rs146.52 per US$ from previous day’s close of Rs141.40 to the dollar: Chief Spokesman State Bank of Pakistan (SBP) said after sharp decline of local currency.

    “This movement reflects demand and supply conditions in the foreign exchange market,” Chief Spokesman State Bank.

    It will help in correcting market imbalances, he added.

    The exchange rate in open market was also witnessed massive decline in local currency value.

    The buying and selling of dollar was recorded at Rs146.00/Rs147.50 from previous day’s closing of Rs143.50/Rs144.00 in cash ready market.

  • SBP to announce monetary policy on May 20

    SBP to announce monetary policy on May 20

    KARACHI: State Bank of Pakistan (SBP) will announced monetary policy for next two months on Monday, May 20, 2019.

    A statement issued by the SBP on Thursday said that it would announce Monetary Policy on Monday, May 20, 2019.

    In the last monetary policy announcement on March 29, 2019, the central bank increased the policy rate by 50 basis points to 10.75 percent effective from April 01, 2019.

  • Rupee hit historict low against dollar in interbank market

    Rupee hit historict low against dollar in interbank market

    Karachi – The Pakistani Rupee experienced a significant downturn in mid-day trading on Thursday, reaching a historic low against the US Dollar at Rs 148 in the Interbank Foreign Exchange Market.

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  • Prime Minister takes notice of rupee depreciation

    Prime Minister takes notice of rupee depreciation

    KARACHI: Prime Minister Imran Khan took notice of recent depreciation of rupee in the open market. In this regard the prime minister met a delegation of Exchange Companies Association of Pakistan (ECAP) on Wednesday at Prime Minister House.

    The ECAP delegation was led by Sheikh Allaudin, Malik Bostan, and Sheikh Mureed. Director General FIA, Director General IB, Chairman Federal Board of Revenue and Governor State Bank of Pakistan (SBP) were also present at the meeting.

    The government made it crystal clear that it will take strict action against Exchange Companies, which involve in creating artificial shortage of the foreign currency, a member ECAP said.

    The meeting agreed on exchange rate and the government warned of serious consequences in case of deviation.

    Dollar rate agreed upon are Buying – 143.50 and selling 144.00

    Saudi Riyal buying and selling at 38.20 / 38.35

    UAE Dirham buying and selling 39.05 / 39.20

    Strict compliance has been insisted upon

    ECAP will not stand by any company diverging from these set rates, a statement said.

    ECAP will not stand with the companies running dual sets of rates or avoiding receipting, it added.

  • Rupee remains unchanged against dollar

    Rupee remains unchanged against dollar

    In Karachi on Wednesday, the Pakistani Rupee showcased resilience against the US Dollar, maintaining its stability in the interbank foreign exchange market. The exchange rate remained unchanged at Rs141.40, echoing the rate observed on the preceding day.

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  • Rupee maintains level against dollar

    Rupee maintains level against dollar

    KARACHI – The Pakistani Rupee demonstrated stability against the US Dollar in a day of range-bound trading activities on Tuesday.

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  • Rupee ends unchanged in interbank forex market

    Rupee ends unchanged in interbank forex market

    The Pakistani Rupee (PKR) remained stable against the US Dollar (USD) in the interbank market on Monday, closing at Rs141.40, the same level as last Friday, despite swirling rumors about a potential downturn following discussions between Pakistani authorities and the International Monetary Fund (IMF) regarding a new loan program.

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  • Rupee eases in interbank foreign exchange market

    Rupee eases in interbank foreign exchange market

    KARACHI: The Pak Rupee fell by one paisa against dollar on Friday amid sufficient inflows of export receipts and remittances.

    The rupee ended Rs141.40 to the dollar from previous day’s closing of Rs141.39 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.34 and Rs141.37.

    The market recorded day high of Rs141.40 and low of Rs141.35 and closed at Rs141.40.

    The rupee massively fell against dollar in the open market.

    The buying and selling of dollar was recorded at Rs142.00/Rs142.50 as compared with previous day’s closing of Rs141.30/Rs141.80 in cash ready market.

    Market experts said that the currency would see pressure due to upcoming IMF program and scheduled repayment for foreign debt by the country.

  • Rupee depreciates by 27 paisas against dollar

    Rupee depreciates by 27 paisas against dollar

    KARACHI: The rupee depreciated by 27 paisas against dollar on Thursday owing to reports of tough conditions under new IMF loan program.

    The rupee ended at Rs141.39 to the dollar from previous day’s close of Rs141.12 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.15 and Rs141.20. The market recorded day high of Rs141.40 and low ofRs.20 and closed at Rs141.39.

    The exchange rate also witnessed decline in rupee value by 10 paisas in open market.

    The buying and selling of dollar was recorded at Rs141.30/Rs141.80 as compared with previous day’s closing of Rs141.20/Rs141.70 in cash ready market.

  • SBP sells T-Bills worth Rs560bn at 11.249pc cut-off yield

    SBP sells T-Bills worth Rs560bn at 11.249pc cut-off yield

    KARACHI: State Bank of Pakistan (SBP) has sold treasury bills amounting Rs560 billion at cut-off yield at 11.2491 percent, much above the key policy rate of 10.75 percent.

    The SBP on Wednesday offered bids to auction Market Treasury Bills (MTB) of three-, six- and 12-month maturities.

    The SBP received bids of Rs560 billion at face value of Rs574.186 billion in three-month MTBs. However, the SBP did not receive bids in other papers.

    The central bank accepted all the bids in three-month maturities at cut-off yield of 11.2491 percent.

    The high cut-off yield indicates further rise in key policy rate to be announced this month.

    In its monetary policy announcement on March 29, 2019 the SBP increased key policy rate by 50 basis points to 10.75 percent.

    Banking experts said that the financial institutions were only interested in short term maturities as those were anticipating further hike in policy rate in upcoming monetary policy announcement.

    The SBP has set a target of Rs1,200 billion for this auction in order to help the government in meeting budgetary financing.

    However, the central bank could only raise Rs560 billion.

    SBP sells treasury bills worth Rs415.72 billion at above 11pc cut-off yield