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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 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

  • Meezan Bank signs payment services pact with PSL

    Meezan Bank signs payment services pact with PSL

    KARACHI: Meezan Bank, leading Islamic bank in Pakistan, has recently joined hands with Port Services Limited (PSL), Sialkot as their exclusive partner for payments & cash management services, a statement said on Wednesday.

    The agreement was signed by Abdullah Ahmed – Group Head Corporate & Institutional Banking, Meezan Bank and Navid Iqbal Sheikh – Director, Port Services Limited (Chairman SDPT) along with key members of their teams.

    Under this agreement, the Bank will provide Payments & Cash Management services to Port Services Limited through its state-of-the-art web based electronic solution ‘eBiz+’.

    With the largest Islamic banking network of 660 online branches in the country, the Bank’s Cash Management suite will help increase efficiency, optimize cash flow position and manage operational complexities to streamline the company’s receivables and payables.

    Abdullah Ahmed while speaking at the occasion, said: “This agreement between Port Services Limited, Sialkot and Meezan Bank is a testimony of the Bank’s expertise in the field of payment and cash management services.

    “We are confident that Port Services Limited will benefit from the efficiency and controls provided by the Bank’s digitalized Payments & Cash Management solutions – e-Biz+ that is based on latest technology.”

  • Rupee makes significant gains against dollar

    Rupee makes significant gains against dollar

    KARACHI: The rupee made significant gain of 17 paisas against dollar on Wednesday after sufficient inflows of remittances and export receipts.

    The rupee ended 141.12 to the dollar from Monday’s closing of Rs141.29 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.28 and Rs141.35.

    The market recorded day high of Rs141.30 and low of Rs141.10 and closed at Rs141.12.

    Currency expert said that the sufficient inflows in shape of remittances and export receipts helped the rupee to gain value.

    The exchange rate in the open market was remained unchanged.

    The buying and selling of dollar was recorded at Rs141.20/141.70 same previous day’s level in cash ready market.

  • Rupee makes gain against dollar on inflows

    Rupee makes gain against dollar on inflows

    KARACHI: The rupee gained against dollar on Monday after sufficient inflows were available in the market.

    The rupee gained three paisas to end at Rs141.29 against dollar from last Friday closing of Rs141.32 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.20 and Rs141.25.

    The market recorded day high of Rs141.36 and low of Rs141.15 and closed at Rs141.29.

    The exchange rate in open market also witnessed appreciation in rupee value by 30 paisas against dollar.

    The buying and selling of dollar was recorded at Rs141.00/Rs141.50 from last Saturday’s closing of Rs141.30/Rs141.80 in cash ready market.

  • Reza Baqir assumes charge as SBP governor

    Reza Baqir assumes charge as SBP governor

    KARACHI: Dr. Reza Baqir assumed the charge of Governor State Bank of Pakistan (SBP) on Sunday after President of Pakistan appointed him as Governor State Bank of Pakistan for a period of three years.

    A statement issued by the SBP said that Dr. Reza Baqir has eighteen years of experience with the IMF and two years with the World Bank.

    He was the Head of the IMF’s Office in Egypt and Senior Resident Representative since August 2017.

    He has also held positions as IMF Mission Chief for Romania and Bulgaria, Division Chief of the IMF’s Debt Policy Division, Head of the IMF delegation to the Paris Club, Deputy Division Chief of the IMF’s Emerging Markets Division, IMF Resident Representative to the Philippines, and numerous other positions.

    Dr. Baqir’s research has been published in top journals of the economics profession, including the Journal of Political Economy and the Quarterly Journal of Economics.

    Dr. Baqir holds a Ph.D in Economics from the University of California at Berkeley and an A.B. (Magna cum Laude) in Economics from Harvard University.

  • Rupee gains 20 paisas in open market on monitoring to prevent money laundering

    Rupee gains 20 paisas in open market on monitoring to prevent money laundering

    KARACHI: The Pak Rupee gained 20 paisas against dollar on Saturday amid improved inflows in the open market and tight monitoring of law enforcement agency to prevent money laundering.

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

    Currency dealers said that the steps taken by the government to curb money laundering through money exchanges had resulted in availability of greenback for general public.

    The dealers said that during past few months the regulators and law enforcement agencies had taken various measures to stop money laundering and Hawala and Hundi.

  • Meezan Bank, CDC sign agreement to launch share custody services

    Meezan Bank, CDC sign agreement to launch share custody services

    KARACHI: Meezan Bank – Pakistan’s leading Islamic bank, and Central Depository Company (CDC) signed an agreement to launch shares custody services, a statement said on Friday.

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  • Banking timings during Ramazan-ul-Mubarak announced

    Banking timings during Ramazan-ul-Mubarak announced

    KARACHI: State Bank of Pakistan (SBP) on Friday announced banking timings during holy month of Ramazan-ul-Mubarak.

    During the ensuing holy month of Ramazan-ul-Mubarak 1440 AH, the following office hours will be observed in the State Bank of Pakistan, which will also be followed by all banks, development finance institutions and microfinance banks:-

    Monday to Thursday from 10:00am to 4:00pm with prayer break from 2:00pm to 2:15pm whereas on Fridays office hours will be from 9:00am to 2:00pm without any break.

    However, it is further advised to observe the following business (banking) hours for public dealing:-

    Monday to Thursday from 10:00am to 2:00pm without any break whereas on Fridays business (banking) hours for public dealing will be from 9:00am to 1:00pm without any break.

    After the holy month of Ramazan-ul-Mubarak, the above timings will automatically be reverted to pre Ramadan-ul-Mubarak timings, the SBP said.

  • Banks to remain close on 1st Ramazan

    Banks to remain close on 1st Ramazan

    KARACHI: State Bank of Pakistan (SBP) on Friday said that it will remain closed for public dealing on 1st Ramadan-ul-Mubarak 1440 A.H., which will be observed as Bank Holiday for deduction of Zakat, as usual.

    All banks / development financial institutions / microfinance banks shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak 1440 A.H.

    However, all employees of the banks / DFIs / MFBs will attend the office on Bank Holiday treating it as normal working day (except for public dealing).