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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.

  • Rs52 million approved as interest free loan for students

    Rs52 million approved as interest free loan for students

    KARACHI: The apex committee for Student Loan Scheme having representation from State Bank of Pakistan, Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) has approved Rs 51.987 million as interest-free loans to deserving students for their current year of studies within Pakistan.

    State Bank of Pakistan (SBP) in a statement on Monday said that the amount, approved by Apex Committee, will be given to 966 deserving students of public sector universities across the country, studying in different disciplines of under-graduation, graduation and Ph.D studies for the session 2016-2017.

    The objective of the Student Loan Scheme is to provide financial assistance to the meritorious students having insufficient means.

    The loans are granted for a maximum tenor of 10 years from the date of the disbursement of first installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.

    National Bank of Pakistan, being the administrator of the Scheme, performs all the functions like receiving and scrutinizing the loan applications, disbursement of loans and their recovery.

    The names of successful students are available at the National Bank of Pakistan’s website: https://www.nbp.com.pk/studentloan/

  • Sindh Bank refuses Summit Bank merger plan

    Sindh Bank refuses Summit Bank merger plan

    The board of directors of Sindh Bank Limited (SNBL) has officially rejected the proposed merger with Summit Bank Limited (SMBL), marking a significant development in the banking sector.

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  • Update: Rupee weakens 48 paisas in intraday trading

    Update: Rupee weakens 48 paisas in intraday trading

    KARACHI – The Pakistani Rupee faced a further depreciation of 48 paisas against the US Dollar in intraday trading on Monday, creating fluctuations in the currency market just ahead of the Eid Holidays.

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  • Rupee gains another 50 paisas in interbank

    Rupee gains another 50 paisas in interbank

    KARACHI: The Pak Rupee gained another 50 paisas against US dollar on Friday owing to inflows related to Eid improved the supply.

    The rupee ended 147.90 to the dollar from previous day’s closing of Rs148.40 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs147.50 and Rs147.75.

    The market recorded day high of Rs148.25 and low of Rs147.25 and closed at Rs147.90.

    The exchange rate in open market also witnessed 50 paisas increase in rupee value.

    The buying and selling of dollar was recorded at Rs147.50/Rs148.50 from the previous day’s closing of Rs148.00/149.00 in the cash ready market.

  • Rupee makes sharp gains of Rs1.35 against dollar

    Rupee makes sharp gains of Rs1.35 against dollar

    KARACHI: The Pak Rupee made significant recovery of Rs1.35 against dollar on Thursday owing to measures taken by the government to check illegal outflows of the foreign currency.

    The rupee ended Rs148.40 to the dollar from previous day’s closing of Rs149.75 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs149.75 and Rs150.00.

    The market recorded day high of Rs149.75 and low of Rs148.25 and closed at Rs148.40.

    Currency experts said that the availability of the foreign currency was also improved as expatriates are sending amount to their relatives for Eid related expenses.

    The exchange rate also witnessed improvement in the value of local currency.

    The buying and selling of dollar was recorded at Rs148.75/Rs149.50 from previous day’s closing of Rs149.00/Rs150.00 in cash ready market.

  • Bank holidays for Eid-ul-Fitr

    Bank holidays for Eid-ul-Fitr

    The State Bank of Pakistan (SBP) announced on Wednesday that banks will be closed from June 4 to 7, 2019, in observance of Eid-ul-Fitr. This extended holiday period will allow employees and customers to celebrate the festive occasion without interruption.

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  • SBP facilitates three million people with fresh currency notes on Eid-ul-Fitr

    SBP facilitates three million people with fresh currency notes on Eid-ul-Fitr

    The State Bank of Pakistan (SBP) has successfully facilitated three million customers in obtaining fresh currency notes for Eid-ul-Fitr through its e-branches of commercial banks, according to a statement released on Wednesday.

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  • Rupee gains 50 paisas in interbank

    Rupee gains 50 paisas in interbank

    KARACHI: The Pak Rupee gained 50 paisas against dollar on Wednesday on positive development on economic front.

    The rupee ended Rs149.75 to the dollar as compared with last day’s closing of Rs150.25 in interbank foreign exchange market.

    The interbank outright foreign exchange market was initiated in the range of Rs149.50 and Rs150.00.

    The market recorded a high of Rs150.25 and low of Rs149.50 and closed at Rs149.75.

    The exchange rate witnessed no change in the rupee value against dollar.

    The buying and selling of dollar was recorded at Rs149.00/Rs150.00 in cash ready market.

  • Hafeez Shaikh assures forex dealers of reducing foreign currency limit on travel abroad

    Hafeez Shaikh assures forex dealers of reducing foreign currency limit on travel abroad

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, adviser to Prime Minister on Finance and Revenue on Tuesday assured foreign exchange dealers of reducing limit for carrying foreign currency on traveling abroad.

    Earlier, a delegation of foreign exchange companies informed the adviser that people traveling abroad were carrying around $6 million daily.

    The delegation of Foreign Exchange Dealers, led by the President of Forex Association of Pakistan, Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, here today.

    The delegation suggested various measures aiming at improving foreign exchange of the country.

    In order to reduce the outflow of dollar, the delegation proposed that the foreign currency limit for people, who are travelling abroad, should be revised.

    The representatives of the association mentioned that smuggling of dollar to Afghanistan and Iran is a serious issue and the government agencies should take strict action against such elements who are involved in foreign currency smuggling.

    The delegation expressed concern over under invoicing by some importers and suggested that the custom authorities should take over the goods, by auctioning them, of the importers who are involved in under invoicing causing losses to national exchequer.

    The delegation also offered its support to improve foreign exchange of the country.

    The Adviser assured the delegation that their proposals would be considered positively.

    The meeting was attended by Secretary Finance, Naveed Kamran Baloch, Governor State Bank of Pakistan, Dr. Reza Baqir, senior officials of Ministry of Finance and representatives of foreign exchange dealers.

  • SBP renews status of credit rating agencies

    SBP renews status of credit rating agencies

    KARACHI: State Bank of Pakistan (SBP) has renewed the status of two leading credit rating agencies.

    In a circular issued on Tuesday, the central bank renewed the status of both credit rating agencies operating in Pakistan namely ‘VIS Credit Rating Company Limited (VIS)’ and ‘The Pakistan Credit Rating Agency Limited (PACRA)’ as eligible / recognized External Credit Assessment Institutions for the calendar year 2019.

    Banks and DFIs using the standardized approach of Basel framework are allowed to use credit ratings assigned by VIS and PACRA for capital adequacy ratio (CAR) calculation purposes.