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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 sells T-Bills worth Rs461.37 billion in auction

    SBP sells T-Bills worth Rs461.37 billion in auction

    KARACHI: The government has raised Rs461.37 billion for budget financing through auction of market treasury bills in an auction held on Wednesday.

    State Bank of Pakistan (SBP) said that it had offered treasury bills in three-, six- and 12 months maturities. However, the central bank only received bids in only three months securities.

    The central bank received bids of Rs516.38 billion at face value of Rs528.928 billion. The SBP accepted bids worth Rs461.37 billion at face value of Rs472.578 billion for three months treasury bills.

    The SBP accepted the bids at 10.55 percent cut-off yield, which was unchanged when compared with the auction held on February 13, 2019.

    The central bank has set the target for auction to sell securities worth Rs650 billion.

  • Rupee ends down by 38 paisas against dollar

    Rupee ends down by 38 paisas against dollar

    KARACHI: The Pak Rupee ended down by 38 paisas against the US dollar on Wednesday owing to growing border tension.

    The rupee was ended at Rs139.26 to the dollar as compared with Rs138.88 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs138.95 and Rs139.05.

    The market recorded day high of Rs139.26 and low of Rs139.00 and closed at Rs139.26.

    Director-General Inter-Services Public Relations Major-General Asif Ghafoor earlier in morning in a tweet said Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector.

    Following the mounting tension at borders the currency markets witnessed deterioration.

    Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

    Last Friday the rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    In open market the exchange rate also changed significantly.

    The buying and selling of dollar was recorded at Rs138.70/Rs139.20 from previous day’s closing of Rs138.00/Rs139.00 in cash ready market.

  • Rupee falls 23 paisas in mid-day trade on border tension

    Rupee falls 23 paisas in mid-day trade on border tension

    KARACHI: The Pak Rupee declined further against the US dollar in mid-day trade on Wednesday owing to growing border tension.

    The dollar is being traded at Rs 139.11 in interbank foreign exchange market. The rupee went down by 23 paisas so far when compared with Rs 138.88 to the dollar in foreign currency market

    Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector, Director-General Inter-Services Public Relations Major-General Asif Ghafoor said on his official Twitter account early on Tuesday.

    Following the mounting tension at borders the currency markets witnessed deterioration.

    Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

    Last Friday the rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

  • Rupee falls by 30 paisas on rising border tension

    Rupee falls by 30 paisas on rising border tension

    KARACHI: The Pak Rupee ended sharply down by 30 paisas against US dollar on Tuesday owing to latest border violation by Indian air force.

    Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector, Director-General Inter-Services Public Relations Major-General Asif Ghafoor said on his official Twitter account early on Tuesday.

    Following the mounting tension at borders the currency markets witnessed deterioration.

    The rupee ended Rs138.88 to the dollar as compared with previous day’s close of Rs138.88 in interbank foreign exchange market.

    Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

    Last Friday the rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    The exchange rate also changed in open market and local unit lost 20 paisas.

    The buying and selling of dollar was recorded at Rs138.50/Rs139.00 from previous day’s closing of Rs138.30/Rs138.80.

  • Banks to remain open on Saturday, Sunday for receiving Hajj applications

    Banks to remain open on Saturday, Sunday for receiving Hajj applications

    KARACHI: State Bank of Pakistan (SBP) on Tuesday said that the commercial banks will remain open on March 2-3 (Saturday – Sunday) to facilitate pilgrims in depositing Hajj applications along with dues.

    The SBP directed 14 designated banks including National Bank of Pakistan, Habib Bank, United Bank, MCB Bank, Allied Bank, Bank of Punjab, Bank Alfalah, Zarai Taraqiati Bank, Faysal Bank, Askari Bank, Bank Al-Habib, Habib Metropolitan Bank, Meezan Bank, and Dubai Islamic Bank) to open all of their designated branches on 2nd and 3rd March 2019 (Saturday and Sunday), for the purpose.

    Accordingly, all designated branches of these 14 banks will remain open on Saturday & Sunday from 10:00 a.m. to 2:30 p.m. for collection of Hajj applications along with dues from intending pilgrims of Hajj 2019 across the country.

  • Rupee falls on growing Pak-India tension

    Rupee falls on growing Pak-India tension

    KARACHI: The Pak Rupee fell sharply by 28 paisas against US dollar in early trade on Tuesday owing to latest border violation by Indian air force.

    Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector, Director-General Inter-Services Public Relations Major-General Asif Ghafoor said on his official Twitter account early on Tuesday.

    Following the mounting tension at border the financial markets witnessed deterioration.

    The dollar is being traded at Rs138.86 in interbank foreign exchange market. The exchange was ended last day at Rs138.58 to the dollar.

    Earlier on last Friday, the Pak Rupee gained for the third consecutive day against dollar owing to shrinking current account deficit and foreign inflows.

    The rupee ended with gain of eight paisas to end at Rs138.55 to the dollar as compared with previous day’s closing of Rs138.63 in interbank foreign exchange market.

    The rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    In the open market the local unit, however, maintained level.

  • Rupee ends down against dollar on higher demand

    Rupee ends down against dollar on higher demand

    KARACHI: The Pak Rupee ended down against US dollar on Monday owing to higher demand for import and corporate payments.

    The rupee depreciated by three paisas to close at Rs138.58 to the dollar from last Friday’s close of Rs138.55 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs138.70 and Rs138.75.

    The market recorded day high of Rs138.70 and low of Rs138.52 and closed at Rs138.58.

    The local currency fell after maintaining gain for three consecutive trading days,

    Earlier on last Friday, the Pak Rupee gained for the third consecutive day against dollar owing to shrinking current account deficit and foreign inflows.

    The rupee ended with gain of eight paisas to end at Rs138.55 to the dollar as compared with previous day’s closing of Rs138.63 in interbank foreign exchange market.

    The rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    In the open market the local unit, however, maintained level.

    The buying and selling of dollar was recorded at Rs138.30/Rs138.80, the same level ended on Saturday, in cash ready market.

  • Rupee continues gain against dollar in early trade

    Rupee continues gain against dollar in early trade

    KARACHI: The Pak Rupee has continued its appreciation against the US dollar and gained 10 paisas in early trade on Monday.

    The US dollar is being traded at Rs138.45 in interbank foreign exchange market.

    The exchange rate was closed at Rs138.55 to a dollar on last Friday or February 22, 2019.

    Currency analysts said that the narrowed current account deficit had improved market sentiments.

    Earlier on last Friday, the Pak Rupee gained for the third consecutive day against dollar owing to shrinking current account deficit and foreign inflows.

    The rupee ended with gain of eight paisas to end at Rs138.55 to the dollar as compared with previous day’s closing of Rs138.63 in interbank foreign exchange market.

    The rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

  • Rupee makes gain in open market

    Rupee makes gain in open market

    KARACHI: The rupee gained 10 paisas against dollar on Saturday in open market owing to inflows of foreign currency.

    The buying and selling of dollar was recorded at Rs138.30/Rs138.80 from previous day’s closing of Rs138.50/Rs138.90.

    The local currency was remained buoyant against the greenback in interbank foreign exchange market during the week owing to significant fall in current account deficit.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP) on Thursday, the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    The exchange rate in interbank market ended at Rs138.55 on Friday as rupee gained for the third consecutive day against the dollar.

  • NBP’s annual profit falls by 13pc on massive provisioning, write-offs

    NBP’s annual profit falls by 13pc on massive provisioning, write-offs

    KARACHI: The net annual profit of National Bank of Pakistan (NBP) has declined by 13 percent owing to sharp increase in provisioning and write-offs.

    The net profit of the bank was at Rs20 billion in 2018 as compared with Rs23 billion in the previous year.

    In its financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared earnings per share at Rs9.41 as compared with previous year’s EPS at Rs10.82.

    The net mark-up income and interest income of the bank had been increased to Rs60.66 billion in the year 2018 as compared with Rs54.25 billion in a year ago.

    Meanwhile, non-mark up income and interest income of the bank was at Rs36.248 billion for the year under review as compared with Rs31.065 billion a year ago.

    The cost of provisioning and write-offs increased massively to Rs11.3 billion as compared with Rs1.19 billion.