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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 makes gain in interbank

    Rupee makes gain in interbank

    KARACHI: The Pak Rupee gained two paisas against dollar on Wednesday owing to lower demand for import payments and contraction in current account deficit.

    The rupee ended 158.58 to the dollar from previous day’s closing of Rs158.60 in interbank foreign exchange market.

    Currency experts said that contraction in current account deficit and lower demand for import payment help the rupee to maintain levels.

    The foreign currency market was initiated in the range of Rs158.73 and Rs158.78. The market recorded day high of Rs158.76 and low of Rs158.57 and closed at Rs158.58.

    The exchange rates in open market were remained stable, The buying and selling of dollar was recorded at Rs158.50/Rs159.00, the same previous day’s closing level, in cash ready market.

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    Rupee gains two paisas in interbank market

  • Rupee gains two paisas in interbank market

    Rupee gains two paisas in interbank market

    KARACHI: The Pak Rupee gained two paisas against dollar in interbank foreign exchange market on Tuesday as inflows are providing support to the local currency.

    The rupee ended Rs158.60 to the dollar from previous day’s closing of Rs158.62 in interbank foreign exchange market.

    Currency experts said that inflows of home remittances and export receipts were providing support to the local currency. Besides, the measures taken in the budget also discourage imports of luxury and non-essential items.

    The foreign currency market was initiated in the range of Rs158.70 and Rs158.80. The market recorded day high of Rs158.75 and low of Rs158.58 and closed at Rs158.60.

    The exchange rate in open market was remained unchanged. The buying and selling of dollar was recorded at Rs158.50/Rs159.00, the same previous day’s level, in cash ready market.

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    Rupee gains 34 paisas on improved foreign inflows

  • Banking system witnesses massive withdrawal of Rs711 billion in July

    Banking system witnesses massive withdrawal of Rs711 billion in July

    Pakistan’s banking system experienced a significant dip in deposits, with a massive withdrawal of approximately Rs711 billion in July 2019, following a record high in bank deposits by the end of June 2019.

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  • Rupee gains 34 paisas on improved foreign inflows

    Rupee gains 34 paisas on improved foreign inflows

    KARACHI: The Pak Rupee gained 34 paisas against dollar on Monday as inflows of home remittances and export receipts helped the local unit to appreciate.

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  • SBP sets maximum payment limits for board members of banks, DFIs

    SBP sets maximum payment limits for board members of banks, DFIs

    KARACHI: The State Bank of Pakistan (SBP) on Saturday amended Prudential Regulations G-1 and sets maximum limits for payment to board members of banks and Development Financial Institutions (DFIs).

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  • Rupee slips by 52 paisas in interbank

    Rupee slips by 52 paisas in interbank

    The rupee faced a decline of 52 paisas against the US dollar on Friday as the interbank market resumed operations following an extended week-long closure due to Eid and regular weekend holidays. The local currency ended at Rs158.96 against the dollar, compared to its previous close of Rs158.44 last Friday.

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  • SBP to monitor ATMs working during Eid holidays

    SBP to monitor ATMs working during Eid holidays

    KARACHI: State Bank of Pakistan (SBP) will monitor the working of Automated Teller Machines (ATMs) during Eid holidays to ensure uninterrupted availability of cash.

    The central bank on Friday said that it had provided a sufficient quantity of fresh and good quality ATM notes of higher denominations to commercial banks for smooth ATM operations during the Eid Holidays.

    “In this regard, special teams of SBP and SBP BSC officials shall inspect and monitor the working of ATMs across Pakistan to ensure uninterrupted availability of cash to the general public during the Eid holidays.”

    The SBP, through 16 field offices of its subsidiary SBP Banking Services Corporation (SBP BSC), issued fresh banknotes of various denominations aggregating to Rs284 billion, including Rs.274 billion via commercial banks and Rs.10 billion via cash counters of SBP BSC , during days leading to Eid-ul-Azha.

    Out of the total notes issued to commercial banks, Rs. 12 billion of lower denominations (upto Rs.100), fresh notes have been provided for onward distribution among general public and account holders, the SBP said.

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  • Rupee ends down on dollar demand ahead of week-long holidays

    Rupee ends down on dollar demand ahead of week-long holidays

    KARACHI: The Pak Rupee ended down by 19 paisas against dollar on Friday owing to higher demand for import payments ahead of Eid and weekly holidays.

    The rupee closed at Rs158344 to the dollar from previous day’s closing of Rs158.25 in interbank foreign exchange market.

    Currency experts said that demand for greenback was high due to Eid and weekly holidays. The market will remain close for next six days and will reopen next Friday August 16, 2019.

    The government has announced holidays for Eid-ul-Azha from August 12 to August 15.

    The exchange rate in open market also witnessed significant depreciation in rupee value. The buying and selling of dollar was recorded at Rs158.30/Rs159.30 from previous day’s closing of Rs157.40/Rs158.40 in cash ready market.

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  • SBP imposes penalty on four banks for violating AML/KYC

    SBP imposes penalty on four banks for violating AML/KYC

    KARACHI: The State Bank of Pakistan (SBP) has imposed penalty of Rs184.64 million upon four commercial banks for violating laws related to Anti-Money Laundering (AML)/Know Your Customer (KYC).

    The central bank on Thursday said that these penalty amount was imposed during the month of July 2019 against banks included: The Bank of Punjab; JS Bank Limited, Bank Al Habib Limited and Soneri Bank.

    The SBP imposed penalty of Rs13.072 million against The Bank of Punjab on July 15, 2019 for violating in areas of foreign exchange operations.

    In addition to penal action, the bank has been advised to improve its internal processes, the SBP said.

    The Bank of Punjab was again penalized with Rs16.119 million on July 18, 2019 for violating in areas of AML/KYC, unclaimed deposits.

    In addition to penal action, the bank has been advised for improvements in the areas of AML/KYC, the central bank added.

    The SBP penalized JS Bank Limited with penalty amount of Rs48.211 million on July 23, 2019 for violating in areas of AML/KYC.

    In addition to penal action, the bank has been advised to conduct a thorough review of relationship accounts, the SBP said.

    The SBP imposed penalty of Rs51.75 million upon Bank Al Habib Limited on July 25, 2019 for violating in areas of AML/KYC, FX Operations.

    In addition to penal action, the bank has been advised to update its systems and processes, and provide appropriate trainings to the concerned officials, the SBP said.

    The SBP imposed penalty of Rs55.48 million upon Soneri Bank Limited on July 25, 2019 for violating in areas of AML/KYC, Asset Quality, FX Operations.

    In addition to penal action, the SBP advised the bank to improve areas of AML/KYC and credit risk monitoring.

  • Rupee ends unchanged against dollar

    Rupee ends unchanged against dollar

    KARACHI: The Pak Rupee ended unchanged against dollar on Thursday despite inflows of remittances and export receipts.

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