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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 to announce monetary policy on July 16

    SBP to announce monetary policy on July 16

    KARACHI: State Bank of Pakistan (SBP) will announce key policy rate for next two months of July 16, 2019, a statement said on Friday.

    The SBP said that the Monetary Policy Committee of the central bank would meet on Tuesday, July 16, 2019 at SBP Head Office Karachi to decide the policy rate.

    In the previous monetary policy announced on May 20, 2019, the committee decided to increase the policy rate by 150 basis points to 12.25 percent effective from May 21,2019.

    The decision was taken into account the considerations and the evolving macroeconomic situation, the committee noted that further policy measures are required to address underlying inflationary pressures from (i) higher recent month-on-month headline and core inflation outturns; (ii) recent exchange rate depreciation; (iii) an elevated fiscal deficit and its increased monetization, and (iv) potential adjustments in utility tariffs.

    Analysts at Arif Habib Limited said that the SBP would adopt a proactive stance to increase its benchmark policy rate by 100 basis points in July 2019 to address the underlying pressure on the economy.

    In its report issued on June 28, the analysts said that in addition, monetary tightening is expected on the back of i) rising inflationary pressure due to increase in prices of petroleum products, essential food items and price revision of utilities, ii) an elevated fiscal deficit and its increased monetization, and iii) recent exchange rate depreciation.

  • SBP issues procedure for loans under PM’s Kamyab Jawan SME Lending Program

    SBP issues procedure for loans under PM’s Kamyab Jawan SME Lending Program

    KARACHI: The State Bank of Pakistan (SBP) on Thursday announced the official procedure for obtaining a loan under the Prime Minister’s Kamyab Jawan SME Lending Program, a flagship initiative aimed at empowering youth and small enterprises across the country.

    (more…)
  • Rupee depreciates by 61 paisas in interbank

    Rupee depreciates by 61 paisas in interbank

    KARACHI: The Pak Rupee ended down by 61 paisas on Thursday owing to demand for import and corporate payments.

    The rupee closed at Rs158.49 to the dollar as compared with previous day’s closing of Rs157.88 in interbank foreign exchange market.

    The foreign currency market was initiated at Rs158.40 and Rs158.70 in interbank foreign exchange market.

    The market recorded day high of Rs158.60 and low of Rs158.20 and closed at Rs158.47.

    The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs158.50/Rs159.50 from previous day’s closing of Rs157.50/Rs158.50 in cash ready market.

  • Rupee falls by 50 paisas despite IMF first tranche

    Rupee falls by 50 paisas despite IMF first tranche

    KARACHI: The Pak Rupee ended down by 50 paisas against dollar on Wednesday despite a tranche of $991.4 million received under IMF loan program.

    The rupee closed at Rs157.88 to the dollar from previous day’s closing of Rs157.38 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs157.45 and Rs157.65. The market recorded day high of Rs157.95 and low of Rs157.65 and closed at Rs157.88.

    The exchange rate in open market also witnessed depreciation in local unit.

    The buying and selling of the dollar was recorded at Rs157.50/Rs158.50 from previous day’s closing of Rs156.70/Rs157.70 in cash ready market.

  • Government to borrow Rs6,300 billion through auction of Market Treasury Bills in first quarter

    Government to borrow Rs6,300 billion through auction of Market Treasury Bills in first quarter

    KARACHI: The government likely to borrow an amount of Rs6,300 billion from commercial banks through auction of market treasury bills (MTBs) during first quarter (July – September) of current fiscal year.

    According to auction target for MTBs issued by State Bank of Pakistan (SBP), the amount would be raised through seven auctions during the period.

    The government borrows from commercial banks through sale of commercial papers for budget financing.

    The details of auctions showed the government would borrow primarily to repay the matured amount. The details further showed that out of Rs6,300 billion, an amount of Rs5,065 billion would be spent on repayment against matured amount.

    The remaining amount of Rs1,234.55 billion would be utilized for budget financing.

    Banking analysts said that the government had decided to change the borrowing pattern. During the past fiscal year most of the borrowings were made through central bank. However, the government under IMF loan program agreed not to borrow from the SBP.

    The auction target showed that an amount of Rs300 billion would be raised through sale of Pakistan Investment Bonds (PIBs) of fixed rates.

    While, an amount of Rs400 billion would be raised through sale of PIB (floating rates).

    Analysts said that the banks were taking more interest in government maturities due to frequent increase in policy rate by the SBP. The banking sector is anticipating more hike in interest rate by the SBP during remaining months of current year.

  • Rupee ends down on import payment demand

    Rupee ends down on import payment demand

    KARACHI: The Pak Rupee ended down by six paisas against dollar on Tuesday due to higher demand for import and corporate payments.

    The rupee ended Rs157.38 to the dollar from previous day’s closing of Rs157.32 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs157.50 and Rs157.75 against the dollar. The market recorded day high of Rs157.70 and low of Rs157.35 in interbank foreign exchange market.

    The exchange rate in open market also witnessed depreciation in rupee value by 20 paisas.

    The buying and selling of dollar was recorded at Rs156.70/Rs157.70 from previous day’s closing of Rs156.50/Rs157.50 in cash ready market.

  • Rupee falls by 37 paisas against dollar

    Rupee falls by 37 paisas against dollar

    KARACHI: The Pak Rupee fell by 37 paisas against dollar on Monday owing to higher demand for import and corporate payments.

    The rupee ended Rs157.32 to the dollar from last Friday’s closing of Rs156.95 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs157.00 and Rs157.50. The market recorded day high of Rs157.75 and low of Rs157.25 in interbank foreign exchange market.

    The exchange rate in open market also witnessed depreciation in the local currency value,

    The buying and selling was recorded at Rs156.50/Rs157.50 from last Saturday’s closing of Rs156.00/Rs157.00 in cash ready market.

  • Rupee weakens by 20 paisas on higher import payment demand

    Rupee weakens by 20 paisas on higher import payment demand

    KARACHI: The Pak Rupee ended down by 20 paisas against dollar on Friday due to high demand for import and corporate payments.

    The rupee ended Rs156.95 to the dollar as compared with last day’s closing of Rs156.75 in nterbank foreign exchange market.

    During the week the local currency maintained recovery trend against the greenback after hitting all time low of Rs164.05 on June 27. However, the higher demand on last trading day of the week the rupee weakened.

    The foreign currency market was initiated in the range of Rs156.50/Rs157.00. The market recorded day high of Rs157.50 and low of Rs156.75 and closed at Rs156.95.

    The exchange rate in the open market witnessed stability in the local currency.

    The buying and selling of dollar was recorded at Rs156.00/Rs157.00 the same previous days closing in cash ready market.

  • Rupee continues recovery against dollar on fourth consecutive trading sessions

    Rupee continues recovery against dollar on fourth consecutive trading sessions

    KARACHI: The Pak Rupee continued its recovery against dollar on Thursday amid approval of IMF loan program for Pakistan.

    PublishJuly 4, 2019 6:10 pm

    The rupee gained another Rs1.08 to end at Rs156.57 the dollar as compared with previous day’s closing of Rs157.65 interbank foreign exchange market.

    The rupee made gains for the fourth consecutive trading sessions after hitting all time low of Rs164.06 in interbank market on June 27, 2019.

    The foreign currency market was initiated in the range of Rs155.50 and Rs156.50. The market witnessed day high of Rs157.00 and low of Rs156.00 in interbank foreign exchange market.

    The exchange rate also witnessed rupee appreciation in open market. The buying and selling of dollar was recorded at Rs156.00/Rs157.00 from previous day’s closing of Rs156.50/Rs157.50.

  • Rupee gains another 44 paisas against dollar

    Rupee gains another 44 paisas against dollar

    KARACHI: The Pak Rupee gained another 44 paisas against dollar on Wednesday amid hope of successful IMF loan program.

    The rupee ended at Rs157.62 to the dollar from previous day’s close of Rs158.06 in interbank foreign exchange market.

    The rupee witnessed record low at Rs164.05 to the dollar on June 27. However, since then the local unit recovered Rs6.43 against the greenback on expected positive outcome of IMF board meeting on Pakistan loan program scheduled for today.

    The foreign currency market was initiated in the range of Rs158.25 and Rs158.75. The market recorded day high of Rs158.25 and low of Rs157.25 in interbank foreign exchange market.

    The exchange rate in open market was remained unchanged.

    The buying and selling of dollar was recorded at Rs156.50 / Rs157.50 the same previous day’s closing in cash ready market.