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.

Ripple (XRP) Surges 70% Over 2024 Despite Recent Volatility

Ripple (XRP), one of the leading cryptocurrencies, experienced a significant price increase in 2024, recording an annual growth of 70.55%. The price of 1 XRP rose from $0.63 on January 2, 2024, to $2.13 on January 1, 2025, marking a gain of $1.50 over the year. This robust performance reflects Ripple’s resilience and growing adoption despite a turbulent cryptocurrency market.
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January 1, 2025
Annual Growth: Dogecoin Posts Remarkable 71% Surge in 2024

Dogecoin (DOGE), a prominent cryptocurrency known for its meme-based origins, experienced significant volatility throughout 2024, culminating in an annual growth of 71.17%. The price of 1 DOGE surged from $0.09 on January 2, 2024, to $0.32 as of January 1, 2025. This remarkable increase highlights the dynamic nature of the cryptocurrency market, even for assets often labeled as speculative.
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January 1, 2025
Banks Surrender Unclaimed Deposits to SBP

Karachi, December 31, 2024 – The State Bank of Pakistan (SBP) on Tuesday said that banks and Development Financial Institutions (DFIs) have surrendered their unclaimed deposits to the central bank as of December 31, 2023.
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December 31, 2024
SBP Governor Presents Year-End Review to Aurangzeb

Islamabad, December 31, 2024 – Jameel Ahmad, the Governor of the State Bank of Pakistan (SBP), presented a detailed year-end performance review of the central bank to Finance Minister Senator Muhammad Aurangzeb during a meeting at the Finance Division on Tuesday.
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December 31, 2024
Rupee Concludes Year 2024 at PKR 278.55 to Dollar

Karachi, December 31, 2024 – The Pakistani rupee on Tuesday concluded the year 2024 with a marginal depreciation, closing at PKR 278.55 against the US dollar in the interbank market.
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December 31, 2024
PKR to USD: Rupee Witnesses Marginal Decline in Interbank

Karachi, December 30, 2024 – The Pakistani rupee experienced a slight decline of one paisa against the US dollar in Monday’s interbank foreign exchange market, closing at PKR 278.48 compared to Friday’s closing rate of PKR 278.47. Despite this minor dip, the rupee demonstrated resilience amid mounting pressures.
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December 30, 2024
Banks to Remain Closed for Public on January 1, 2025

Karachi, December 30, 2024 – The State Bank of Pakistan (SBP) has announced that all banks across Pakistan will remain closed for public dealings on Wednesday, January 1, 2025. This declaration aligns with the observance of a “Bank Holiday,” as stated in an official notification issued by the SBP.
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December 30, 2024
Banks Pay Price for ADR Tax Removal: Analysts

Karachi, December 29, 2024 – Pakistan’s banks face a pivotal moment as it navigates the fallout from recent tax reforms. Analysts at Arif Habib Limited highlighted on Sunday that while the removal of the Advance to Deposit Ratio (ADR) tax on income from government securities brings relief, it comes at the cost of a higher corporate tax burden.
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December 29, 2024
Rupee Expected to Start New Year With Stability Against Dollar

KARACHI: The Pakistani rupee is anticipated to maintain stability against the US dollar in the upcoming first week of new year 2025, supported by steady supplies and subdued dollar demand from importers, currency dealers have reported.
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December 29, 2024
SBP Sets Deadline for Prize Bond Encashment

The State Bank of Pakistan (SBP) has reiterated its call to the public to encash, replace, or convert National Prize Bonds (NPBs) of denominations Rs 40,000, Rs 25,000, Rs 15,000, and Rs 7,500 before the final deadline of December 31, 2024.
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December 28, 2024