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.

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
Government Abolishes Additional Tax on Low ADR for Banks

Karachi, December 28, 2024 – The federal government has abolished the additional income tax on banks with low Asset-to-Deposit Ratios (ADR). This decision, approved by the federal cabinet, will be implemented through the promulgation of an Income Tax Ordinance.
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December 28, 2024
SBP Unveils Transformative Rules for Exchange Companies

Karachi, December 27, 2024 – The State Bank of Pakistan (SBP) has introduced a fresh regulatory framework for exchange companies to strengthen governance and streamline operations.
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December 27, 2024
US Fed Terminates Actions Against National Bank of Pakistan

Karachi, December 27, 2024 – The Federal Reserve Board of the United States has officially terminated enforcement actions against the National Bank of Pakistan (NBP). This decision marks a major step forward for the bank’s operations, both domestically and internationally.
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December 27, 2024
Rupee Eases 10 Paisas Amid Dollar Payment Demand

Karachi, December 27, 2024 – The Pakistani rupee experienced a slight decline of 10 paisas against the US dollar on Friday, driven by increased demand for the foreign currency to meet import and corporate payment obligations.
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December 27, 2024
Bank Holiday Declared in Pakistan on New Year

Karachi, December 27, 2024 – The State Bank of Pakistan (SBP) has officially declared a bank holiday across the country to mark the beginning of the New Year 2025. This announcement was made on Friday, bringing clarity to banking operations for the first day of the upcoming year.
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December 27, 2024