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.
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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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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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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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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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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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.
(more…)Karachi, December 26, 2024 – The Pakistani rupee appreciated marginally against the US dollar on Thursday, closing at PKR 278.37 despite persistent demand for the greenback from importers and corporates. The currency strengthened by 10 paisas compared to its previous closing of PKR 278.47 on December 24, 2024.
(more…)Karachi, December 24, 2024 – The Pakistani rupee gained 10 paisas against the US dollar on Tuesday, closing at PKR 278.47, up from PKR 278.57 the previous day. This modest recovery comes amid persistent demand for the dollar, driven by higher outflows for imports and corporate payments, particularly as the year draws to a close.
(more…)Karachi, December 24, 2024 – The State Bank of Pakistan (SBP) has officially issued a bank holiday notice for December 25, 2024. The announcement confirms that all banks across the country, including the central bank, will remain closed on this date in observance of two significant national and religious occasions: Quaid-e-Azam Day and Christmas.
(more…)Karachi, December 23, 2024 – The Pakistani rupee depreciated by 15 paisas against the US dollar on Monday, as increased demand for the greenback weighed on the local currency. The rupee closed at PKR 278.57 per dollar in the interbank market, compared to last Friday’s closing of PKR 278.42 per dollar.
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