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.
Karachi, November 4, 2024 – The Pakistani rupee eased slightly against the US dollar on Monday, trading at PKR 277.79 in the interbank market, reflecting a modest 9 paisa depreciation from the previous Friday’s close of PKR 277.70.
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Karachi, November 4, 2024 – In a bold move, the State Bank of Pakistan (SBP) announced a significant reduction in the country’s benchmark interest rate by 250 basis points (bps), bringing it down to 15%. The central bank’s decision, effective from November 5, 2024, reflects growing confidence in the ongoing disinflation trend, with inflation moderating closer to the SBP’s medium-term target range.
(more…)Karachi, November 3, 2024 – The Pakistani rupee is projected to hold steady against the U.S. dollar in the upcoming week, supported by improving economic fundamentals and increased foreign capital inflows, according to currency analysts. For the week ending November 1, the rupee traded within a narrow range against the dollar, signaling a potential period of sustained stability.
(more…)Karachi, November 1, 2024 – The Pakistani rupee gained 15 paisas against the US dollar on Friday, ending the day at PKR 277.70 in the interbank foreign exchange market, up from the previous close of PKR 277.85.
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Karachi, November 1, 2024 – United Bank Limited (UBL) confirmed on Friday that it has officially extended an amalgamation offer to Silkbank Limited, aiming to consolidate Silkbank’s operations within UBL’s larger financial framework.
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Karachi, November 1, 2024 – The Federal Board of Revenue (FBR) has imposed a substantial tax demand against Bank Makramah, citing discrepancies in its financial reporting. According to the bank’s recently published financial statement, the FBR has disputed various tax treatments applied by Bank Makramah, leading to huge tax demand, which the bank has challenged through appeals.
(more…)Karachi, October 31, 2024 – The Pakistani rupee closed at PKR 277.85 against the US dollar on Thursday, reflecting a slight decline due to rising foreign payment obligations. The rupee dropped by 6 paisas from the previous day’s closing rate of PKR 277.79 in the interbank market.
(more…)Karachi, October 31, 2024 – United Bank Limited (UBL) has unveiled ambitious plans to transition the entire Khyber Pakhtunkhwa (KP) and Balochistan regions to Islamic banking. This strategic move was announced during a corporate briefing organized by Topline Securities, featuring insights from UBL President Muhammad Jawaid Iqbal.
(more…)Karachi, October 30, 2024 – The State Bank of Pakistan (SBP) successfully raised Rs 820 billion in a heavily subscribed treasury bill (T-Bill) auction on Wednesday, drawing substantial interest from banking institutions.
(more…)Karachi, October 30, 2024 – The Pakistani rupee experienced a modest depreciation on Wednesday, softening by 5 paisas against the US dollar, largely influenced by foreign currency outflows for import and corporate payments.
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