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, October 23, 2024 – MCB Bank has released its financial results for the third quarter ending September 30, 2024, revealing an 8% decline in earnings compared to the same period last year.
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Karachi, October 23, 2024 – The Pakistani rupee exhibited resilience on Wednesday, closing firmer at PKR 277.73 against the US dollar in the interbank foreign exchange market. This marks a slight gain from the previous day’s closing rate of PKR 277.74, reflecting a stabilizing trend in the currency.
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Karachi, October 23, 2024 – United Bank Limited (UBL) has announced its highest-ever quarterly earnings, reporting a remarkable profit of Rs18.3 billion for the third quarter of 2024 (3Q2024), translating to an earnings per share (EPS) of Rs14.96. This represents a 24% year-on-year (YoY) and quarter-on-quarter (QoQ) increase, aligning with market expectations.
(more…)Karachi, October 22, 2024 – The Pakistani rupee weakened by 5 paisas against the US dollar on Tuesday, as rising external payments put pressure on the currency. The rupee closed at PKR 277.74 per US dollar in the interbank market, compared to the previous day’s closing of PKR 277.69.
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Karachi, October 21, 2024 – Meezan Bank Limited has reported an impressive 34% year-on-year (YoY) growth in profit after tax for the nine-month period ending September 30, 2024.
(more…)Karachi, October 21, 2024 – The Pakistani rupee weakened by 8 paisas against the US dollar on Monday, closing at PKR 277.69 compared to Friday’s closing of PKR 277.61 in the interbank foreign exchange market. The depreciation comes as the demand for dollars surged due to foreign payments, particularly for imports and corporate obligations, putting pressure on the local currency.
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Pakistan is on the cusp of a historic shift in its financial landscape as the newly-passed 26th Constitutional Amendment Bill, 2024, sets January 1, 2028, as the deadline to eliminate Riba (interest-based banking) from the country’s economic system.
(more…)The Pakistani rupee is projected to maintain stability against the US dollar in the upcoming week, supported by ample dollar supplies and a steady increase in foreign exchange reserves. After experiencing minor fluctuations in the interbank market over the past week, the rupee is expected to trade within current ranges as foreign inflows continue to sustain the local currency.
(more…)Karachi, October 18, 2024 – The Pakistani rupee gained 18 paisas against the US dollar on Friday, buoyed by improved foreign inflows and strengthening foreign exchange reserves. The rupee ended at PKR 277.61 against the dollar, up from the previous day’s close of PKR 277.79 in the interbank market.
(more…)Karachi, October 17, 2024 – After a three-day decline, the Pakistani rupee made a modest recovery of 5 paisas against the US dollar on Thursday, closing at PKR 277.79 in the interbank foreign exchange market, compared to the previous day’s closing of PKR 277.84. The slight recovery follows a streak of losses that had sparked concern among market participants.
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