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 8, 2024 – Workers’ remittances into Pakistan have shown a notable 35% growth year-on-year (YoY) in the first four months (July-October) of fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Friday.
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Islamabad, November 7, 2024 – The Central Directorate of National Savings (CDNS) has implemented a downward revision of profit rates on various National Savings Certificates, effective November 4, 2024, marking a strategic shift in its financial offerings.
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Karachi, November 7, 2024 – The Pakistani rupee edged down by 6 paisas on Thursday, closing at PKR 277.95 against the U.S. dollar in the interbank market, a minor weakening from the prior day’s rate of PKR 277.89.
(more…)Karachi, November 6, 2024 – The Pakistani rupee slightly weakened on Wednesday, closing at PKR 277.89 against the U.S. dollar in the interbank foreign exchange market, marking a minor drop of 5 paisas from the previous day’s close of PKR 277.84. This modest dip is largely attributed to rising demand for the dollar, driven by corporate and import-related payments.
(more…)Karachi, November 6, 2024 – In observance of Allama Iqbal Day, the State Bank of Pakistan (SBP) has announced a bank holiday for all commercial banks, development financial institutions, and microfinance banks (MFBs) across the country on November 9, 2024.
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Karachi, November 5, 2024 – The State Bank of Pakistan (SBP) has granted in-principle approval to two companies—Toko Lab Private Limited and Accept Technologies Private Limited (PayMob)—to establish operations as an Electronic Money Institution (EMI) and a Payment System Operator (PSO)/Payment Service Provider (PSP), respectively. This pivotal decision marks a progressive step towards fostering innovation in the financial technology sector.
(more…)Karachi, November 5, 2024 – The Pakistani rupee depreciated slightly by 5 paisas against the US dollar on Tuesday, settling at PKR 277.84 compared to the previous day’s closing rate of PKR 277.79 in the interbank market.
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The Reserve Bank of Australia (RBA) announced on Tuesday that it would keep its cash target rate steady at 4.35 percent. This decision comes exactly one year after the board last raised rates by 0.25 percentage points in November 2023, marking a period of stability in the bank’s approach to tackling inflation.
(more…)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.
(more…)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.
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