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 9, 2024 – The Pakistani rupee extended its losing streak for a third consecutive session against the US dollar on Wednesday, driven by a surge in demand for the foreign currency to meet import and corporate payment obligations.
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Karachi, October 9, 2024 – Pakistan has experienced a remarkable 39% surge in workers’ remittances during the first quarter (July – September) of the fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Wednesday. The remittance inflows soared to $8.79 billion, a significant increase from $6.33 billion in the corresponding quarter of the previous fiscal year.
(more…)Karachi, October 8, 2024 – In a strategic move aimed at fortifying Pakistan’s foreign exchange reserves and stimulating the inflow of remittances, the State Bank of Pakistan (SBP) announced a series of robust incentives on Tuesday. These initiatives are specifically designed to encourage exchange companies (ECs), authorized dealers (ADs), and microfinance banks (MFBs) to amplify their efforts in mobilizing home remittances.
(more…)Karachi, October 8, 2024 – The Pakistani rupee continued its downward trend, slipping slightly to PKR 277.67 against the US dollar by the close of the interbank foreign exchange market on Tuesday. This depreciation marked a minor decline of 3 paisas from the previous day’s closing rate of PKR 277.64.
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Karachi, October 8, 2024 – The State Bank of Pakistan (SBP) has taken a significant step towards promoting Small and Medium Enterprises (SMEs) by revising the per party exposure limits for these businesses.
(more…)Karachi, October 7, 2024 – The Pakistani rupee weakened against the US dollar on Monday, closing at PKR 277.64 in the interbank market. This marks a slight decline of 12 paisas compared to the previous session’s closing rate of PKR 277.52.
(more…)KARACHI: The Pakistani rupee is projected to maintain stability in the coming week due to healthy dollar inflows from remittances and greenback sales by exporters, according to dealers and analysts. The increased liquidity of dollars in the market is expected to balance out importer demand, keeping the rupee within its current range.
(more…)KARACHI, October 4, 2024 – In a notable development, the Pakistani rupee appreciated to PKR 277.52 against the US dollar on Friday, bolstered by an improvement in the nation’s foreign exchange reserves.
(more…)Karachi, October 3, 2024 – The Pakistani rupee weakened against the US dollar on Thursday, slipping by 10 paisas in the interbank foreign exchange market. The local currency closed at PKR 277.74 to the dollar, compared to the previous day’s rate of PKR 277.64. The depreciation is primarily attributed to rising import payment demands, particularly for oil, driven by escalating geopolitical tensions.
(more…)Karachi, October 2, 2024 – The Pakistani rupee showed a slight improvement on Wednesday, appreciating by 5 paisas against the US dollar. The currency closed at PKR 277.64 in the interbank foreign exchange market, up from the previous day’s close of PKR 277.69.
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