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 Pakistani rupee is expected to maintain stability, staying below the 280 level against the US dollar in the upcoming week, according to a recent market report.
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The Institute of Cost and Management Accountants of Pakistan (ICMAP) has urged the State Bank of Pakistan (SBP) to lower the key policy rate from the current 13% to 11%, advocating for a strategic reduction of 200 basis points (bps) to reinvigorate economic activity, boost investment, and restore confidence in Pakistan’s economy.
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Karachi, January 25, 2025 – Investment in registered prize bonds has seen a remarkable surge, reaching Rs 58.65 billion by November 2024, according to the latest data released by the State Bank of Pakistan (SBP).
(more…)Karachi, January 24, 2025 – The Pakistani rupee witnessed a slight decline of 3 paisas against the US dollar on Friday, ending the trading day at PKR 278.75 to the dollar, down from the previous closing of PKR 278.72.
(more…)Karachi, January 23, 2025 – The Pakistani rupee exhibited a modest recovery on Thursday, gaining 13 paisas against the US dollar in the interbank market, supported by improved foreign inflows.
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Analysts at Arif Habib Limited predict that the State Bank of Pakistan (SBP) is likely to further reduce the policy rate to 12% in the upcoming monetary policy announcement.
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Karachi, January 23, 2025 – Banks in Pakistan experienced a massive withdrawal of Rs 862 billion during December 2024 as the government prepared to impose stringent restrictions on non-filers of income tax returns. This significant outflow highlights the uncertainty and apprehension among account holders in response to impending policy changes.
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Karachi, January 22, 2025 – Bank Makramah Limited (BML) has initiated legal proceedings to recover Rs 10 billion in non-performing loans (NPLs) from the Omni Group and its affiliated entities.
(more…)Karachi, January 22, 2025 – The Pakistani rupee experienced a slight decline on Wednesday, falling by 3 paisas to reach PKR 278.85 against the US dollar in the interbank foreign exchange market. This marks a marginal drop from the previous day’s closing rate of PKR 278.82.
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The Euro (EUR) has shown significant strength against the Pakistani Rupee (PKR) over the past week, reflecting a growing demand for the European currency.
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