Category: Money & Banking

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.

Bank Deposits in Pakistan Soar to Record High of Rs 31.34 Trillion

By the end of September 2024, bank deposits in Pakistan surged to a historic Rs 31.342 trillion, reflecting a remarkable year-on-year increase of 19.1%, according to data released by the State Bank of Pakistan (SBP). This milestone marks a significant step in the nation’s banking landscape, showcasing robust growth despite the challenges posed by fluctuating interest rates.
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October 24, 2024
SBP May Further Cut Policy Rate by 200 bps: Survey

Karachi, October 23, 2024 – The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is expected to further reduce the policy rate by 200 basis points (bps) or 2% in its upcoming meeting scheduled for November 4, 2024. This insight comes from a recent survey conducted by Arif Habib Limited, capturing the sentiment of market participants across various sectors.
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October 23, 2024
MCB Bank Reports 8% Decline in Earnings for 3QCY24

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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October 23, 2024
Rupee Ends Firmer at PKR 277.73 Against Dollar

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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October 23, 2024
UBL Posts Record Quarterly Earnings of Rs 18.3 Billion in 3Q2024

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.
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October 23, 2024
Rupee Weakens by 5 Paisas Amid Rising External Payments

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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October 22, 2024
Meezan Bank Reports 34% Profit Growth in 9M CY24

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.
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October 21, 2024
Rupee Slips 8 Paisas Against Dollar Amid Rising Foreign Payments

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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October 21, 2024
Pakistan Sets Bold Path to Interest-Free Banking by 2028

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.
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October 20, 2024
Rupee May Maintain Stability Against Dollar from October 21, 2024

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.
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October 20, 2024