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.

Rupee Slips by 10 Paisas Against Dollar Due to Geopolitical Risks

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…)

October 3, 2024
Rupee Rises Slightly to PKR 277.64 Against Dollar at Interbank

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.
(more…)

October 2, 2024
Prize Bonds Redemption Deadline Extended to December 31, 2024

Karachi, October 2, 2024 – In a significant move aimed at providing relief to prize bondholders, the Government of Pakistan has extended the deadline for the encashment, replacement, and conversion of bearer prize bonds to December 31, 2024. This extension follows the initial expiration date of June 30, 2024, as announced earlier by the State Bank of Pakistan (SBP).
(more…)

October 2, 2024
MTBs Buyback to Boost Private Sector Lending: SBP

The governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has said that the government’s initiative to buy back Market Treasury Bills (MTBs) will enable banks to enhance private sector lending significantly.
(more…)

October 2, 2024
Pakistan Targets Rs 10 Trillion to Bridge Budgetary Deficit

Pakistan is poised to secure a substantial Rs10.10 trillion in bank loans through the sale of treasury bills and bonds during the second quarter (October-December) of FY2025, as it grapples with rising funding demands to finance its budget deficit and meet outstanding debt obligations.
(more…)

October 2, 2024
SBP Revamps Criteria for Conversion of Conventional to Islamic Banking Branches

Karachi, October 1, 2024 – In a significant development aimed at promoting Islamic banking, the State Bank of Pakistan (SBP) has announced a comprehensive overhaul of the criteria for converting conventional banking branches into Islamic banking branches.
(more…)

October 1, 2024
SBP Doubles Bank Guarantee Amount to Rs 1 Million per Depositor

Karachi, October 1, 2024 – In a significant move to fortify depositor protection, the State Bank of Pakistan (SBP) announced on Tuesday that the guarantee amount for depositors has been increased to Rs 1 million per depositor, per bank. This marks a doubling of the previous protected deposit amount, which stood at Rs 500,000.
(more…)

October 1, 2024
Rupee Records Marginal Gain Against Dollar in Interbank Market

Karachi, October 1, 2024 – The Pakistani Rupee registered a slight appreciation against the US dollar on Tuesday, closing at PKR 277.69 compared to the previous day’s closing rate of PKR 277.71 in the interbank foreign exchange market. This modest gain, although minimal, has garnered attention in financial circles, as market watchers continue to scrutinize the currency’s fluctuating trajectory.
(more…)

October 1, 2024
SBP Mandates Stringent Guidelines for Further Sugar Exports

Karachi, October 1, 2024 – The State Bank of Pakistan (SBP) issued a comprehensive directive on Tuesday, instructing banks and authorized dealers (ADs) to adhere to new regulations concerning the export of an additional 100,000 metric tons (MT) of sugar.
(more…)

October 1, 2024
SBP Accepts Rs 351 Billion in MTBs Buyback Auction

Karachi, October 1, 2024 – In a significant financial maneuver, the State Bank of Pakistan (SBP) has accepted bids totaling Rs 351 billion in a buyback auction of Market Treasury Bills (MTBs). This strategic move is seen as a vital step towards reprofiling the government’s short-term debt and bolstering liquidity within the financial system.
(more…)

October 1, 2024