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.

RBA Holds Interest Rate Steady Amid Inflation Control Focus

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.
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November 5, 2024
Rupee Dips to PKR 277.79 Amid Week-Start Dollar Payments

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.
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November 4, 2024
SBP Slashes Benchmark Policy Rate by 250 Basis Points to 15%

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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November 4, 2024
Rupee Expected to Remain Steady Against Dollar from Nov 4

Karachi, November 3, 2024 – The Pakistani rupee is projected to hold steady against the U.S. dollar in the upcoming week, supported by improving economic fundamentals and increased foreign capital inflows, according to currency analysts. For the week ending November 1, the rupee traded within a narrow range against the dollar, signaling a potential period of sustained stability.
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November 3, 2024
Rupee Gains 15 Paisas on Improved Dollar Inflows

Karachi, November 1, 2024 – The Pakistani rupee gained 15 paisas against the US dollar on Friday, ending the day at PKR 277.70 in the interbank foreign exchange market, up from the previous close of PKR 277.85.
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November 1, 2024
UBL Confirms Offer for Amalgamation with Silkbank

Karachi, November 1, 2024 – United Bank Limited (UBL) confirmed on Friday that it has officially extended an amalgamation offer to Silkbank Limited, aiming to consolidate Silkbank’s operations within UBL’s larger financial framework.
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November 1, 2024
FBR Issues Significant Tax Demand Against Bank Makramah

Karachi, November 1, 2024 – The Federal Board of Revenue (FBR) has imposed a substantial tax demand against Bank Makramah, citing discrepancies in its financial reporting. According to the bank’s recently published financial statement, the FBR has disputed various tax treatments applied by Bank Makramah, leading to huge tax demand, which the bank has challenged through appeals.
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November 1, 2024
Rupee Weakens to PKR 277.85 Amid Increased Dollar Demand

Karachi, October 31, 2024 – The Pakistani rupee closed at PKR 277.85 against the US dollar on Thursday, reflecting a slight decline due to rising foreign payment obligations. The rupee dropped by 6 paisas from the previous day’s closing rate of PKR 277.79 in the interbank market.
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October 31, 2024
UBL to Transform KP and Balochistan Regions into Islamic Banking

Karachi, October 31, 2024 – United Bank Limited (UBL) has unveiled ambitious plans to transition the entire Khyber Pakhtunkhwa (KP) and Balochistan regions to Islamic banking. This strategic move was announced during a corporate briefing organized by Topline Securities, featuring insights from UBL President Muhammad Jawaid Iqbal.
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October 31, 2024
SBP Raises Rs 820 Billion in T-Bill Auction in Strong Participation

Karachi, October 30, 2024 – The State Bank of Pakistan (SBP) successfully raised Rs 820 billion in a heavily subscribed treasury bill (T-Bill) auction on Wednesday, drawing substantial interest from banking institutions.
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October 30, 2024