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 30, 2024 – The Pakistani rupee experienced a modest depreciation on Wednesday, softening by 5 paisas against the US dollar, largely influenced by foreign currency outflows for import and corporate payments.
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Karachi, October 30, 2024 – National Bank of Pakistan (NBP) reported a substantial 76% drop in after-tax profits for the nine-month period ending September 30, 2024, driven by escalating operational costs and intense inflationary pressures.
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Karachi, October 29, 2024 — The State Bank of Pakistan (SBP) has imposed a hefty penalty of Rs 290.71 million on Habib Bank Limited (HBL) over the first nine months of 2024, marking a significant increase in regulatory fines compared to the same period last year.
(more…)Karachi, October 29, 2024 — The Pakistani rupee slightly depreciated against the U.S. dollar on Tuesday, closing at PKR 277.74 in the interbank market, a drop of 6 paisas from the previous day’s close of PKR 277.68.
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Karachi, October 28, 2024 — Meezan Bank has expressed strong confidence in winning its ongoing tax dispute with the Federal Board of Revenue (FBR), which involves the disallowance of expenses tied to the now-defunct HSBC Bank Middle East – Pakistan Branch.
(more…)Karachi, October 28, 2024 — The Pakistani rupee weakened to PKR 277.68 against the US dollar on Monday due to increased demand for import payments, following a closing rate of PKR 277.64 last Friday in the interbank foreign exchange market.
(more…)The Pakistani rupee is anticipated to maintain a narrow trading range against the US dollar over the forthcoming week. Market participants are keenly awaiting the State Bank of Pakistan’s (SBP) interest rate decision on November 4, which is expected to significantly influence the local currency’s trajectory.
(more…)Karachi, October 25, 2024 – The Pakistani rupee appreciated by 20 paisas against the US dollar on Friday, settling at PKR 277.64 in the interbank foreign exchange market compared to the previous day’s rate of PKR 277.84.
(more…)Karachi, October 24, 2024 – The Pakistani rupee weakened by 11 paisas against the U.S. dollar on Thursday, closing at PKR 277.84 in the interbank foreign exchange market, down from the previous day’s PKR 277.73. The depreciation was driven by increased demand for dollars to meet external payments.
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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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