The State Bank of Pakistan (SBP) imposed fines totaling Rs. 747.57 million on eight banks during the quarter ended March 31, 2024, citing violations of its rules and regulations. These penalties were levied due to deficiencies in regulatory compliance, with the SBP clarifying that they do not ...

The government has reportedly reached an agreement with the International Monetary Fund (IMF) to implement a windfall tax, potentially reaching up to 40%, on profits generated by banks. This information surfaced on Wednesday following the conclusion of policy-level discussions between the ...

Bank Al Falah has addressed recent social media reports suggesting that it is not accepting donations for Palestine in its branches. The bank, responding to the hashtag #boycott Bank Alfalah on Twitter, clarified that the circulating internal memo on social media is misleading. In a statement ...

The ongoing crackdown against illegal forex trading and smuggling has had a significant impact on the open market, resulting in a surplus of up to $900 million, which has been deposited in banks, according to currency dealers. These currency dealers have emphasized the importance of ...

State Bank of Pakistan, while providing clarification, stated that Pakistan's banking system is stable and the deposit system is secure. There is sufficient capital in Pakistan's banking system, and the capability to withstand severe challenges in the banking sector has further improved. In their ...

By the conclusion of August 2023, commercial banks have witnessed an unprecedented surge in deposits, reaching an astounding Rs26.1 trillion. This remarkable uptick is primarily attributed to the prevailing high interest rates within the country. According to recently updated data from the State ...

ISLAMABAD – Moody’s Investors Service has downgraded the long-term deposit ratings link of five Pakistani banks to Caa3 from Caa1. The noted rating agency downgraded long-term foreign currency Counterparty Risk Ratings of five commercial banks including Allied Bank Limited (ABL), Habib Bank ...

The State Bank of Pakistan (SBP) has imposed around Rs531 million as monetary penalty on commercial banks during the nine months (July-September) for violating various regulatory instructions. According to the central bank, the commercial banks were more non-compliant during the third quarter ...

NEW YORK – Moody's Investors Service on Tuesday downgraded the long-term deposit ratings of five Pakistani banks - Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). The rating agency has also “downgraded the ...

KARACHI — The State Bank of Pakistan (SBP) has found involvement of eight Pakistani banks in an unprecedented increase in the US dollar rate in Pakistan and sent the names of these banks to the National Assembly Standing Committee for further action. Habib Bank Limited, Allied Bank Limited, ...