Eid-ul-Adha 2025: NBP installs ATM booth at Karachi cattle market
The National Bank of Pakistan (NBP) has installed an automated teller machine (ATM) booth at the cattle market near the Northern Bypass in Karachi, according to a statement on Tuesday.
The NBP said the initiative was part of the State Bank of Pakistan's (SBP) 'Go Cashless' campaign and was designed to promote digital transactions and financial inclusion.
Last week, the SBP initiated a nationwide 'Go Cashless' campaign with an aim to promote digital payments and reduce reliance on cash transactions within cattle markets during the upcoming Eid-ul-Adha this year.
'Dedicated NBP staff are stationed on-site to support customers and ensure smooth ATM usage, enhancing overall user experience. The availability of ATM services within the market reduces the need to carry large sums of cash, increasing both convenience and safety for traders, farmers, and buyers,' the statement read.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
15 hours ago
- Express Tribune
South Punjab enjoys cattle market boom
For many, Eidul Azha is not just a religious occasion but a season of long-awaited income. Muhammad Hussain, a small farmer from Pipli Adda in Vehari, raises cattle all year round with devotion. "This is our crop," he says, gently brushing his prized bull. "I don't grow wheat only but I grow bulls also. Eid is our harvest season." He feeds the cattle hand-cut grass, sings to them and decorates them in anticipation of buyers who arrive from cities, seeking healthy, attractive animals for sacrifice. Hussain is not alone. Thousands like him across South Punjab invest months of labour, love and money into rearing animals, hoping for good returns on the Eid. The region known for its agricultural lifestyle transforms into a thriving economic market fueled by livestock trade during the season. Connecting the dots are people like Malik Nadeem, a middleman in Chak 34/WB who facilitates deals between farmers and urban customers. "I bring animals from remote villages to markets in Multan, Vehari and Lahore. It's not easy, but this is our season to earn after a year of struggle," he shares while supervising the loading of cattle onto rickshaws and mini-trucks under the summer sun. The economic activities do not stop with the sale of animals. A network of support emerges. Allah Dittah, a young grass seller from Chah Darkhanwala, says he sells bundles of fodder at twice the usual rate before the Eid. "People buy the best for their animals in these days." His stall outside the local market never shuts during the Eid week. Then there is Sufi Nazeer, who sells ornamental accessories for animals, including necklaces, bells, colourful ropes and embroidered sheets. "When a child loves his bull, he decorates it like a bride," he stated. His Eid sales sustain his family for months. The story continues even after the sacrifice. Allah Rakha collects animal hides door to door.
Business Recorder
a day ago
- Business Recorder
Eid-ul-Adha 2025: trade peaks at Asia's largest cattle market in Karachi
As Eid-ul-Adha nears in Pakistan, trading activity is reaching its peak at the Asia's largest cattle market, sprawling across 1,200 acres along Karachi's Northern Bypass. Muslims around the celebrate Eid-ul-Adha, also known as Festival of Sacrifice, every year in the last Islamic month. This year, the first day of Eid-ul-Adha will fall on Saturday, June 7 in Pakistan. Shahab Ali Ikram, Administrator of the Northern Bypass Cattle Market, told Business Recorder that around 250,000 animals had arrived at the market, and the number was expected to hit 300,000 by the second day of Eid. As per an estimate, the Northern Bypass market alone is expected to record over Rs38 billion worth of business this year. When asked about inflation and people's purchasing power, the administrator explained that the cattle market operates on bargaining. 'Since the market operates on bargaining, it is difficult to set a minimum price. However, regarding the highest price, a trader named Saleem Chacha sold a pair of animals for Rs17.5 million (Rs1.75 crore), which so far is the largest deal in the market,' he said. Ikram also stated that gate pass fees had been reduced in 2025 for public convenience. The gate pass for cars was brought down from Rs6,500 to Rs3,250 per car, while the pass for motorcycles was reduced from Rs3,000 to Rs1,500 per motorcycle. 'Additionally, ATM machines from various banks have been installed inside the market for the public's ease,' he said. The administrator further informed that the cattle market had been divided into 12 blocks, including Sindh, Punjab, Khyber Pakhtunkhwa, Kashmir, and Sibi blocks. Bilal Shah, who bought a cattle from the Norther Bypass market, said a free of cost gate pass was required this year to exit the market after buying an animal. 'This addition this year has helped both the buyers and sellers,' he said. Khawaja Usman Sohail, a regular visitor to the Northern Bypass market, shared his experience that animals in the market were being sold in the price range of Rs80,000 to Rs125,000 per maund (approximately 40kg). 'Facilities in the market have improved significantly this year, ranging from cashless banking to food streets,' he said. Regarding gate passes, Sohail mentioned that a Google Form was available to acquire the gate pass, and he appreciated the fee reduction, saying such steps would enhance the vibrancy of the cattle market. Sohail noted that people were also buying sacrificial animals from different other small markets and cattle farms scattered across the city, for the main cattle market, located in the Northern Bypass, was far from many areas of Karachi. Various small and large markets have been set up in parts of the city, including Malir, Bhains colony, Lyari, Mawach Goth, Yusuf Goth, Orangi Town, Gulistan-e-Jauhar, New Karachi, and many others. It maybe noted that Commissioner Karachi Syed Hassan Naqvi had issued a notification banning illegal cattle markets and the sale of animals on roadsides. The city administration would take strict measures to organise market activities and ensure compliance with municipal regulations, he had said. 'It is now becoming a growing trend that people prefer buying sacrificial animals from other available options as they don't see a big price difference between the main market at the Northern Bypass and other smaller markets,' he said. 'Though the Asia's biggest market hasn't lost its significance as yet, this trend can have its impact in the coming years.'
Business Recorder
2 days ago
- Business Recorder
Softening inflation – scope for rate cut
Headline inflation finally reversed its trend, rising to 3.5 percent in May 2025 compared to 0.3 percent in the previous month and 11.8 percent in the same period last year. This change is largely driven by the base effect—over the past eleven months, a high base effect contributed to lowering the headline number. Now, with the full cycle complete, the low base effect has come into play, pushing inflation upward. However, due to negative month-on-month (MoM) inflation in six out of the past twelve months, the increase in inflation—despite the base effect reversal—remains below the SBP's medium-term target range of 5 to 7 percent. It is likely to stay under 5 percent for the remainder of the calendar year. In May, on abasis, month-on-month basis, inflation declined by 0.2 percent. This was driven by falling prices in food (-0.2%), transport (-0.2%), recreation and culture (-4.7%), and housing and utilities (-1.2%). These declines more than offset increases in clothing (1%), education (0.7%), and miscellaneous categories (1.7%). One of the most notable declines was seen in electricity charges. May marked the seventh consecutive month of falling electricity prices, with a 7.0 percent drop. This decrease is due to the implementation of a negative Rs1.55/kWh Quarterly Tariff Adjustment (QTA) for 3QFY25, which began in May, adding to the existing Rs1.9/kWh QTA. Within the food category, falling wheat prices had a significant downward impact—dropping 7.3 percent MoM. This decline also reduced the prices of wheat flour and wheat-based products and had a cascading effect on other food items. Additionally, prices of perishable items like tomatoes and onions also saw notable declines. Core inflation, however, has not declined at the same pace. It stood at 7.8 percent in May (urban core: 7.3%, rural core: 8.8%) compared to 8 percent in April and 14.2 percent in May last year. The overall decline in inflation is primarily due to falling food prices—partly because of the absence of a wheat support price—and to a broader decline in global commodity prices. Energy prices, particularly fuel and electricity, are also decreasing, supported by a stable currency amid the global commodity price downturn. However, second-round effects of the earlier inflation surge are still in play. As a result, categories like health, education, and miscellaneous remain in double digits, and clothing and footwear are approaching that threshold due to seasonal Eid-related demand pressures. A divergence between urban and rural inflation is emerging. In May 2025, urban food inflation stood at 5.3 percent compared to just 2.1 percent in rural areas. Conversely, in non-food categories, urban inflation was 2.4 percent while rural inflation was 4.6 percent. Despite these differences, the overall headline inflation rates were similar: 3.5 percent in urban areas and 3.4 percent in rural areas. Demand-side pressures and economic activity levels vary across regions. Overall, headline inflation for the first eleven months of FY25 (11MFY25) averaged 4.6 percent, a sharp decline from 24.5 percent during the same period last year. The trend is expected to remain steady, and barring any external or climate-related shocks, inflation is projected to stay below 5 percent in 2025. This gives the SBP room to further cut interest rates.
