Pkrevenue.com

Author: Hamza Shahnawaz

  • Exchange rates: PKR to EUR on January 07, 2022

    Exchange rates: PKR to EUR on January 07, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on January 07, 2022:

    Buying: Rs 199.00 to the Euro

    Selling: Rs 201.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:12 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Exchange rates: PKR to EUR on January 06, 2022
  • Exchange rates: PKR to SAR on January 07, 2022

    Exchange rates: PKR to SAR on January 07, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on January 07, 2022:

    Buying: Rs 46.80 to the Saudi Riyal

    Selling: Rs 47.20 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:05 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Exchange rates: PKR to SAR on January 06, 2022
  • Banks not issuing forms for land trade with Turkey: FPCCI

    Banks not issuing forms for land trade with Turkey: FPCCI

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed concerns over reluctance shown by banks for not issuing export and import forms for land-based trade with Turkey.

    Mian Nasser Hyatt Maggo, President, FPCCI lambasted the bottlenecks being thrown in the way by the commercial banks through their reluctance to issue export forms (e-forms) and import forms (i-forms) for the land-based trade with turkey through train and trucks under transnational and UN-ratified TIR Convention on the false and fabricated pretext that it involves trade with a sanctioned country.

    READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

    In a statement, FPCCI chief appreciated the public-private partnership in making Pak-Turkey cargo train service possible; and, commended the successful and timely completion of its first run. He appreciated the efficient operational coordination and integration of Pakistan Railways and private sector to make it possible; which will have a multiplier effect on bilateral trade volume of Pakistan with Turkey and Azerbaijan as well. 

    President FPCCI also acknowledged and appreciated the historically relentless efforts of the FPCCI’s Pakistan-Turkey Joint Business Council (PTJBC) over the past twenty years to make the dream of Pak-Turkey land-based trade a realty; which will be cost-effective, time-saving and reliable.

    READ MORE: FPCCI urges measures to overcome gas crisis

    Mian Nasser Hyatt Maggo added that FPCCI had written a letter to Mr. Shaukat Tarin, Federal Minister of Finance & Revenue, in December 2021 to apprise him of the issue; but, unfortunately, no action has been taken as yet. He maintained that the business and trade community of Pakistan is very enthusiastic on the prospects of land-based trade with Azerbaijan and Turkey that they have heavily pre-booked the truck and train cargoes under TIR; whereas the initial truck-based cargoes under TIR have successfully reached Azerbaijan and Turkey in October 2021. 

    Amjad Rafi, Chairman of FPCCI’s Pakistan-Turkey Joint Business Council (PTJBC) for the past twenty plus years, has demanded that the State Bank of Pakistan (SBP) should swing into action immediately, through the regulatory mechanism at its disposal, to make the commercial banks start playing their legally-binding facilitative role to issue trade documentation to the business and trade community of the country.

    READ MORE: FPCCI recommends interprovincial trade of sugar

    It will surely lead to larger volumes of bilateral trade with Turkey due to lower freight costs and timely deliveries in approximately 14 days instead of 30 days.

    FPCCI Chief has proposed that the Government of Pakistan should form an empowered committee to look into the matter for a speedy resolution before anymore damage can be done. The proposed committee should be headed by FPCCI President, by virtue of post; and, representatives of the Ministry of Finance, the Ministry of Commerce, the State Bank of Pakistan (SBP) and National Logistics Cell (NLC).

    READ MORE: FPCCI demands consultations on planned mini-budget

  • Exchange rates: PKR to USD on January 06, 2022

    Exchange rates: PKR to USD on January 06, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on January 06, 2022:

    Buying: Rs 178.00 to the US Dollar

    Selling: Rs 179.20 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 10:55 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Exchange rates: PKR to USD on January 05, 2022
  • Exchange rates: PKR to AED on January 06, 2022

    Exchange rates: PKR to AED on January 06, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on January 06, 2022:

    Buying: Rs 49.00 to the UAE Dirham

    Selling: Rs 50.50 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 10:50 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Exchange rates: PKR to AED on January 05, 2022
  • Exchange rates: PKR to GBP on January 06, 2022

    Exchange rates: PKR to GBP on January 06, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on January 06, 2022:

    Buying: Rs 237.00 to the UK Pound Sterling

    Selling: Rs 239.50 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 10:43 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Exchange rates: PKR to GBP on January 05, 2022
  • Exchange rates: PKR to EUR on January 06, 2022

    Exchange rates: PKR to EUR on January 06, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on January 06, 2022:

    Buying: Rs 198.00 to the Euro

    Selling: Rs 200.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 10:40 PM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Exchange rates: PKR to SAR on January 06, 2022

    Exchange rates: PKR to SAR on January 06, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on January 06, 2022:

    Buying: Rs 46.30 to the Saudi Riyal

    Selling: Rs 46.70 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 10:35 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Exchange rates: PKR to SAR on January 05, 2022
  • Smuggled edible oil, ghee devastate domestic production

    Smuggled edible oil, ghee devastate domestic production

    KARACHI: Sheikh Umer Rehan, former chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has raised serious concerns over the widespread smuggling of edible oil and ghee from Iran, which he said is wreaking havoc on the domestic manufacturing industry.

    (more…)
  • SBP shortens period to 120 days for bringing export earnings

    SBP shortens period to 120 days for bringing export earnings

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday reduced the period from 180 days to 120 days for exporters to bring export proceeds from the date of shipment.

    The SBP on Wednesday amended foreign exchange regulations requiring exporters to bring export proceeds.

    READ MORE: SBP introduces licensing, regulations for digital banking

    The move also brings in Pakistan’s regulations closer to international best practices, the central bank said.

    It is pertinent to mention here that in recent past, SBP has introduced a number of policy measures in its foreign exchange regulations to facilitate exporters.

    READ MORE: SBP introduces Shariah compliant OMO injections

    These include (i) allowing up to 10 per cent of exporters’ annual exports for equity investment abroad to establish overseas subsidiary/branch office (ii) allowing exporters who are eligible to retain part of their export proceeds to make payments abroad from their export retention account for a number of additional purposes including marketing & promotions, purchase of design/ patterns, warehousing, consultancy service  etc. (iii) facilitating e-Commerce by allowing exporters to sell their products directly through their own websites as well as through international digital marketplaces including Amazon, e-Bay, Ali Baba and (iv) allowing exports by way of dispatch of shipping documents directly to the foreign buyer, to make exporters competitive in the international market.

    READ MORE: SBP directs banks to accept bearer prize bonds

    The new measure is expected to positively impact foreign exchange inflows in the market. SBP is of the view that flexible exchange rate has appropriately played its role as a shock-absorber and it is important that its role be complemented by strong exports proceed realization.