Pkrevenue.com

Author: Faisal Shahnawaz

  • Remittances increase to record $18 billion in 7 months

    Remittances increase to record $18 billion in 7 months

    KARACHI: The inflows of workers’ remittances have increased to record $18 billion during the first seven months (July – January) 2021/2022, the State Bank of Pakistan (SBP) said on Friday.

    The remittances registered an increase of 9.35 per cent during the period under review when compared with $16.46 billion received during first seven months of the last fiscal year.

    READ MORE: Exchange companies get incentive for dollar surrender

    The SBP said that during the first seven months of 2021/2022, remittances have risen to a record $18 billion.

    At $2.14 billion in January 2022, workers’ remittances remained above $2 billion for the 20th consecutive month.

    READ MORE: Incentives approved for exchange companies on dollar surrender

    Remittances declined by 5 per cent compared to January 2021, partly reflecting an easing of travel restrictions. Compared to the previous month, they fell by 14.9 per cent due to seasonality.

    READ MORE: Pakistan’s remittances fall by 6.6% in November 2021

    Remittance inflows during January 2022 were mainly sourced from Saudi Arabia ($540 million), United Arab Emirates ($374 million), United Kingdom ($320 million) and United States of America ($208 million).

    READ MORE: ECC approves loyalty program for home remittances

  • SBP issues KIBOR rates on February 11, 2022

    SBP issues KIBOR rates on February 11, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of February 11, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7310.23
    2 – Week9.7710.27
    1 – Month9.8210.32
    3 – Month10.1610.41
    6 – Month10.5210.77
    9 – Month10.6211.12
    1 – Year10.7011.20
    SBP issues KIBOR rates on February 10, 2022
  • SBP imposes Rs1.45 billion penalty on 18 banks in 2021

    SBP imposes Rs1.45 billion penalty on 18 banks in 2021

    KARACHI: The State Bank of Pakistan (SBP) has imposed Rs1.45 billion as monetary penalty on 18 financial institutions for violating regulatory provisions during the year ended December 31, 2021.

    According to data compiled by PkRevenue.com related to significant action taken during the year 2021, the SBP imposed Rs1.45 billion as monetary penalty on 18 financial institutions.

    The central bank issues data of significant actions against banks on quarterly basis. The detail of imposition of monetary penalty during each quarter of 2021 is as: January – March, Rs 97.6 million; April – June, Rs 525.25 million; July – June, Rs465.04 million; and October – December Rs58 million.

    READ MORE: SBP imposes penalty of Rs58 million on five banks

    The banks mostly violated regulatory provisions related to foreign exchange and general banking operations. Further, banks were also found violating instruction pertaining to anti-money laundering (AML) and counter financing of terrorism (CFT).

    Besides, the banks had also violated instructions pertaining to customer due diligence (CDD) and know your customer (KYC).

    READ MORE: SBP slaps Rs280 million penalty on National Bank

    The details of penalty imposed on 18 banks is as follow:

    01. Habib Bank Limited: Rs39.77 million

    02. MCB Bank: Rs299.1 million

    03. MCB Islamic Bank Limited: Rs 37.1 million

    04. United Bank Limited: Rs49 million

    05. Bank Alfalah Limited: Rs11.1 million

    READ MORE: SBP imposes monetary penalty on eight banks

    06. First Women Bank Limited: Rs31.57 million

    07. Sindh Bank Limited: Rs62.18 million

    08. Soneri Bank Limited: Rs12.6 million

    09. Zarai Taraqiati Bank Limited: Rs75.76 million

    10. The Punjab Provincial Cooperative Bank Limited: Rs32.5 million

    11. Pak Brunai Investment Company Limited: Rs10.45 million

    12. National Bank of Pakistan (NBP): Rs291 million

    READ MORE: Habib Bank pays penalty of Rs42.2 million to SBP

    13. Silk Bank Limited: Rs132.44 million

    14. Industrial and Commercial Bank of China-Pakistan Branches: Rs13.54 million

    15. Bank Alhabib Limited: Rs 13.68 million

    16. The Bank of Punjab: Rs 12.54 million

    17. Standard Chartered Bank (Pakistan) Limited: Rs11.04 million

    18. Askari Bank Limited: Rs10.3 million

  • Customers’ exchange rates on February 11, 2022

    Customers’ exchange rates on February 11, 2022

    KARACHI: The State Bank of Pakistan (SBP) on Friday issued customers’ exchange rates for February 11, 2022. The exchange rate is on the basis of weighted average rates of commercial banks.

    The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.

    The banks provide their indicative exchange rates for commercial transactions with customers.

    CURRENCYBUYINGSELLING
    AED47.557847.6689
    AUD124.2552124.5426
    CAD136.9387137.2553
    CHF188.2125188.6418
    CNY27.463627.5230
    EUR198.7180199.1838
    GBP236.1727236.7234
    JPY1.50351.5070
    SAR46.536446.6432
    USD174.5579174.9807
    Customers’ exchange rates on February 10, 2022
  • Dollar slips 16 paisas to PKR on rising forex reserves

    Dollar slips 16 paisas to PKR on rising forex reserves

    KARACHI, February 11, 2022 – The US dollar extended its losses against the Pakistani Rupee (PKR) on Friday, marking a retreat in the interbank foreign exchange market.

    (more…)
  • PSO posts massive growth of 245% in six months

    PSO posts massive growth of 245% in six months

    KARACHI: Pakistan State Oil Company Limited (PSX: PSO) has declared massive growth of 245 per cent in net profit for the six months ended December 31, 2021.

    According to financial results submitted to the Pakistan Stock Exchange (PSX) on Friday, the company declared Rs31.92 as profit after tax for the six month period ended December 31, 2021 as compared with Rs9.26 billion in the same half of the last year.

    READ MORE: PSO registers 120% growth in quarterly profits

    The company declared Rs68.20 as earnings per share (EPS) for the period under review as compared with EPS of Rs19.93 in the same period of the last year.

    The board of management of the company in the meeting held on Friday and recommended a ‘nil’ dividend.

    READ MORE: PSO’s prudent planning helps considerable savings

    Net sales of the company surged to Rs998.77 billion for the half year ended December 31, 2021 as compared with Rs580.98 billion in the corresponding half of the last year.

    The gross profit of the company was at Rs50.16 billion as compared with Rs21.38 billion.

    Administrative costs increased to Rs1.81 billion during the six month period ended December 31, 2021 as compared with Rs1.72 billion in the same period of the last year.

    READ MORE: PSO posts highest ever annual net profit of Rs29.1bn

  • Bitcoin to Pak Rupee on February 11, 2022

    Bitcoin to Pak Rupee on February 11, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,536,416.59 on February 11, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,674,638.86 on February 10, 2022.

    The rate of Bitcoin in US Dollar (USD) is $42,987.00 on February 11, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $43,891.94 on February 10, 2022.

    Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

    Bitcoin to Pak Rupee on February 10, 2022
  • Ripple to Pak Rupee on February 11, 2022

    Ripple to Pak Rupee on February 11, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs142.17 on February 11, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs147.67 on February 10, 2022.

    The rate of Ripple in US Dollar (USD) is $0.81 on February 11, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.84 on February 10, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Dogecoin to Pak Rupee on February 11, 2022

    Dogecoin to Pak Rupee on February 11, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs26.47 on February 11, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs26.81 on February 10, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.15 on February 11, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.15 on February 10, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

    Dogecoin to Pak Rupee on February 10, 2022
  • Stocks plummet by 400 points in dull trading

    Stocks plummet by 400 points in dull trading

    KARACHI: Pakistan stocks fell by 400 points on Thursday as the market recorded dull trading during the day.

    The benchmark KSe-100 index of Pakistan Stock Exchange (PSX) closed at 45,940 points as against previous day’s closing of 46,340 points, showing a decrease of 400 points.

    READ MORE: Stocks gain 392 points in bullish trading

    Analysts at Arif Habib Limited said that the market remained dull today as sustainability concerns arise over physiological level of 46,000.

    Cement sector stayed under pressure due to higher international coal prices. In the fertilizer sector, EFERT remained in the limelight as it announced financial result in line with market expectations.

    READ MORE: Stocks end up 107 points in volatile trading

    Index level of 46,000 was unable to digest by the investors as profit taking was observed across the board in the last trading hour, which led the market to close in the red zone.

    Sectors contributing to the performance include Banks (-120.6 points), Fertilizer (-63.2 points), Technology (-57.5 points), E&P (-42.7 points) and Cement (-35.0 points).

    READ MORE: Stocks shed 68 points despite initiating positive

    Volumes increased from 243.1 million shares to 286.0 million shares (+17.6 per cent DoD). Traded value decreased by 6.7 per cent to reach US$ 53.0 million as against US$ 56.8 million.

    Stocks that contributed significantly to the volumes include TREET, KEL, HUMNL, WTL and EPCL.

    READ MORE: Weekly Review: Sentiments to positive on PM China visit