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Author: Faisal Shahnawaz

  • Suzuki donates 10 million yens for Pakistan flood victims

    Suzuki donates 10 million yens for Pakistan flood victims

    JAPAN: Suzuki Motor Corporation on August 31, 2022 announced to donate 10 million yens to provide the support to flood disaster in Pakistan.

    The statement issued by the company stated that, Suzuki Motor Corporation would like to express our sincere condolences to those who lost their lives in the floods caused by the heavy rains in Pakistan and offer our heartfelt sympathy to all those affected by the floods.

    Suzuki Group has decided to donate 10 million yen as support to the flood disaster in Pakistan.

    We wish the people in the affected areas a speedy recovery.

    The torrential rains and flash floods across Pakistan have inflicted an estimated loss of $10 billion to the national economy.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    Federal Minister for Finance and Revenue Miftah Ismail on Thursday said the current devastation of flood in Pakistan is estimated to cost $10 billion.

    During flood, railway lines, roads, bridges, grid stations, power lines and houses etc. were badly damaged, which has to be rehabilitated, the minister added.

    The minister said that the United Nation has made a commitment of $160 million and USAID has announced the provision of 30 million dollars.

    State Bank of Pakistan (SBP) has issued a list of IBAN (International Bank Account Number) of Prime Minister Flood Relief Fund 2022 maintained by commercial banks.

    READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

    Following is the list of banks and IBAN:

    01. Allied Bank Limited (ABL), Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58ABPA001009849790015

    02. Albaraka Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK11AIIN0000150583517016

    03. Askari Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK82ASCM0000020100579916

    04. Bank Alfalah Limited, Title of Account # Prime Minister’s Flood Relief Fund Account-2022, IBAN PK60ALFH0005001007990397

    05. Bank Al Habib Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK32BAHL1001186690500301

    06. Bank Islami Pakistan Limited, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT, 2022, IBAN PK02BKIP0100339720620001

    07. Bank of China, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK37BKCH0100002600005375

    08. Bank of Khyber, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK66KHYB0001002008277365

    09. Bank of Punjab, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK52BPUN6010000181500176

    10. Citi Bank, Title of Account PRIME MINISTER’S FLOOD RELIEF FUND, IBAN PK28CITI1000000103660009

    READ MORE: SBP issues instructions to banks for flood relief donation awareness

    11. Dubai Islamic Bank Limited, Title of Account # PRIME MINISTER FLOOD RELIEF FUND 2022, IBAN PK22DUIB0000000807647001

    12. Faysal Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK97FAYS3554Z17000001562

    13. FINCA Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK25FINC0223183643011000

    14. Habib Metro Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK58MPBL0101027140665909

    15. Habib Bank Limited, Title of Account # PM’s Flood Relief Fund Account, 2022, IBAN PK43HABB000042792244003

    16 Habib Bank Limited Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK62FMFB0021012862868015

    17. ICBC, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK76ICBK0010000000239638

    18. JS Bank, Title of Account # PRIME MINISTER’S FLOOD ACCOUNT 2022, IBAN PK56JSBL9001000002029796

    19. Khushhali Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK85khbl0000012075443288

    20 MCB, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK13MUCB0729483241037873

    READ MORE: Tax exemption granted to donations for PM flood relief fund

    21. MCB Islamic Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58MCIB0351004196150001

    22. Meezan Bank Limited, Title of Account Prime Minister’s Flood Relief Fund Account, IBAN PK39MEZN0001540107020124

    23. National Bank of Pakistan, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK92NBPA0002004181048973

    24. NRSP Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK60NRSP0000020010002760

    25. Samba Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND, 2022, IBAN PK83SAMB0000002000117199

    26. Silk Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK68SAUD0000012010847043

    27. Sindh Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT,2022, IBAN PK21SIND0003016411713500

    28. SME Bank, Title of Account # PRIME MINISTER’s RELIEF FUND, 2022, IBAN PK16SMES1001000664000001

    29. Soneri Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK81SONE0000220010110875

    30. Standard Chartered Bank, Title of Account Prime Minister’s Flood Relief Fund 2022, IBAN PK75SCBL0000001701259101

    31. Summit Bank, Title of Account # PRIME MINISTERS FLOOD RELIEF FUND ACCOUNT -2022, IBAN PK57SUMB0201027140181164

    32. U Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK26UMBL0107000093500096

    33. United Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK86UNIL0109000286613095

  • Pakistan stocks shed 151 points in range bound trading

    Pakistan stocks shed 151 points in range bound trading

    KARACHI: Pakistan stocks ended down by 151 points on Friday in range bound trading activities during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,309 points from last day’s closing of 42,460 points, showing a decline of 151 points.

    READ MORE: Pakistan stocks end in green as SBP gets IMF tranche

    Analysts at Topline Securities said that range bound session was observed at the exchange as index traded between its intraday high of 109 points and intraday low of -151 points.

    Major contribution to the index came from FABL, COLG, KOHC, CEPB & EFERT as they cumulatively contributed 49 points to the index, whereas on the flipside PPL, FFC, THALL, POL & DAWH lost value to weigh down on the index by 75 points.

    Traded volume and value declined on DoD basis by 35 per cent and 42 per cent to 151 million shares and Rs4.63bn respectively. WTL was today`s volume leader with 11.9 million shares.

    READ MORE: Stocks end up 156 points amid political noise

    KSE 100 Index declined by -0.66 per cent on WoW basis which can largely be attributed to floods across Pakistan where initial estimate of economic loss as per government is close Rs2 trillion (2 per cent of GDP).

    Apart from it Consumer Price Index (CPI) number for August clocked in at 27.3 per cent YoY (one of the highest number in last few decade), also weighed down on investor sentiment.

    READ MORE: Pakistan stocks plunge despite IMF program revival

    Investor participation declined during the outgoing week as average daily traded volume and value stood at 211 million shares (down 15.6 per cent WoW) and Rs6.9 billion (down 14.8 per cent WoW) respectively.

    On flows end individuals, banks, mutual funds and companies net purchased equities worth US$1.95 million, US$1.69 million, US$1.41 million and US$1.26 million respectively as of yesterday`s close, whereas insurance and foreign corporate net sold equities worth US$6.63 million and US$1.76 million respectively as of yesterday`s close.

    READ MORE: Stocks slip on mounting inflation concerns

  • SBP issues KIBOR rates – September 02, 2022

    SBP issues KIBOR rates – September 02, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on September 02, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9315.43
    2 – Week14.9915.49
    1 – Month15.0915.59
    3 – Month15.6615.91
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8416.34

    READ MORE: SBP issues KIBOR rates – September 01, 2022

  • SBP bars banks from taking service charges on flood donations

    SBP bars banks from taking service charges on flood donations

    KARACHI: The State Bank of Pakistan (SBP) on Friday barred commercial banks from taking service charges on donations under PM Flood Relief Fund 2022.

    Earlier, the central bank on August 24 regarding the Prime Minister Relief fund, 2022 and advised the bank to collect funds for helping our fellow citizens devasted by ongoing rains and floods across the country.

    The SBP said it has been decided that all issuing and acquiring banks/microfinance banks/payment schemes operating in Pakistan shall not charge any transaction related charges like Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, Scheme Fee, Inter Bank Fund Transfer (IBFT) Fee, or any other payment related fee that may be applicable on transactions made for donations / payments to Prime Minister Relief Fund 2022.

    READ MORE: Complaints against banks for refusing flood donations

    The issuing and acquiring banks/microfinance banks/payment schemes are advised to meticulously comply with these instructions.

    According to instructions issued on August 24, the SBP stated that with a view to raise awareness among the potential donors and facilitate them in contributing to the PM’s Flood Relief Fund 2022, banks are advised to undertake following measures on immediate priority and submit compliance by August 30, 2022:

    a) Banks shall prominently display banners at all their branches bearing the description “DONATIONS TO THE PRIME MINISTER’S (PM) FLOOD RELIEF FUND ARE ACCEPTED HERE”.

    b) Banks shall highlight the IBAN of the Fund at their websites and ATMs screens enabling their clients to donate to the fund digitally.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    c) Banks shall also send SMS alerts to all their clients informing them about the establishment of the Prime Minister Flood Relief Fund and its IBAN.

    d) To facilitate the walk-in customers in making cash deposits in the fund “pre-printed deposit slips” shall be available at the banks’ counters.

    e) The banks offering Roshan Digital Account (RDA) shall make the “PM Flood Relief Fund” available on their Roshan Samaji Khidmat page/portal enabling RDA holders to contribute to the Fund in hassle free manner. The donations received through RDA shall be transmitted to SBP along with donations received through other sources on a daily-basis through RTGS as advised earlier.

    The Banks are also encouraged to advertise the PM Flood Relief Fund through their social media pages including their webpages, Facebook pages, twitter accounts etc. to create maximum awareness about the fund and the mechanism to make the donations in the fund.

    The banks shall ensure that their branch staff has full awareness and understanding of establishment of the fund and the mechanism to collect the donations in the fund account.

  • State Bank’s foreign exchange rates – September 02, 2022

    State Bank’s foreign exchange rates – September 02, 2022

    The State Bank of Pakistan (SBP) has published the foreign exchange rates for September 02, 2022, offering crucial insights into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • Dollar jumps to PKR 218.98 at interbank closing on Sept 02, 2022

    Dollar jumps to PKR 218.98 at interbank closing on Sept 02, 2022

    KARACHI: The US dollar jumped to Pakistani Rupee (PKR) 218.98 at closing of interbank foreign exchange market on Friday.

    The exchange rate recorded a decline of 38 paisas in rupee value to end at Rs218.98 from previous day’s closing of Rs218.60 in the interbank foreign exchange market.

    READ MORE: Dollar closes down to PKR 218.60 on September 01, 2022

    Currency experts said that the mounting dollar demand for import payment pressured the exchange rate during the day.

    It is worth mentioning that the rupee made recovery during this week owing to inflows of $1.16 billion from International Monetary Fund (IMF).

    The IMF executive board on August 29 approved seventh and eighth review for Pakistan and allowed transfer of $1.1 billion as tranche, which was received by the State Bank of Pakistan (SBP) on August 31, 2022.

    READ MORE: Dollar slips to PKR 218.75 at interbank closing on August 31, 2022

    The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

    The torrential rains and flash floods have inflicted a loss of $10 billion to Pakistan economy.

    The devastation will prompt the country to make imports in coming days, especially for agriculture produces.

    The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

    READ MORE: Dollar falls to PKR 220.12 at interbank closing on August 30, 2022

    The foreign exchange (FX) reserves of Pakistan have declined by $119 million to $13.40 billion by week ended August 26, 2022. The foreign exchange reserves of the country were at $13.522 billion by week ended August 19, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.825 billion.

    The official foreign exchange reserves of the State Bank witnessed a decline of $113 million to $7.697 billion by week ended August 26, 2022 as against $7.810 billion a week ago.

    READ MORE: Dollar strengthens to PKR 221.92 amid political uncertainty

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.449 billion.

    The central bank however said it had received proceeds of $1.16 billion (equivalent of SDR 894 million) from IMF under the Extended Fund Facility (EFF) on August 31, 2022 which would be included in SBP’s foreign exchange reserve position for the week ending on September 02, 2022.

  • Bitcoin to Pakistani Rupee on September 02, 2022

    Bitcoin to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,403,980.00 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,378,480.36 at closing on September 01, 2022.

    The rate of Bitcoin in US Dollar (USD) is $20,098.77 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,088.32 at closing on September 01, 2022.

    Bitcoin to Pakistani Rupee on September 01, 2022

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    Dogecoin to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs13.65 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.55 at closing on September 01, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on September 01, 2022.

    Dogecoin to Pakistani Rupee on September 01, 2022

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    Ripple to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs73.04 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs73.43 at closing on September 01, 2022.

    The rate of Ripple in US Dollar (USD) is $0.33 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.33 at closing on September 01, 2022.

    Ripple to Pakistani Rupee on September 01, 2022

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    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.

  • Ripple to Pakistani Rupee on September 02, 2022

    Ripple to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs73.04 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs73.43 at closing on September 01, 2022.

    The rate of Ripple in US Dollar (USD) is $0.33 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.33 at closing on September 01, 2022.

    Ripple to Pakistani Rupee on September 01, 2022

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    Bitcoin to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,403,980.00 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,378,480.36 at closing on September 01, 2022.

    The rate of Bitcoin in US Dollar (USD) is $20,098.77 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,088.32 at closing on September 01, 2022.

    Bitcoin to Pakistani Rupee on September 01, 2022

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    Dogecoin to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs13.65 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.55 at closing on September 01, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on September 01, 2022.

    Dogecoin to Pakistani Rupee on September 01, 2022

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    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 Pakistani Rupee on September 02, 2022

    Dogecoin to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs13.65 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.55 at closing on September 01, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on September 01, 2022.

    Dogecoin to Pakistani Rupee on September 01, 2022

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    Ripple to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs73.04 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs73.43 at closing on September 01, 2022.

    The rate of Ripple in US Dollar (USD) is $0.33 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.33 at closing on September 01, 2022.

    Ripple to Pakistani Rupee on September 01, 2022

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    Bitcoin to Pakistani Rupee on September 02, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,403,980.00 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,378,480.36 at closing on September 01, 2022.

    The rate of Bitcoin in US Dollar (USD) is $20,098.77 on September 02, 2022 at 12:10 PM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,088.32 at closing on September 01, 2022.

    Bitcoin to Pakistani Rupee on September 01, 2022

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    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.

  • Pakistan FX reserves drop to $13.4 billion

    Pakistan FX reserves drop to $13.4 billion

    KARACHI: The foreign exchange (FX) reserves of Pakistan have declined by $119 million to $13.40 billion by week ended August 26, 2022, the State Bank of Pakistan (SBP) said on Thursday.

    (more…)