Karachi, February 17, 2022: The State Bank of Pakistan (SBP) has issued the official exchange rates for February 17, 2022, offering crucial information on currency values against the Pakistani Rupee.
(more…)Author: Faisal Shahnawaz
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Allied Bank’s annual profit declines to Rs17.50 billion
KARACHI: Allied Bank of Pakistan (ABL) on Thursday announced a 4.75 per cent decline in annual profit to Rs17.50 billion for the year 2021 as compared with Rs18.37 billion in the preceding year.
According to financial results received by the Pakistan Stock Exchange (PSX), the earnings per share of the bank also fell to Rs15.29 for the year ended December 31, 2021 as compared with Rs16.05.
The board of directors of Allied Bank met on February 17, 2022 and recommended a final cash dividend for the year ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs6 per share i.e. 60 per cent.
Net mark-up and interest income of ABL came down to Rs45.56 billion for the year ended December 31, 2021 as compared with Rs48.39 billion.
Non mark-up / interest income of the bank, however, posted growth to Rs16.76 billion for the year under review as compared with Rs13.44 billion in the preceding year.
Total income of Allied Bank was flat at Rs62.32 billion for the year ended December 31, 2021 as compared with Rs61.84 billion in the last year.
Operating expenses of the bank increased to Rs33.68 billion as compared with Rs30.28 billion.
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Bitcoin to Pak Rupee on February 17, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,692,434.10 on February 17, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,692,882.06 on February 16, 2022.
The rate of Bitcoin in US Dollar (USD) is $43,620.76 on February 17, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $43,679.66 on February 16, 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.
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Ripple to Pak Rupee on February 17, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs144.95 on February 17, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs144.07 on February 16, 2022.
The rate of Ripple in US Dollar (USD) is $0.82 on February 17, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.82 on February 16, 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.
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Dogecoin to Pak Rupee on February 17, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs25.91 on February 17, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs25.98 on February 16, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.15 on February 17, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.15 on February 16, 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.
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SBP expands export finance scheme to improve inflows
KARACHI: The State Bank of Pakistan (SBP) on Wednesday expanded the export finance scheme (EFS) to facilitate exporters and encourage timely foreign inflows.
The central bank said that it had enhanced the scope of EFS with a to further facilitate exporters and encourage timely inflow of export proceeds.
READ MORE: Remittances increase to record $18 billion in 7 months
The EFS has been enhanced for both conventional as well as Sharia based and allowing the exporters to obtain financing against their export proceeds through discounting of export bills/receivables.
Discounting of bills/receivables is essentially a financial transaction where the exporter surrenders its future export proceeds and obtain financing in PKR for the remainder of the time period of exports proceeds realization.
READ MORE: Exchange companies get incentive for dollar surrender
This initiative will help exporters meet their working capital needs and also incentivize them to bring in their export proceeds in a timely manner that will help to improve foreign exchange inflows in the interbank market.
READ MORE: Incentives approved for exchange companies on dollar surrender
Exporter can obtain financing from banks by discounting their export bills/receivables (both post-shipment & pre-shipment) under this scheme, at rates ranging from 2 per cent to 3 per cent depending upon the tenor of discounting. In the first three months, this facility will be available at introductory lower rates of 1 per cent and 2 per cent. Banks will obtain refinance equal to discounted amount for the tenor of discount at tier-based rates ranging from 1 per cent to 2 per cent.
In addition to supportive rates for working capital needs of exporters, SBP has also provided special relaxation under this facility by increasing the export proceed realization period up to 180 days if the exporter avails this discounting facility.
READ MORE: ECC approves loyalty program for home remittances
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LTO Karachi facilitates Tier-1 retailers in POS integration
KARACHI: Large Taxpayers Office (LTO) Karachi has facilitated Tier-1 retailers to resolve issues in installation of Point of Sale (POS), a statement said on Wednesday.
In this regard the LTO Karachi established a fully automated, computerized and equipped with modern communication devices control room in order to implement POS Scheme announced by the Federal Board of Revenue and to resolve problems likely to arise during implementation course of POS.
READ MORE: FBR announces prize winners in second POS invoice balloting
Officials at the LTO Karachi said that the control room team would monitor real-time activity of Tier-1 retailers and would register complaints for non-implementation of POS scheme or non-issuance of POS generated invoices.
The team shall receive information, complaints from general public or higher authorities through telephone, email or post, regarding non implementation of POS or non-availability of POS Scheme in any retail outlet of any taxpayer.
READ MORE: FBR announces winners of first POS prize draw
The information shall be shared with concerned Enforcement Zone wherever necessary for their help and necessary action as per law and procedure.
In order to give rapid response to queries and problems raised by general public and to deal with inactive POS machines in respect of taxpayers being assessed in this office, a Rapid Response Team under the leadership of Additional Commissioner.
READ MORE: Prize scheme on invoices issued by retailers
The Rapid Response Team shall conduct inspection of outlets of taxpayers and ensure implementation of POS Scheme. During the visit, each members of the team shall be courteous and shall act as per law and procedure.
After visit of the business premises of the retailer and thorough examination of the information / complaint received, the Team through Focal Person (POS) shall submit Visit Report in this office depicting entire activity of the visit.
The team shall provide assistance to the outlet management, if required by taxpayer, in implementation of POS Scheme.
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SBP issues KIBOR rates on February 16, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of February 16, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.78 10.28 2 – Week 9.82 10.32 1 – Month 9.87 10.37 3 – Month 10.20 10.45 6 – Month 10.56 10.81 9 – Month 10.64 11.14 1 – Year 10.74 11.24 -
Dollar falls 11 paisas to PKR as global oil prices ease
KARACHI: The US dollar fell by 11 paisas against the Pak Rupee (PKR) on Wednesday as the international oil prices witnessed a decline.
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Customers’ exchange rates on February 16, 2022
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued customers’ exchange rates for February 16, 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.
CURRENCY BUYING SELLING AED 47.8093 47.9213 AUD 125.6317 125.9105 CAD 138.0113 138.3169 CHF 189.6676 190.0888 CNY 27.7058 27.7653 EUR 199.2753 199.7527 GBP 237.7846 238.3382 JPY 1.5170 1.5205 SAR 46.7746 46.8829 USD 175.4836 175.9064