Aug 8

US Treasury sanctions virtual currency mixer Tornado Cash

WASHINGTON: The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) Monday sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019. This includes over $455 million stolen by the Lazarus Group, a Democratic People’s Republic of Korea […]

by Mrs. Anjum Shahnawaz

National Savings stops profit coupons after August 31, 2022

Aug 7

National Savings stops profit coupons after August 31, 2022

ISLAMABAD: The Central Directorate of National Savings (CDNS) has announced that it will not issue profit for various savings schemes through coupons. In a public notice, the CDNS said that laws have been amended related to regular income certificates, Behbood Saving Certificates and Pensioners Benefit Account. READ MORE: Pakistan increases profit rates for saving accounts […]

by Hamza Shahnawaz

Pakistan increases profit rates for saving accounts

Aug 7

Money & Banking

Pakistan increases profit rates for saving accounts

Pakistan has increased profit rates for saving accounts to 13.50 per cent per annum from 12.25 per cent. The Central Directorate of National Savings (CDNS), the authority to manage the saving schemes in Pakistan, has announced the increase in profit rates on various schemes. READ MORE: Pakistan hikes key policy rate by 125 basis points […]

by Mrs. Anjum Shahnawaz

Non-resident Pakistanis allowed contribution in pension funds

Aug 6

Money & Banking

Non-resident Pakistanis allowed contribution in pension funds

KARACHI: The State Bank of Pakistan (SBP) has allowed non-resident Pakistanis to contribute in pension funds. In a circular issued to banks/Authorized Dealers (ADs) on August 05, 2022, the SBP said in order to improve the value proposition of NRP Rupee Value Account (NRVA) and facilitating the non-resident Pakistanis (NRPs), it has been decided to […]

by Hamza Shahnawaz

SBP issues options to make donation in PM flood relief fund

Aug 6

Money & Banking, National

SBP issues options to make donation in PM flood relief fund

KARACHI: The State Bank of Pakistan (SBP) on Saturday issued multiple options to make donations in prime minister flood relief fund 2022. The central bank said that the government had notified establishment of a flood relief fund, namely, Prime Minister’s Flood Relief Fund, 2022, for providing relief and rehabilitation to the affected population due to […]

by Faisal Shahnawaz

SBP relaxes cash margin restriction on import

Aug 6

Money & Banking, Top stories

SBP relaxes cash margin restriction on import

KARACHI: The State Bank of Pakistan (SBP) has relaxed restriction on cash margin requirement on imported items. According to a circular issued on August 05, 2022, the SBP said that banks were required to maintain 100 percent cash margin against certain items of import (HS codes), regardless of the mode of payment. READ MORE: SBP […]

by Hamza Shahnawaz

SBP advises banks to issue digital verification for remittances

Aug 5

Money & Banking

SBP advises banks to issue digital verification for remittances

KARACHI: State Bank of Pakistan (SBP) has advised banks to issue digital verification for proceeds realization certificate (PRCs) against remittances.

by Faisal Shahnawaz

Pakistani rupee extends gain to dollar for sixth session

Aug 5

Money & Banking, Top stories

Pakistani rupee extends gain to dollar for sixth session

KARACHI: The Pakistani Rupee (PKR) extended appreciation against the US dollar on Friday for the sixth straight session since falling to historic low on July 28, 2022. The exchange rate witnessed Rs2.11 gain in rupee value to end at Rs224.04 to the dollar from previous day’s closing of Rs226.15 in the interbank foreign exchange market. […]

by Faisal Shahnawaz

SBP takes regulatory action against TAG Innovation

Aug 4

Money & Banking

SBP takes regulatory action against TAG Innovation

KARACHI, August 18, 2023 – The State Bank of Pakistan (SBP) has taken decisive action against M/s. TAG Innovation Pvt. Ltd., a company currently undergoing the Electronic Money Institution (EMI) licensing process, for breaching regulatory requirements and other concerns during its pilot operations phase.

by Faisal Shahnawaz

Dollar plunges to Rs226.15 at interbank closing on August 4, 2022

Aug 4

Money & Banking

Dollar plunges to Rs226.15 at interbank closing on August 4, 2022

KARACHI: The US dollar plunged to Rs226.15 against the Pakistani Rupee (PKR) on Thursday at the closing of the interbank foreign exchange market. The exchange rate recorded an increase of Rs2.65 in rupee value to end at Rs226.15 to the dollar from the previous day’s closing of Rs228.80 in the interbank foreign exchange market. READ […]

by Hamza Shahnawaz