Pakistan amends tax laws to legalize money transfers

Jun 12

Budget 2022-2023, Money & Banking, Taxation, Top stories

Pakistan amends tax laws to legalize money transfers

ISLAMABAD: Pakistan has amended tax laws to grant approval of legal banking channels to money transfer by money transfer operators and bureaus. The country presented budget 2022/2023 on June 10, 2022 and amended tax laws to grant approval the money transfer made through operators, bureaus and exchange companies. Through Finance Bill, 2022 amendment made to […]

by Mrs. Anjum Shahnawaz

Rupee falls to Rs202.35 against dollar ahead budget announcement

Jun 10

Money & Banking

Rupee falls to Rs202.35 against dollar ahead budget announcement

KARACHI: The Pakistani Rupee (PKR) sharply fell by Rs1.58 to the dollar on Friday ahead of the budget announcement for fiscal year 2022/2023 and massive decline in foreign exchange reserves. The exchange rate ended with a decline of Rs1.58 in rupee value to Rs202.35 as compared with previous day’s closing of Rs200.77 in the interbank […]

by Faisal Shahnawaz

Pakistan receives $28.41 billion as workers remittances in 11 months

Jun 10

Money & Banking

Pakistan receives $28.41 billion as workers remittances in 11 months

KARACHI: The inflow of workers’ remittances recorded an increase of 6.25 per cent to $28.41 billion during the first 11 months (July – May) 2021/2022, State Bank of Pakistan (SBP) said on Friday. The country received an amount of $26.74 billion in the same period of the last fiscal year. READ MORE: SBP issues instructions […]

by Faisal Shahnawaz

SBP jacks up policy rate by 6.75% to 13.75%

Jun 10

Finance, Money & Banking

SBP jacks up policy rate by 6.75% to 13.75%

ISLAMABAD: The State Bank of Pakistan (SBP) has increased the key policy rate by 6.75 per cent during September 2021 to May 2022, according to Economic Survey of Pakistan 2021/2022 released on Thursday. The survey stated that Pakistan’s economy has witnessed a V-shaped recovery in 2020-2021 after witnessing a contraction of 0.9 percent in FY2020. […]

by Mrs. Anjum Shahnawaz

Rupee gains against dollar, ends at Rs200.77 in interbank

Jun 9

Money & Banking

Rupee gains against dollar, ends at Rs200.77 in interbank

KARACHI: The Pakistani Rupee (PKR) recovered 75 paisas against the US dollar on Thursday to close at Rs200.77 in the interbank foreign exchange market. The exchange rate ended with a recovery of 75 paisas in rupee value to Rs200.77 to the dollar from previous day’s closing of Rs201.52 in the interbank foreign exchange market. READ […]

by Faisal Shahnawaz

SBP lifts quarantine requirement for banknotes

Jun 8

Money & Banking

SBP lifts quarantine requirement for banknotes

KARACHI: State Bank of Pakistan (SBP) on Wednesday lifted the requirement of quarantine on banknotes, which was imposed to contain the spread of coronavirus pandemic. The central bank through past letters, advised banks to disinfect, seal and quarantine cash collected from its counters for fourteen (14) days or process such banknotes through Pakistan Council of […]

by Hamza Shahnawaz

Rupee recovers to Rs201.52 to dollar in volatile trading

Jun 8

Money & Banking

Rupee recovers to Rs201.52 to dollar in volatile trading

KARACHI: The Pakistani Rupee (PKR) recovered Rs1.31 against the US dollar on Wednesday after falling to the historic low a day earlier. The exchange rate ended with a recovery of Rs1.31 in rupee value to Rs201.52 to the dollar from previous day’s closing of Rs202.83, the all-time low, in the interbank foreign exchange market. READ […]

by Faisal Shahnawaz

Dollar hits record high at Rs202.83 in interbank

Jun 7

Money & Banking, Top stories

Dollar hits record high at Rs202.83 in interbank

KARACHI: The US dollar made a new historic high at Rs202.83 against the Pakistani Rupee (PKR) at closing of interbank foreign exchange market on Tuesday. The exchange rate witnessed a fall of in PKR of Rs2.77 against the dollar to end at Rs202.86 as compared with the previous day’s closing of Rs200.06 in the interbank […]

by Faisal Shahnawaz

No plan to freeze foreign currency accounts: SBP

Jun 6

Money & Banking, Top stories

No plan to freeze foreign currency accounts: SBP

KARACHI: The State Bank of Pakistan (SBP) on Monday rejected rumors related to freezing foreign currency accounts. The SBP in a statement said the government of Pakistan and the State Bank assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers in banks in Pakistan that their accounts […]

by Faisal Shahnawaz

Dollar hits Rs200.06 as rupee falls sharply in interbank

Jun 6

Money & Banking, Top stories

Dollar hits Rs200.06 as rupee falls sharply in interbank

KARACHI: The Pakistani Rupee (PKR) fell sharply by Rs2.14 to the US dollar on Monday to close at Rs200.06 in the interbank foreign exchange market. The exchange rate was at Rs197.92 to the dollar on last Friday June 03, 2022. Currency analysts said that the rupee was under severe pressure due to significant decline in […]

by Faisal Shahnawaz