Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.
KARACHI: State Bank of Pakistan (SBP) on Thursday designated three banks as Domestic Systemically Important Banks (D-SIBs) for the year 2022.
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KARACHI: The Pakistani Rupee (PKR) ended stable against the US dollar on Thursday amid higher foreign currency demand for import and corporate payments.
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KARACHI: The government of Pakistan on Wednesday raised around Rs1.66 trillion through auction of treasury bills for deficit financing and repayment of maturity.
(more…)KARACHI: Pakistan has registered around 10 per cent decline in inflows of foreign remittances during first five months (July – November) of current fiscal year.
According to data released by State Bank of Pakistan (SBP) on Wednesday, the inflows of workers remittances declined to $12 billion during first five months of the current fiscal year as compared with $13.29 billion, showing a decrease of 9.7 per cent.
READ MORE: Pakistan remittances decline by 15.7% in October 2022
Experts in financial markets said that overseas Pakistanis were reluctant to send money due to prevailing uncertain exchange rate. Besides, many overseas Pakistanis have option to send their money through informal channels in order to get better exchange rate.
READ MORE: Home remittances decline to $7.68 billion in 1QFY23
The interbank foreign exchange market closed at PKR 224.71 to the dollar on Wednesday December 14, 2022. Whereas, the dollars are not available in the open market and if available the exchange rate has gap of PKR 20 to PKR 30 comparing interbank rates.
READ MORE: Pakistan remittances from Saudi Arabia fall by 7.5% in two months
A sharp decline of 14.23 per cent in inflow of remittances has been recorded in November 2022, when the country received $2.11 billion as compared with $2.46 billion in the same month of the last year.
Similarly, the remittances witnessed a decline of 4.52 per cent on Month on Month (MoM) basis as the country received $2.21 billion in the month of October 2022.
KARACHI: Pakistani Rupee (PKR) softened against the US dollar on Wednesday to end at PKR 224.71 in the interbank foreign exchange market.
The exchange rate recorded ease in rupee value to end at PKR 224.71 from previous day’s closing of PKR 224.70 in the interbank foreign exchange market.
READ MORE: PKR steady fall continues against dollar in interbank
Currency experts said that the local currency was under immense pressure due to dollar demand for high import and corporate payments.
However, they said that tight monitoring of the central bank regarding dollar movement helped the rupee to witness lesser depreciation.
The experts further said that falling foreign exchange reserves also impacting adversely the exchange rate.
READ MORE: PKR weakens by 25 paisas to dollar on foreign payment demand
Pakistan’s official foreign exchange reserves have plunged to multi years low to $6.72 billion by week ended December 02, 2022. The official reserves of State Bank of Pakistan (SBP) fell by $784 million to $6.715 billion by week ended December 02, 2022 when compared with $7.499 billion a week ago i.e. November 25, 2022. Previously, the SBP reserves were seen at $7 billion in April 2014.
The central bank said that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
READ MORE: Rupee eases against dollar amid sharp decline in forex reserves
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
Last week the chief of the central bank made a statement regarding foreign payments to be made by the country.
READ MORE: PKR devaluation against dollar continues despite strict monitoring
SBP Governor Jameel Ahmad said that the country will continue to make timely repayments while inflows are expected to increase significantly in the second half of the current fiscal year.
He said, for the fiscal year 2023, around $33 billion were to be repaid to external stakeholders, including the Current Account Deficit (CAD) of $10 billion and $23 billion in loan repayments.
Out of the payable $23 billion external debt, Pakistan has already repaid more than $6 billion whereas as a bilateral loan of $4 billion has been rolled over with the cooperation of relevant countries.
KARACHI: Faysal Bank Limited (FBL) has been awarded with the best Islamic retail bank in Pakistan, a statement said on Tuesday.
With a keen focus on offering innovative Islamic retail banking products and services, Faysal Bank Limited (FBL) has been at the forefront of setting new benchmarks in the Islamic retail banking industry in Pakistan.
In recognition of the bank’s continued efforts, Faysal Bank was recently conferred the prestigious title of Best Islamic Retail Bank in Pakistan 2022 by the Awards Committee of the 8th Islamic Retail Banking Awards (IRBA) organized by Cambridge IFA at a ceremony held in Jakarta, Indonesia.
Commenting on the occasion, Yousaf Hussain, President and CEO of Faysal Bank said: “Alhamdolilah. We are humbled. This global recognition is because of the excellence achieved through belief, dedication, commitment and concerted efforts by the entire Faysal Bank team.
“It is due to the trust of our customers, who believe in our values and services as a leading Islamic Bank. We owe it to our Board of Directors for their strategic guidance and support. It is the beginning of our new journey as a full Islamic Bank…many more to come, Insha’Allah.”
FBL carries the highest local Sharia rating of SCFR1 by the International Islamic Rating Agency (IIRA) and provides the best and widest range of Shariah compliant banking products and services to meet their customer’s Halal banking needs with convenience. With an expanding network of almost 700 Islamic branches, Faysal Bank has a footprint in 253 cities/towns across Pakistan.
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday imposed cash carrying limit of $5,000 for travelling abroad.
The FBR issued SRO 2201(I)/ 2022 dated December 12, 2022 to make part of law the amendment made to Baggage Rules, 2006. Previously, draft amendments to the rules were introduced through SRO 2043(I)/2022 on November 15, 2022.
READ MORE: FBR exempts CVT on assets of Reko Diq Mining Company
According to the latest notification, any person travelling abroad (except to Afghanistan) is allowed to take out Pakistan US Dollars or equivalent thereof in other foreign currencies as per the limits give below:
For individuals 18 years and above, the maximum limit per person per visit in US$ (or equivalent in other foreign currencies) is $5,000 and annual limit per person in US$ (or equivalent in other foreign currencies) is $30,000.
For individuals below 18 years, the maximum limit per person per visit in US$ (or equivalent in other foreign currencies) is $2,500 and annual limit per person in US$ (or equivalent in other foreign currencies) is $15,000.
READ MORE: FBR chairman directs chief commissioners to meet December collection target
In case of passengers travelling to Afghanistan, the maximum limit per person per visit (US$ or equivalent in other foreign currencies) is $1,000 and annual limit per person (US$ or equivalent in other foreign currencies) is $6,000.
The FBR said that the annual limits for outbound passengers for the respective countries mentioned above for a calendar year starting from the year 2023. However, for calendar year 2022, the existing annual limits in vogue before the issuance of this notification will continue to be effective till December 31, 2022.
READ MORE: SRB says cases worth Rs 80 billion stuck in litigation
The FBR further stated that any person taking foreign currency or any other prohibited or restricted item out of Pakistan shall file a declaration before or at the time of departure, electronically in the WeBOC or pass track or manual at the airport.
According to the amendments to Baggage Rules, 2006, the incoming passenger when in possession of foreign currency exceeding $10,000 or equivalent, or any other prohibited restricted items, shall also file a declaration.
READ MORE: Customs appraising officer awarded major penalty for inefficiency
KARACHI: A steady fall in Pakistani Rupee (PKR) continued against the dollar on Tuesday as the local currency lost another five paisas in interbank foreign exchange market.
The exchange rate recorded a decline of five paisas in rupee value to end PKR 224.70 to the dollar from previous day’s closing of PKR 224.65 in the interbank foreign exchange market.
READ MORE: PKR weakens by 25 paisas to dollar on foreign payment demand
Currency experts said that the rupee witnessed pressure because of higher demand of the dollar for import and corporate payments.
They further said that falling foreign exchange reserves also impacting adversely the exchange rate.
Pakistan’s official foreign exchange reserves have plunged to multi years low to $6.72 billion by week ended December 02, 2022. The official reserves of State Bank of Pakistan (SBP) fell by $784 million to $6.715 billion by week ended December 02, 2022 when compared with $7.499 billion a week ago i.e. November 25, 2022. Previously, the SBP reserves were seen at $7 billion in April 2014.
READ MORE: Rupee eases against dollar amid sharp decline in forex reserves
The central bank said that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
Last week the chief of the central bank made a statement regarding foreign payments to be made by the country.
READ MORE: PKR devaluation against dollar continues despite strict monitoring
SBP Governor Jameel Ahmad said that the country will continue to make timely repayments while inflows are expected to increase significantly in the second half of the current fiscal year.
He said, for the fiscal year 2023, around $33 billion were to be repaid to external stakeholders, including the Current Account Deficit (CAD) of $10 billion and $23 billion in loan repayments.
Out of the payable $23 billion external debt, Pakistan has already repaid more than $6 billion whereas as a bilateral loan of $4 billion has been rolled over with the cooperation of relevant countries.
READ MORE: Dollar advances to PKR 224.16 at interbank closing on Dec 07
KARACHI: State Bank of Pakistan (SBP) on Tuesday said it will not accept old designed large size bank notes after December 31, 2022.
The central bank in a statement said that the federal government through Gazette Notification F.No.2(1)IF-III/2010 dated December 23, 2021, had extended the last date for exchange of old design large size banknotes of Rs 10, 50, 100 & 1000 by one year.
READ MORE: State Bank unveils revision in PM’s youth loan program
The holders of these old design large banknotes have been given the last chance to exchange these old design large size banknotes from the field offices of the SBP Banking Services Corporation (BSC) by December 31, 2022.
It is once again emphasized that this is the last and final deadline for exchange of such banknotes, upon expiry of which, these banknotes shall no longer be exchangeable from the counters of the SBP BSC and thus will lose their value.
READ MORE: SBP tightens transaction data reporting for exchange companies
The general public is therefore, requested to avail this final opportunity and get their holdings of these banknotes exchanged from SBP BSC Field Offices by December 31, 2022 and protect the value of their savings in these banknotes.
KARACHI: Meezan Bank Limited (MBL) has been declared as the ‘Best Consumer Bank’ at the 7th edition of Pakistan Banking Awards held here recently.
Meezan Bank has earlier won the ‘Best Bank’ award twice – in 2018 and 2020 and the ‘Best Islamic Bank’ award in 2016 and 2017.
Ijaz Farooq – Meezan Bank’s Group Head Retail Banking, Commercial, SME & Agriculture received the award from the Chief Guest of the event, Jameel Ahmad – Governor, State Bank of Pakistan and Salman Hussain – Territory Senior Partner A.F. Ferguson & Co., amid the presence of key members from the country’s banking fraternity.
Pakistan Banking Awards are a joint initiative of the Dawn Media Group, Institute of Bankers Pakistan (IBP) and A.F. Ferguson, under the patronage of State Bank of Pakistan and are one of the most prestigious and definitive recognition of excellence in the country’s banking sector.
Meezan Bank’s recognition is based on a variety of criteria, including its strength for delivering the most efficient services and for its attention to customer needs.
The 5-member jury of experts that selected Meezan Bank as Pakistan’s ‘Best Consumer Bank’, was chaired by Former Governor of the State Bank of Pakistan (SBP) – Syed Salim Raza.
The Jury’s decision was based on a detailed evaluation of performance of the banks that had vied for this award.