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Category: Money & Banking

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.

  • Dollar plunges to PKR 233.50 in early interbank trading on September 27, 2022

    Dollar plunges to PKR 233.50 in early interbank trading on September 27, 2022

    KARACHI: US dollar plunged to Pakistan Rupee (PKR) 233.50 in early day trading on Tuesday September 27, 2022 owing to change of finance minister and falling international oil prices.

    The foreign currency lost PKR 3.52 and was being traded at PKR 233.50 by 10:00 AM (Pakistan Standard Time) as compared with last day closing of PKR 237.02 in interbank foreign exchange market.

    READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination

    Currency analysts said that change of finance minister had impacted the market positively. The foreign exchange market reacted to the change a day earlier as well.

    Ishaq Dar has been nominated for the slot of Pakistan Finance Minister. He had already severed at this portfolio in the previous PML (N) government. Dar was known for controlling the exchange rate. Although many quarters had criticized him for artificial stabilizing the rupee. Dar is scheduled to take oath as finance minister today.

    READ MORE: PKR ends 15-day losing streak; recovers against dollar

    It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

    During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

    Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

    However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    READ MORE: Rupee slumps for 15th straight session against dollar

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    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 over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

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

  • Dollar tumbles to PKR as market welcomes Dar nomination

    Dollar tumbles to PKR as market welcomes Dar nomination

    KARACHI: The US dollar tumbled against the Pakistani Rupee (PKR) by Rs2.63 on Monday on the nomination of Ishaq Dar as finance minister of the country.

    The exchange rate recorded a gain of Rs2.63 in rupee value to end at Rs237.02 to the dollar from last Friday’s closing of Rs239.65 in the interbank foreign exchange market.

    Currency experts said that the market responded positively to nomination of Ishaq Dar as the finance minister by the present coalition government headed by PML (N).

    READ MORE: PKR ends 15-day losing streak; recovers against dollar

    According to reports Ishaq Dar would assume the charge on Tuesday. A day earlier, Miftah Ismail had announced to resign from the portfolio of the finance minister.

    The experts said that the market was expecting improvement in rupee value on Dar’s return. Previously, Dar had served as finance minister and he was known for controlling the exchange rate. Although, Dar was criticized for stabilizing the local currency artificially.

    Earlier, in the day the dollar slipped by more than four rupees but later it recovered earlier day’s losses.

    It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

    READ MORE: Rupee slumps for 15th straight session against dollar

    During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

    Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

    However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    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 over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

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

  • Dollar falls sharply to PKR 236 in early trade on September 26, 2022

    Dollar falls sharply to PKR 236 in early trade on September 26, 2022

    KARACHI: The US Dollar fell sharply against the Pakistani Rupee (PKR) in early interbank trading Monday September 26, 2022 due to positive sentiments prevailed on reports that Ishaq Dar is assuming the charge of finance minister.

    The US dollar lost around PKR 3.65 and being traded at PKR 236.00 from last Friday’s close of PKR 239.65 in interbank foreign exchange market.

    A day earlier, Miftah Ismail through a Tweet announced that he verbally tendered resignation as finance minister to PML (N) leadership. The report suggested Ishaq Dar would assume the charge as the finance minister.

    Dar served as finance minister during past tenure of the PML (N) government. The market was hoping that Dar would manage the exchange rate as he did during his previous tenure.

    READ MORE: PKR ends 15-day losing streak; recovers against dollar

    It is worth mentioning that the rupee recorded the free-fall for the last 15 sessions. During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60. The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023, according to data released by State Bank of Pakistan (SBP) a day earlier.

    The current account deficit during the period under review was at $1.92 billion as compared with $2.37 billion in the corresponding months of the last fiscal year.

    The rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    READ MORE: Rupee slumps for 15th straight session against dollar

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    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.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

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

  • Faysal Bank joins hands for cricket promotion in Pakistan

    Faysal Bank joins hands for cricket promotion in Pakistan

    KARACHI: Faysal Bank Limited (FBL) has joined hands with Pakistan Cricket Board (PCB) for the promotion of Grassroots Cricket Development Program.

    An introduction and promotion event was recently held at a local hotel in Karachi in this regard.

    Faysal Islami, a leading Islamic bank, firmly believes in promoting all initiatives that contribute towards the positive projection of Pakistan, both nationally and internationally.

    Healthy sporting activities in general, and promotion of our current and future sporting stars in particular, is one avenue through which the Bank is actively playing its part towards a bigger national cause.

    “Diversity and Inclusion is a part of our core ethos, which entails grooming young talent and engagement on a positive and sustainable basis. The intent has always been to further strengthen the infrastructure for opportunities and development of the youth across all segments of society as we have immense talent that remains untapped,” said Yousaf Hussain, President & CEO of Faysal Bank Limited.

    Speaking on the occasion, Yousaf Hussain applauded the efforts of PCB towards the nurturing of talent in Pakistan and expressed the Bank’s keen intent to aggressively support PCB in this remarkable initiative also.

    Chairman Pakistan Cricket Board, Ramiz Raja said “I am delighted to welcome Faysal Bank on board. One of the core objective of the Pakistan Cricket Board is to strengthen the cricket base in the country by providing state-of-the-art facilities and the desired knowledge to cricketers from a very young so they groomed into top-notch cricketers, who are ready to serve the country at the international stage.”

    He further said: “Through this partnership, we will develop a strong grassroots structure to help our up and coming cricketers and bring foreign coaches into our domestic cricket who will impart their vast knowledge and depth about the game. It is vital to have coaches – who have coached and played around the world – at domestic level as that is where a player is fine-tuned and graduates to the international level.”

    Along with Ramiz Raja (Chairman PCB), the event was attended by PCB Board of Directors, Senior Management of FBL, dignitaries from the corporate world and other legendary cricketers. The guests were excited at the prospect, potential and promise of the program and hoped to see great outcomes as a result of it.

  • SBP advises general public not to share banking credentials

    SBP advises general public not to share banking credentials

    KARACHI: State Bank of Pakistan (SBP) on Saturday advised general public not to share their personal and banking credentials with persons impersonating SBP officials of other authorities.

    (more…)
  • SBP documents foreign currency transactions above $2,000

    SBP documents foreign currency transactions above $2,000

    KARACHI: State Bank of Pakistan (SBP) on Friday made it mandatory the transactions of foreign currency above $2,000 through banking channels in order to document sales and purchases of the foreign currency.

    In this regard, the central bank amended Exchange Companies Manual to ensure documentation of buying and selling of the foreign currency.

    READ MORE: PKR ends 15-day losing streak; recovers against dollar

    The SBP in a statement said that to further enhance transparency and promote documentation in the foreign exchange transactions, the central bank advised the Exchange Companies that all foreign currency sale transactions of $2,000/- or above (equivalent in other currencies) against Pakistani Rupee (PKR) should only be conducted through payment modes, such as bank transfer/cheques from the personal bank account of the customer.

    “This step is also focused on encouraging the general public to use various banking channels, which are generally more secure, to fulfill their genuine foreign exchange needs,” the SBP added.

    READ MORE: SBP issues new instructions on cross border payments

    The central bank issued a circular in this regard inviting attention of Exchange Companies and Exchange Companies of ‘B’ Category to instructions contained in Para 9 (i)(g) and Para 9 (iii)(g) of Chapter 3; and Para 12(i)(d) of Chapter 8 of the Exchange Companies Manual.

    In order to further strengthen the regulatory regime for Exchange Companies, and encourage customers to use banking channels for purchase of foreign exchange from Exchange Companies, the existing regulations prescribing the scope of business of Exchange Companies have been amended, which will be effective immediately:

    Para 9(i)(g) Chapter 3 of Exchange Companies Manual

    All foreign currency sale transactions of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies through bank transfer/ cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.

    READ MORE: President Alvi bars retrospective effect to profit rates on saving certificates

    Para 9(iii)(g) Chapter 3 of Exchange Companies Manual

    All foreign currency sale transactions for outward remittance of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies through bank transfer/ cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.

    READ MORE: No restriction on imports, SBP clarifies

    Para 12(i)(d) Chapter 8 of Exchange Companies Manual

    All foreign currency sale transactions of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies of ‘B’ Category through bank transfer/cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.

    The SBP warned that failure to comply with these instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.

  • PKR ends 15-day losing streak; recovers against dollar

    PKR ends 15-day losing streak; recovers against dollar

    KARACHI: The Pakistani Rupee (PKR) on Friday ended its losing streak of non-stop 15 session and recovered six paisas against the dollar.

    The local currency ended Rs 239.65 to the dollar from previous day’s closing of Rs239.71 in the interbank foreign exchange market. The latest closing is still near to the all-time of the rupee against the dollar, which was at Rs239.94 recorded on July 28, 2022.

    READ MORE: Rupee slumps for 15th straight session against dollar

    It is worth mentioning that the rupee recorded the free-fall for the last 15 sessions. During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023, according to data released by State Bank of Pakistan (SBP) a day earlier.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    The current account deficit during the period under review was at $1.92 billion as compared with $2.37 billion in the corresponding months of the last fiscal year.

    The rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    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 over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

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

  • Rupee slumps for 15th straight session against dollar

    Rupee slumps for 15th straight session against dollar

    KARACHI: The Pakistani Rupee (PKR) recorded a 15th straight day decline against the dollar on Wednesday to end at PKR 239.71 in the interbank foreign exchange market.

    The exchange rate recorded a decline of six paisas in rupee value to end at PKR 239.71 against the dollar from previous day’s closing of PKR 239.65 in interbank foreign exchange market.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    The local currency has maintained the free-fall for the last 15 sessions. During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

    The rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    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.

    READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

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

  • Rupee ends near historic low; Dollar gains to PKR 239.65

    Rupee ends near historic low; Dollar gains to PKR 239.65

    KARACHI: Pakistani Rupee (PKR) on Wednesday continued its losing streak for 14th consecutive session against the dollar and ended near to the historic low of PKR 239.65 in the interbank foreign exchange market.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    The exchange rate recorded a decline of 74 paisas to end at PKR 239.64 to the dollar from previous day’s close of PKR 238.91 in the interbank foreign exchange market.

    The local currency has maintained the free-fall for the last 14 sessions. During this period the local currency depreciated by PKR 21.04 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

    The rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    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.

    READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

    The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

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

  • Dollar climbs up to PKR 239.50 in midday interbank trading

    Dollar climbs up to PKR 239.50 in midday interbank trading

    KARACHI: The US dollar climbed up against the Pakistani Rupee (PKR) to reach PKR 239.50 during midday interbank foreign exchange trading on Wednesday.

    The foreign currency so far gained 59 paisas by midday trading from last day’s closing of PKR 239.91 in the interbank foreign exchange market.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    A day earlier, the PKR witnessed the fall for 13th consecutive session as the US dollar ended near record high in interbank foreign exchange market.

    The exchange rate recorded a decline of PKR 1 to end at PKR 238.91 to the dollar from previous day’s closing of PKR 237.91 in interbank foreign exchange market.

    The local currency recorded a decline of Rs20.31 or 9.34 per cent during the past 13 sessions from Rs218.60 against the dollar on September 01, 2022.

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    It is pertinent to mention that the local currency recorded the all-time low of PKR 239.94 on July 28, 2022.

    Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

    Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

    The rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

    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 over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

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