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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 closes down to PKR 218.60 on September 01, 2022

    Dollar closes down to PKR 218.60 on September 01, 2022

    KARACHI: The US dollar fell by 15 paisas against the Pakistani Rupee (PKR) to end at Rs218.60 at closing of interbank foreign exchange market on Thursday.

    The exchange rate witnessed an appreciation of 15 paisas in rupee value to end at Rs218.60 against the dollar from previous day’s closing of Rs218.75 in the interbank foreign exchange market.

    READ MORE: Dollar slips to PKR 218.75 at interbank closing on August 31, 2022

    Currency experts said that the rupee was strengthened against the dollar due to inflows of $1.16 billion from International Monetary Fund (IMF) under Extended Fund Facility (EFF).

    The State Bank of Pakistan (SBP) a day earlier informed that it had received the amount from the IMF. On August 29, 2022, the executive board of the IMF completed its Seventh and Eighth review for Pakistan.

    This will take total disbursement by IMF under the EFF program to $3.9 billion to Pakistan and will help support foreign exchange reserves of the country.

    READ MORE: Dollar falls to PKR 220.12 at interbank closing on August 30, 2022

    The rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.

    The currency market witnessed a non-stop depreciation in rupee value since the government lifted the ban on import of luxury and non-essential items. Besides, the prices of international oil are also seeing a rising trend.

    The government on August 20, 2022 withdrew the ban on import of luxury and non-essential items. The government on May 19, 2022 imposed this ban in the wake of massive depreciation in rupee value and significant depletion of foreign exchange reserves.

    The rupee witnessed a continuous decline against the dollar since the government lifted the ban. The local currency depreciated continuously during the week (August 22 – August 26) and fell Rs6.01 or 2.8 per cent during the period.

    READ MORE: Dollar strengthens to PKR 221.92 amid political uncertainty

    The currency experts said that the vertical decline in foreign exchange reserves also put pressure on rupee value.

    Pakistan’s foreign exchange reserves fell by $91 million to $13.522 billion by the week ended August 19, 2022. The foreign exchange reserves of the country were at $13.613 billion a week ago i.e. August 12, 2022.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.703 billion.

    READ MORE: Dollar surges to PKR 220.66 ahead IMF board meeting

    The official foreign exchange reserves of the State Bank witnessed a decline of $87 million to $7.81 billion by the week ended August 19, 2022 as against $7.897 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.336 billion.

  • Dollar slips to PKR 218.75 at interbank closing on August 31, 2022

    Dollar slips to PKR 218.75 at interbank closing on August 31, 2022

    KARACHI: The US dollar slipped to Pakistan Rupee (PKR) 218.75 at the closing of interbank foreign exchange market on Wednesday.

    The exchange rate witnessed an appreciation of Rs1.37 to end at Rs218.75 to the dollar from previous day’s closing of Rs220.12 in the interbank foreign exchange market.

    READ MORE: Dollar falls to PKR 220.12 at interbank closing on August 30, 2022

    Currency experts said that the market was remained optimistic due to resumption of bailout package by the International Monetary Fund (IMF).

    On August 29, 2022, the executive board of the IMF completed its Seventh and Eighth review for Pakistan under the Extended Fund Facility (EFF) which is likely to lead to the release of $1.1 billion tranche. This will take total disbursement by IMF under the EFF program to $3.9 billion to Pakistan and will help support foreign exchange reserves of the country.

    The rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.

    READ MORE: Dollar strengthens to PKR 221.92 amid political uncertainty

    The currency market witnessed a non-stop depreciation in rupee value since the government lifted the ban on import of luxury and non-essential items. Besides, the prices of international oil are also seeing a rising trend.

    The government on August 20, 2022 withdrew the ban on import of luxury and non-essential items. The government on May 19, 2022 imposed this ban in the wake of massive depreciation in rupee value and significant depletion of foreign exchange reserves.

    The rupee witnessed a continuous decline against the dollar since the government lifted the ban. The local currency depreciated continuously during the week (August 22 – August 26) and fell Rs6.01 or 2.8 per cent during the period.

    The currency experts said that the vertical decline in foreign exchange reserves also put pressure on rupee value.

    READ MORE: Dollar surges to PKR 220.66 ahead IMF board meeting

    Pakistan’s foreign exchange reserves fell by $91 million to $13.522 billion by the week ended August 19, 2022. The foreign exchange reserves of the country were at $13.613 billion a week ago i.e. August 12, 2022.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.703 billion.

    READ MORE: Pakistani Rupee falls for 4th day; dollar climbs up to Rs219.14

    The official foreign exchange reserves of the State Bank witnessed a decline of $87 million to $7.81 billion by the week ended August 19, 2022 as against $7.897 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.336 billion.

  • Complaints against banks for refusing flood donations

    Complaints against banks for refusing flood donations

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday said that it has been noticed that a few complaints have been circulating on social media platforms regarding non-acceptance of donations from general public in “CM Flood Relief Fund” of KP and Punjab.

    In this context, upon enquiry of SBP, concerned banks have informed that such complaints are baseless as they are accepting donations in the “CM Flood Relief Fund” through all possible channels (including over the counter (OTC) cash transactions, online transfers and both international and local credit card transfers).

    The relevant banks have also confirmed that transactions are taking place in these accounts on daily basis.

    The banks have also assured that they are making all possible efforts to play their role in the noble cause of helping people affected due to floods.

    The donors facing any problem may please lodge their complaints with the relevant banks or approach State Bank of Pakistan at [email protected]

  • Dollar falls to PKR 220.12 at interbank closing on August 30, 2022

    Dollar falls to PKR 220.12 at interbank closing on August 30, 2022

    KARACHI: The US dollar fell to Pakistani Rupee (PKR) 220.12 on Tuesday after the International Monetary Fund (IMF) approved transfer of $1.1 billion to the country under Extended Fund Facility (EFF).

    The rupee recovered Rs1.80 to end at Rs220.12 against the dollar from previous day’s closing of Rs221.92 in interbank foreign exchange market.

    READ MORE: Dollar strengthens to PKR 221.92 amid political uncertainty

    The executive board of the IMF completed its Seventh and Eighth review for Pakistan under the Extended Fund Facility (EFF) which is likely to lead to the release of $1.1 billion tranche.

    This will take total disbursement by IMF under the EFF program to $3.9 billion to Pakistan and will help support foreign exchange reserves of the country.

    Additionally, in order to support program implementation and meet the higher financing needs in FY23 as well as catalyze additional financing, the IMF Board has approved an extension of the EFF till June 2023 instead of September 2022. The board also approved augmentation of access by SDR 720 million ($1 billion) bringing total access to $6.5 billion.

    READ MORE: Dollar surges to PKR 220.66 ahead IMF board meeting

    The rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.

    The currency market witnessed a non-stop depreciation in rupee value since the government lifted the ban on import of luxury and non-essential items. Besides, the prices of international oil are also seeing a rising trend.

    The government on August 20, 2022 withdrew the ban on import of luxury and non-essential items. The government on May 19, 2022 imposed this ban in the wake of massive depreciation in rupee value and significant depletion of foreign exchange reserves.

    The rupee witnessed a continuous decline against the dollar since the government lifted the ban. The local currency depreciated continuously during the week (August 22 – August 26) and fell Rs6.01 or 2.8 per cent during the period.

    READ MORE: Pakistani Rupee falls for 4th day; dollar climbs up to Rs219.14

    The currency experts said that the vertical decline in foreign exchange reserves also put pressure on rupee value.

    Pakistan’s foreign exchange reserves fell by $91 million to $13.522 billion by the week ended August 19, 2022. The foreign exchange reserves of the country were at $13.613 billion a week ago i.e. August 12, 2022.

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.703 billion.

    READ MORE: Dollar gains for third day, ends at PKR 218.38

    The official foreign exchange reserves of the State Bank witnessed a decline of $87 million to $7.81 billion by the week ended August 19, 2022 as against $7.897 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.336 billion.

  • Dollar strengthens to PKR 221.92 amid political uncertainty

    Dollar strengthens to PKR 221.92 amid political uncertainty

    KARACHI: The US dollar strengthened against Pakistan Rupee (PKR) to Rs221.92 on Monday as political uncertainty mounted ahead of IMF board approval.

    The exchange recorded a decline of Rs1.26 to end at Rs221.92 to the dollar from last Friday’s closing of Rs220.60 in the interbank foreign exchange market.

    READ MORE: Dollar surges to PKR 220.66 ahead IMF board meeting

    The IMF board meeting is scheduled today August 29, 2022 which will discuss and likely to approve tranche for Pakistan under Extended Fund Facility (EFF).

    The currency market witnessed uncertainty after alleged audio tape was leaked. The audio tape recorded discussions of former finance minister Shaukat Tarin and present finance ministers of Khyber Pakhtunkhwa and Punjab.

    The rupee recorded an all-time low against dollar at Rs239.94 on July 28, 2022.

    The currency market witnessed a non-stop depreciation in rupee value since the government lifted the ban on import of luxury and non-essential items. Besides, the prices of international oil are also seeing a rising trend.

    READ MORE: Pakistani Rupee falls for 4th day; dollar climbs up to Rs219.14

    The government on August 20, 2022 withdrew the ban on import of luxury and non-essential items. The government on May 19, 2022 imposed this ban in the wake of massive depreciation in rupee value and significant depletion of foreign exchange reserves.

    The rupee witnessed a continuous decline against the dollar since the government lifted the ban. The local currency depreciated continuously during the week (August 22 – August 26) and fell Rs6.01 or 2.8 per cent during the period.

    The currency experts said that the vertical decline in foreign exchange reserves also put pressure on rupee value.

    Pakistan’s foreign exchange reserves fell by $91 million to $13.522 billion by the week ended August 19, 2022. The foreign exchange reserves of the country were at $13.613 billion a week ago i.e. August 12, 2022.

    READ MORE: Dollar gains for third day, ends at PKR 218.38

    The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.703 billion.

    The official foreign exchange reserves of the State Bank witnessed a decline of $87 million to $7.81 billion by the week ended August 19, 2022 as against $7.897 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.336 billion.

    READ MORE: Dollar climbs up to PKR 217.66 at interbank closing

  • SBP issues IBAN list for donations to PM flood relief fund

    SBP issues IBAN list for donations to PM flood relief fund

    State Bank of Pakistan (SBP) has issued a list of IBAN (International Bank Account Number) of Prime Minister Flood Relief Fund 2022 maintained by commercial banks.

    READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

    Following is the list of banks and IBAN:

    01. Allied Bank Limited (ABL), Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58ABPA001009849790015

    02. Albaraka Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK11AIIN0000150583517016

    03. Askari Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK82ASCM0000020100579916

    04. Bank Alfalah Limited, Title of Account # Prime Minister’s Flood Relief Fund Account-2022, IBAN PK60ALFH0005001007990397

    05. Bank Al Habib Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK32BAHL1001186690500301

    06. Bank Islami Pakistan Limited, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT, 2022, IBAN PK02BKIP0100339720620001

    07. Bank of China, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK37BKCH0100002600005375

    08. Bank of Khyber, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK66KHYB0001002008277365

    09. Bank of Punjab, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK52BPUN6010000181500176

    10. Citi Bank, Title of Account PRIME MINISTER’S FLOOD RELIEF FUND, IBAN PK28CITI1000000103660009

    11. Dubai Islamic Bank Limited, Title of Account # PRIME MINISTER FLOOD RELIEF FUND 2022, IBAN PK22DUIB0000000807647001

    12. Faysal Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK97FAYS3554Z17000001562

    13. FINCA Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK25FINC0223183643011000

    READ MORE: SBP issues instructions to banks for flood relief donation awareness

    14. Habib Metro Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK58MPBL0101027140665909

    15. Habib Bank Limited, Title of Account # PM’s Flood Relief Fund Account, 2022, IBAN PK43HABB000042792244003

    16 Habib Bank Limited Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK62FMFB0021012862868015

    17. ICBC, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK76ICBK0010000000239638

    18. JS Bank, Title of Account # PRIME MINISTER’S FLOOD ACCOUNT 2022, IBAN PK56JSBL9001000002029796

    19. Khushhali Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK85khbl0000012075443288

    20 MCB, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK13MUCB0729483241037873

    21. MCB Islamic Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58MCIB0351004196150001

    22. Meezan Bank Limited, Title of Account Prime Minister’s Flood Relief Fund Account, IBAN PK39MEZN0001540107020124

    23. National Bank of Pakistan, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK92NBPA0002004181048973

    24. NRSP Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK60NRSP0000020010002760

    25. Samba Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND, 2022, IBAN PK83SAMB0000002000117199

    26. Silk Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK68SAUD0000012010847043

    27. Sindh Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT,2022, IBAN PK21SIND0003016411713500

    28. SME Bank, Title of Account # PRIME MINISTER’s RELIEF FUND, 2022, IBAN PK16SMES1001000664000001

    29. Soneri Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK81SONE0000220010110875

    30. Standard Chartered Bank, Title of Account Prime Minister’s Flood Relief Fund 2022, IBAN PK75SCBL0000001701259101

    31. Summit Bank, Title of Account # PRIME MINISTERS FLOOD RELIEF FUND ACCOUNT -2022, IBAN PK57SUMB0201027140181164

    32. U Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK26UMBL0107000093500096

    33. United Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK86UNIL0109000286613095

    READ MORE: Tax exemption granted to donations for PM flood relief fund

  • Standard Chartered Pakistan registers 84% growth in PBT during 1HCY22

    Standard Chartered Pakistan registers 84% growth in PBT during 1HCY22

    KARACHI: Standard Chartered Bank Limited (SCBPL) announced the record half-yearly profit before tax (PBT) of Rs22 billion, showing an increase of 84 per cent, according to a statement released on Friday.

    Overall revenue grew by 60 per cent to deliver highest ever top-line of Rs27.4 billion, with positive contributions from all segments.

    Operating expenses continue to be well managed through operational efficiencies and disciplined spending with an increase of 11 per cent from the same period last year.

    Moreover, reversal of Covid-19 general provision, coupled with lower impairments and strong recoveries led to a net release of Rs1.3 billion in H1CY22 against a net release of Rs0.7 billion in loan impairments in the comparative period.

    READ MORE: National Bank announces 28% fall in net profit for 1HCY22

    With a diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by Rs48.0 billion showing an increase of 8 per cent, whereas current and saving accounts increased by Rs58.0 billion showing an increase of 10 per cent since the start of this year and comprise 94 per cent of the deposit base.

    On the other hand, advances increased by 2 per cent during first half of the year and the Bank continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient and sustainable business.

    The external environment remains challenging, however we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best in class services and solutions for our clients and playing our part in the growth story of Pakistan.

    Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    The bank strives to maximise the contribution to State Bank’s initiatives on promoting housing finance and is consistently ranked amongst the top institutions.

    As of now over Rs4.9 billion have been dispersed under Mera Pakistan Mera Ghar scheme. SCBPL has been a major contributor towards the Roshan Digital Account (RDA) initiative and has channelled remittances of over $367 million into Pakistan since inception and contributed USD 320 million to the investments in Naya Pakistan Certificate (NPC).

    In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as subscribing to products and banking services online.

    Overall, the bank’s transformation journey stands well-curated, closely aligned with the Pakistan’s landscape and helping lift participation through digitization.

    Sustainable finance along with digital solutions for clients and their ecosystem stay as areas of keen focus for the Bank.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    SCBPL continues its efforts with the global initiative Futuremakers by Standard Chartered in Pakistan to tackle inequality and promote greater economic inclusion for young people in the community.

    Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited commented: “I am pleased to share our record performance for the first half of 2022, which clearly reflect strong foundations, enhanced productivity and good headway towards achieving our strategic priorities.”

    He also said: “The results give me the confidence that we have the right strategy to deliver real value to our clients, our investors and the communities where we operate.

    “I am thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates, colleagues and staff for their resilience, dedication and hard work in delivering such outstanding results. The Bank stands committed to their growth and well-being.

    READ MORE: Meezan Bank posts 36% growth in half year profit

    “While we are investing heavily in our people, giving colleagues the skills they need to succeed, bringing in expertise in critical areas and evolving to a more innovative and agile operating model, we intend to drive innovation and increase our operational efficiency further.

    “This operational leverage allows us to create capacity to invest in the many exciting and potentially transformational initiatives as the Bank’s pivot to digital continues,” he added.

    With a strong Return on Equity (ROE) of 20.2 per cent for 1HCY22 and a Capital Adequacy Ratio (CAR) of 15.3 per cent, the bank remains well positioned for future growth.

    On the back of a strong performance, the board of directors were pleased to announce highest ever interim cash dividend of 15 per cent (Rs1.50 per share) in respect of the half year ended June 30, 2022.

  • Dollar surges to PKR 220.66 ahead IMF board meeting

    Dollar surges to PKR 220.66 ahead IMF board meeting

    KARACHI: The US dollar surged against Pakistani Rupee (PKR) to Rs220.66 on Friday ahead of the executive board meeting of the International Monetary Fund (IMF).

    (more…)
  • SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

    SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

    KARACHI: The State Bank of Pakistan (SBP) on Thursday opened an account for collection of donations to Balochistan Flood Relief and Rehabilitation Fund 2022.

    According to a circular issued by the central bank, the Government of Balochistan [GoB] has notified establishment of a flood relief fund, namely, Balochistan’s Flood Relief and Rehabilitation Fund, for providing relief and rehabilitation to the affected population due to torrential rains and flash floods in the Province.

    The Fund shall accept donations / contributions both from domestic and international sources for aforesaid purpose. The Director General, Provincial Disaster Management Authority (PDMA) will administer the Fund while the Accountant General Balochistan will maintain accounts of the Fund.

    READ MORE: Tax exemption granted to donations for PM flood relief fund

    In this regard, the SBP has opened “Balochistan’s Flood Relief and Rehabilitation Fund Account 2022” for collection of donations / contributions to the Fund. All the commercial and microfinance banks shall open the account of the Fund and shall receive donations / contributions in cash, through cheques, payorder and demand drafts, at all their branches across the country.

    Donors have been provided multiple options for making donation/ contribution to the Fund as described below:

    A. Overseas Donors:

    a. Roshan Digital Account (RDA) Holders: The Non Resident Pakistanis (NRPs) can contribute in the “Balochistan’s Flood Relief and Rehabilitation Fund” by clicking the fund icon on their bank’s Roshan Samaji Khidmat Page. The RDA banks shall create the “Balochistan’s Flood Relief and Rehabilitation Fund” button/link on their Roshan Samaji Khidmat page by 7th September 2022.

    READ MORE: SBP issues instructions to banks for flood relief donation awareness

    b. Wire Transfer: the overseas donors including NRPs not having RDA may donate to the Fund through wire transfer in the Fund account of any commercial bank in Pakistan. They would simply advise their respective banks to transmit the donation amount in the Fund Account by debiting their accounts.

    c. Transfer through Money Service Bureaus, Money Transfer Operators and Exchange Houses: Overseas donors may also donate / contribute through Money Service Bureaus (MSBs), Money Transfer Operators (MTOs) (e.g. MoneyGram, Western Union) and Exchange Houses (EHs) in line with the arrangements in place for receiving home remittances.

    B. Domestic Donors:

    a) Cash Deposits at Banks’ Counters: Donors may make their donations / contributions to the fund in cash at any branch of any bank operating in Pakistan. Similarly, donations/ contributions may also be made at any of the field offices of SBP Banking Services Corporation. The banks and SBP BSC offices shall ensure availability of preprinted deposit slips at their cash counters.

    b) Deposit of Crossed Cheques in the Name of the Fund in Bank’s Drop Boxes: The donors and contributors may make their donations / contributions to the Fund by dropping crossed cheques in the name of the Fund in their respective bank’s drop box. All banks shall make available drop box facility at their selected branches for donors where they may drop their crossed cheques in favor of the Fund. The banks shall, accordingly debit the customer’s account and transfer the amount of such proceeds daily on consolidated basis through RTGS to the SBP.

    c) Digital Channels: The donor may also use digital channels e.g. interbank fund transfer facility (IBFT), RAAST, mobile banking, mobile wallets and ATMs etc. to donate to the Fund. The commercial and microfinance banks shall prominently display the IBAN of the Fund at their websites.

    The banks receiving / collecting donations from overseas as well as domestic donors in the Fund Account shall transfer the consolidated amount through RTGS to the SBP on daily basis.

    The banks shall maintain the details of individual donors i.e. name of donor the amount of his/her contribution, mode of payment etc. with them and shall be made available to SBP as and when needed.

  • Meezan Bank, Samba Bank celebrate success of RDA

    Meezan Bank, Samba Bank celebrate success of RDA

    KARACHI: Meezan Bank and Samba Bank in collaboration with the Embassy of Pakistan in Bahrain hosted a reception celebrate the success of Roshan Digital Account (RDA), said a statement issued on Thursday.

    Dr. Murtaza Syed – Acting Governor, State Bank of Pakistan virtually participated in the event and addressed the audience.

    Also present at the occasion were Muhammad Ayub, Ambassador of Pakistan in Bahrain, Irfan Siddiqui – President and CEO, Meezan Bank and Ahmad Tariq Azam – Acting President and CEO, Samba Bank Limited along with key team members.

    The State Bank of Pakistan (SBP), with the goal of achieving digitization is working towards providing technology-enabled banking solutions for everyone in Pakistan. As an extension of this goal, Non-Resident Pakistanis can also avail financial services digitally through RDA, which include account opening and investment in different sectors in the country even from outside Pakistan.

    In his speech, Dr. Murtaza Syed – Acting Governor, State Bank of Pakistan briefed the audience on the current economic situation of the country and thanked the NRPs living in Bahrain for their support and contribution over the past two years, that has evidently resulted in increasing the inflow of foreign remittances to Pakistan.

    In his welcome address, His Excellency, Mr. Muhammad Ayub, Ambassador of Pakistan highlighted the contributions of the Pakistani diaspora in the socio-economic development of the Kingdom of Bahrain and also Pakistan through significant remittances. He also underlined the vital contributions of the Pakistani community in strengthening the bilateral relations between Pakistan and Bahrain.

    In his welcome speech, Irfan Siddiqui – President and CEO, Meezan Bank thanked the guests for attending the event and said: “Alhamdulillah, Meezan Bank is the only bank to have received One Billion USD in remittances under the Roshan Digital Account initiative. We are pleased to be celebrating this achievement with you on Meezan Bank’s 25th Anniversary, to honour the support extended by the Overseas Pakistani community who have raised the profile of the Bank in local and international communities.

    “I would like to dedicate this celebration to our valued customers and employees whose trust and commitment has enabled the Bank to grow into one of the leading banks of the country.”

    Ahmad Tariq Azam, Officiating President & CEO, Samba Bank Limited, while addressing the gathering of Non-Resident Pakistani diaspora accentuated on the national importance of the Roshan Digital initiative and highlighted that this digital platform has provided the all-important financial linkage to the Overseas Pakistanis with their homeland.

    It not only fulfills to their basic banking needs but also provides a complete lifestyle solution to the NRPs and their families. He asserted that Samba Bank Limited takes pride in extending world class banking services to its RDA holders and would continue to cater to their varied banking requirements through our state-of-the-art technological infrastructure.

    Azam, in his closing remarks, further stressed that Pakistan and Bahrain have a long-standing relationship of bilateral cooperation and such events not only bring the Pakistani community closer but also strengthen the bond of coalition between two countries.

    Over 200 guests attended the event including various industry leaders and professionals from the Pakistani community in Bahrain. The event also coincides with Pakistan’s 75th Independence Year celebrations.

    Meezan Bank and Samba Bank announced availability of their teams at the Pakistan Embassy on the next day for facilitation of Overseas Pakistanis living in Bahrain. Subsequently, the teams will be visiting various camp sites for two additional days to provide them with maximum assistance.