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.
LAHORE: MCB Bank on Thursday announced the highest ever annual profit before tax at around 52 billion for the year ended December 31, 2021
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The Pakistani Rupee (PKR) made a modest gain against the US dollar on Thursday, appreciating by two paisas to close at Rs174.87 in the interbank foreign exchange market, compared to the previous day’s closing rate of Rs174.89. Despite the high demand for import payments, positive market sentiment helped the rupee stabilize.
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KARACHI: The State Bank of Pakistan (SBP) on Wednesday allowed banks in remitting visa fees collected in Pak Rupee (PKR) accounts.
The SBP invited authorized dealers or banks towards FE Circular No. 07 dated August 05, 2021 in terms of which SBP notified revision of Chapter 14 (Commercial Remittance) of Foreign Exchange Manual.
READ MORE: SBP imposes penalty of Rs58 million on five banks
The central bank said that in order to facilitate foreign embassies/consulates operating in Pakistan in remitting various fees such as visa/consular/document attestation fees etc. collected by them in PKR accounts to their respective ministries/authorities in home countries, it has been decided to allow general permission to Authorized Dealers for remitting such fees.
READ MORE: UBL gets Due Diligence approval to acquire Telenor Microfinance Bank
Accordingly, following new para is inserted in Chapter 14 (Commercial Remittances) of Foreign Exchange Manual:
“Para 28A- Remittance of Fees Collected By Foreign Embassies/Consulates in Pakistan
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Authorized Dealers are allowed to remit funds collected (in PKR) by foreign embassies/consulates in Pakistan on account of various fees such as visa/consular fee, documents attestation fee, etc. to their respective ministries/ authorities in home countries. The remittance may be allowed by the Authorized Dealers after conducting necessary due diligence of transaction and satisfying themselves with respect to bonafides of the request through the review of underlying documents.”
KARACHI: The US dollar gained 39 paisas against the Pak Rupee (PKR) on Wednesday due to increase in dollar demand for import payment.
The rupee ended Rs174.89 to the dollar from previous day’s closing of Rs174.50 in the interbank foreign exchange market.
READ MORE: Dollar ends up three paisas to PKR
Currency experts said that high oil prices and rise in domestic demand increased the dollar demand for import payments.
The oil import bill surged by 113.40 per cent to $10.18 billion during first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.
READ MORE: Rupee ends flat to dollar amid import payment demand
The experts said that fate of the local currency would be dependent upon the demand for import payments.
The import bill for the month of January 2022 fell by 22 per cent to $5.9 billion as compared with $7.58 billion in the previous month of December 2021.
READ MORE: Dollar plunges by PKR 1.04 in interbank
However, total import bill is still growing at 59 per cent to $46.47 billion during first seven months (July – January) 2021/2022 as compared with $29.25 billion in the corresponding period of the last fiscal year.
READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche
KARACHI: The US dollar gained three paisas against the dollar on Tuesday owing to demand of the foreign currency for import payments.
The interbank foreign exchange market ended at Rs174.50 to the dollar from previous day’s closing of Rs174.47.
READ MORE: Rupee ends flat to dollar amid import payment demand
Currency experts said that the local unit was under pressure due to escalation in international oil prices during the past few days. However, the rupee recovered the losses on reports that the international prices eases.
READ MORE: Dollar plunges by PKR 1.04 in interbank
The benchmark Brent crude rose to $94 per barrel a day earlier, which was the highest since October 2014. However, the softening in tension between the US and Iran over civil nuclear issue the oil settled at over $92.
READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche
Pakistan is dependent on imported oil and any change in international prices it directly hit the balance of payment. The high international prices resulted massive growth in oil import bill during the first half of the current fiscal year.
The oil import bill surged by 113.40 per cent to $10.18 billion during first half (July –December) 2021/2022 as compared with $4.77 billion in the same period of the last fiscal year.
KARACHI: The State Bank of Pakistan (SBP) has imposed penalty of Rs58 million on five commercial banks for violating regulatory provisions during quarter ended December 31, 2021.
According to an official note released on Tuesday, the SBP said it had imposed penalty on five commercial banks, included: Bank Alhabib Limited, The Bank of Punjab, Standard Chartered Bank (Pakistan) Limited), Askar Bank Limited and National Bank of Pakistan.
READ MORE: SBP slaps Rs280 million penalty on National Bank
The central bank said that the penalty was imposed on the banks for violating regulatory instructions pertaining to general banking operations.
The details of monetary penalties on the banks are: Bank Alhabib Limited, Rs13.684 million; The Bank of Punjab, Rs12.545 million; Askari Bank Limited, Rs10.300 million, National Bank of Pakistan, Rs10.26 million.
The SBP said that in addition to penal action, the bank has been advised to strengthen processes with respect to identified areas.
READ MORE: SBP imposes monetary penalty on eight banks
The total monetary penalty on banks during past six months (July – December) 2021 has increased to Rs523 million.
Previously, the SBP imposed monetary penalty of Rs455 million on four banks for the quarter ended September 30, 2021. During this quarter the SBP imposed heavy penalty of Rs280.51 million on National Bank of Pakistan (NBP) for violating regulator instructions pertaining to AML/CFT. Similarly, an amount of Rs132.437 has been imposed on Silk Bank Limited for violating provisions of anti-money laundering and counter financing of terrorism.
READ MORE: Habib Bank pays penalty of Rs42.2 million to SBP
Furthermore, the central bank imposed penalties of Rs38.55 million and Rs13.54 million on United Bank Limited and Industrial and Commercial Bank of China-Pakistan Branches.
KARACHI: United Bank Limited (UBL) has been granted regulatory approval to commence due diligence (DD) of Telenor Microfinance Bank Limited.
In a communication shared with the Pakistan Stock Exchange (PSX) on Tuesday, UBL said that the State Bank of Pakistan (SBP) had granted in-principle approval to UBL to commence the due diligence of Telenor Microfinance Bank Limited (TMB) for proposed acquisition of 55 per cent sponsor shares in TMB, currency held by Telenor Pakistan BV (operating under the Easypaisa brand name), subject to the compliance with the applicable laws, rules, regulations.
It was second approval granted by the SBP in less than two weeks to UBL to initiate due diligence in two different acquisitions.
On January 26, 2022, the bank informed the PSX that that SBP had granted in-principle approval to UBL to commence the due diligence of Samba Bank Limited in respect of acquisition of 84.51 per cent shareholding of SBL, currently held by Saudi National Bank.
KARACHI: The State Bank of Pakistan (SBP) has welcomed the Pakistani diaspora in the Kingdom of Saudi Arabia (KSA) for their support of the SBP’s initiative of Roshan Digital Account (RDA).
(more…)KARACHI: The Pak Rupee (PKR) ended flat against the dollar on Monday amid demand of the foreign currency for import payment.
The rupee ended Rs176.47 to the dollar from the last Friday’s closing rs176.48 in the interbank foreign exchange market.
READ MORE: Dollar plunges by PKR 1.04 in interbank
Currency experts said that the dollar demand seen during the day but rupee was stable owing to positive sentiments.
The market was positive due to foreign inflows received during the last week in the shape of IMF funds and Sukuk proceeds.
READ MORE: PKR up 89 paisas to dollar as IMF okays Pak tranche
The IMF Executive Board on February 02, 2022 approved over a billion dollars for Pakistan as sixth tranche of Extended Fund Facility (EFF), which was received by the State Bank of Pakistan (SBP).
Further, the Sukuk proceeds also helped the rupee to make gain during the last week.
READ MORE: Rupee gains two paisas against dollar
The experts said that easing import bill also supported the rupee to make recovery.
However, they said that the rising international oil prices would incur pressure on the rupee stability in coming days.
KARACHI: The State Bank of Pakistan (SBP) on Friday directed all commercial banks and microfinance banks to display messages to create awareness in general public regarding last date for exchanging old design banknotes.
The SBP said that the last date for exchanging the old banknotes of denominations of Rs10, 50, 100 and 1000 is December 31, 2022.
READ MORE: Last date extended to exchange old banknotes: SBP
The central bank said that it had issued FD Circular No.2 of 2015 dated June 11, 2015, regarding demonetization of old design banknotes of Rs. 10, 50, 100 and 1000, and cessation of legal tender status of these banknotes with effect from December 01, 2016.
Thereafter, these old design banknotes were exchangeable only from the offices of the SBP Banking Services Corporation offices up till December 31, 2021.
READ MORE: Old currency notes can be exchanged till December 2022
The Federal Government vide Gazette Notification F.No.2 (1) IF-III/2010 dated December 23, 2021, has extended the last date of exchange of these old design banknotes from the field offices of the SBP Banking Services Corporation up till December 31, 2022.
In order to enhance public awareness about extension in last date of exchange of these old design banknotes from the field offices of SBP Banking Services Corporation, the banks are advised to make the following arrangements on immediate basis:
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— Ensure display of message regarding the last date of exchange of old design banknotes at their websites. The message shall remain visible at their websites up to December 31, 2022.
— The messages shall be shown through an interactive web icon displaying attached poster regarding extension in the last date of exchange of old demonetized banknotes along with separate video message.
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