Pkrevenue.com

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.

  • SBP’s instructions on pensioners biometric verification

    SBP’s instructions on pensioners biometric verification

    KARACHI: The State Bank of Pakistan (SBP) on Friday issued instructions regarding biometric verification of pensioners.

    Prior to these instructions the SBP issued BC&CPD Circular Letter No. 01 dated February 01, 2021 and File Letter No. BC&CPD/O&SSD/BVS/5873 dated May 27, 2021 on the subject.

    The Finance Division issued a letter on December 08, 2021 on the subject of Biometric Verification Service, contents of which are self-explanatory, the central bank said.

    The said instructions of bio metric verification service are for pensioners drawing pension from AGPR Islamabad. All banks are advised to comply with the instructions contained therein.

    Further, all banks are advised to ensure widespread publicity of the above initiative through branches and other means for awareness of the pensioners.

    Mandatory biometric verification restored for pensioners
  • SBP continues banking relaxations amid rising COVID cases

    SBP continues banking relaxations amid rising COVID cases

    KARACHI: The State Bank of Pakistan (SBP) on Friday extended the banking relaxation till June 30, 2022 due to rise in cases of coronavirus – COVID-19.

    (more…)
  • Dollar falls by 25 paisas to Rs176.67 in interbank

    Dollar falls by 25 paisas to Rs176.67 in interbank

    KARACHI: The US dollar fell by 25 paisas to end Rs176.67 to the dollar in the interbank foreign exchange market on Friday.

    The Pak Rupee (PKR) closed at Rs176.67 to the dollar from last day’s closing of Rs176.92 in the interbank foreign exchange market.

    Currency experts said that banks had provided sufficient dollars during the day which supported the rupee value. They said that the banks had received the foreign currency under the head of export receipts and workers’ remittances.

    The experts said that the market witnessed demand for dollar for week-end import payments. They said that the market would close next two days due to weekly holidays.

    The rupee recovered sharply during the last two days of the year 2021 and closed the year at Rs176.51 from the lowest level of Rs178.24 to the dollar on December 29, 2021.

    The experts said that ease in import bill in month on month basis also supported the local unit to make recovery. The import bill eased to $6.9 billion in December 2021 as compared with $7.9 billion in November 2021.

    Rupee depreciates by 18 paisas against dollar
  • FIA probes Binance in mega crypto scam

    FIA probes Binance in mega crypto scam

    KARACHI – The Federal Investigation Agency (FIA) has summoned representatives of Binance, a leading international buy/sell platform for cryptocurrencies, as part of an investigation into a scam that has left many Pakistanis deprived of billions of rupees.

    (more…)
  • Rupee depreciates by 18 paisas against dollar

    Rupee depreciates by 18 paisas against dollar

    KARACHI: The Pak Rupee (PKR) ended down by 18 paisas against the dollar on Thursday owing to rising demand for import payments.

    The rupee ended Rs176.92 to the dollar from previous day’s closing of Rs176.74 in the interbank foreign exchange market.

    Currency experts said that the market witnessed higher dollar demand for import payments.

    They said that inflows of workers’ remittances and export receipts were not sufficient to support the local unit.

    The experts said that the local currency had recovered sharply last week owing to presentation of mini-budget by the government, which contained import restriction measures.

    However, the bill is still awaiting approval from both the upper and lower houses.

    On the other hand the foreign exchange reserves were falling owing to scheduled foreign payments.

    The official foreign exchange reserves of the central bank slipped by $299 million to $17.85 billion by week ended December 24, 2021 when compared with $18.15 billion a week ago. The official reserves of the SBP is import cover of 2.25 months, which is below the benchmark of three months.

    Rupee recovers one paisa against dollar
  • USC, NBP complete integration for Ehsaas Rashan

    USC, NBP complete integration for Ehsaas Rashan

    ISLAMABAD: Utility Stores Corporation (USC) and National Bank of Pakistan (NBP) on have completed integration to launch provision of subsidized items under Ehsaas Rashan Riayat Program.

    Senator Dr. Sania Nishtar, SAPM together with MD USC, Taha Aziz Magrabi visited a Utility Store in G-6 Islamabad to field test the integration of data and Point of Sales (PoS) systems between Ehsaas, National Bank of Pakistan (NBP) and USC under the Ehsaas Rashan Riayat programme.

    READ MORE: USC automation to ease provision of targeted subsidy

    At the Utility Store, Dr. Sania witnessed the first transaction and met with the first cohort of beneficiaries who were declared eligible under the testing phase, after they enrolled for Ehsaas Rashan through 8171.

    Through the newly integrated system, the eligibility of the buyers was verified, and they were able to avail subsidy on the purchase of flour, cooking oil, ghee and pulses.

    READ MORE: USC to announce special discount package for Ramazan

    “It is very encouraging to see the successful system and data integration which is a result of the hard work of USC, NBP and Ehsaas teams.

    “This is, in fact, a great milestone. The integrated Point of Sale system will enable the USC to pass on the Ehsaas Rashan subsidies to eligible families”, said Dr. Sania.

    Adding further, she said, “Work under the Ehsaas Rashan programme is underway, registration and scrutiny of applicants is ongoing and very soon the Ehsaas Rashan subsidies will be available through a network of Utility Stores of Corporation and NBP authorized Kiryana stores all over the country.”

    With the launch of Rashan Riayat, close to 4000 locations of Utility Stores will go live on the same day. The beneficiaries will follow the same check out experience as they do at any other NBP enabled Kiryana store i.e. CNIC and cell phone. To make it easy for the customers Utility Stores will also have the signboard “Ehsaas Rashan Riayat” displayed.

    READ MORE: USC officials warned against misusing subsidy

    MD Utility Stores said that the Ehsaas Rashan subsidies will also be operationalized shortly through a network of Utility Stores all over the country.

    Under the Rs. 120 billion programme, a subsidy of Rs. 1,000 a month will be granted to each of 20 million eligible families on the purchase of flour, pulses, cooking oil and ghee.

    Captain (Rtd) Saeed Ahmed Nawaz, Additional Secretary Poverty Alleviation and Social Safety Division; Gul Bahar Khan, General Manager NBP; Hisham Jan Kiani, Regional Head North NBP; and senior officials of Utility stores including GM Store Operations, GM IT, Zonal Manager, Regional Manager Islamabad and Manager Coordination were also present.

    READ MORE: Sindh governor visits USC outlets to check availability of essential items

  • SBP shortens period to 120 days for bringing export earnings

    SBP shortens period to 120 days for bringing export earnings

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday reduced the period from 180 days to 120 days for exporters to bring export proceeds from the date of shipment.

    The SBP on Wednesday amended foreign exchange regulations requiring exporters to bring export proceeds.

    READ MORE: SBP introduces licensing, regulations for digital banking

    The move also brings in Pakistan’s regulations closer to international best practices, the central bank said.

    It is pertinent to mention here that in recent past, SBP has introduced a number of policy measures in its foreign exchange regulations to facilitate exporters.

    READ MORE: SBP introduces Shariah compliant OMO injections

    These include (i) allowing up to 10 per cent of exporters’ annual exports for equity investment abroad to establish overseas subsidiary/branch office (ii) allowing exporters who are eligible to retain part of their export proceeds to make payments abroad from their export retention account for a number of additional purposes including marketing & promotions, purchase of design/ patterns, warehousing, consultancy service  etc. (iii) facilitating e-Commerce by allowing exporters to sell their products directly through their own websites as well as through international digital marketplaces including Amazon, e-Bay, Ali Baba and (iv) allowing exports by way of dispatch of shipping documents directly to the foreign buyer, to make exporters competitive in the international market.

    READ MORE: SBP directs banks to accept bearer prize bonds

    The new measure is expected to positively impact foreign exchange inflows in the market. SBP is of the view that flexible exchange rate has appropriately played its role as a shock-absorber and it is important that its role be complemented by strong exports proceed realization.

  • Rupee recovers one paisa against dollar

    Rupee recovers one paisa against dollar

    KARACHI: The Pak Rupee (PKR) recovered one paisas against the dollar on Wednesday as import payment demand eased in the interbank foreign exchange market.

    The rupee ended Rs176.75 to the dollar from previous day’s closing of Rs176.74 in the interbank foreign exchange market.

    Currency experts said that the local unit was supported by ease in demand for the foreign currency.

    They said that due to recent measures taken by the government regarding import restrictions resulted in recovery in rupee value.

    The local currency recorded an all-time low of Rs178.24 to the dollar on December 29, 2021.

    They said that through Finance (Supplementary) Ordinance, 2021 exemptions on many imported goods have been withdrawn.

    The experts said that falling foreign exchange reserves are still major threat to rupee stability.

    The official foreign exchange reserves of the State Bank of Pakistan (SBP) slipped by $299 million to $17.85 billion by week ended December 24, 2021 when compared with $18.15 billion a week ago.

    Dollar advances to Rs176.75 on post holidays demand
  • Dollar advances to Rs176.75 on post holidays demand

    Dollar advances to Rs176.75 on post holidays demand

    KARACHI: The dollar gained against the Pak Rupee (PKR) on Tuesday owing to payment demand for imports as the market opened after three holidays.

    The interbank foreign exchange market ended at Rs175.75 to the dollar from December 31, 2021 closing of Rs176.51.

    Currency experts said that the market witnessed dollar demand for import payment as foreign exchange dealing was suspended for last three days.

    The local unit recorded an all-time low of Rs178.24 to the dollar on December 29, 2021.

    The experts said that falling foreign exchange reserves and scheduled repayments would remain challenge for rupee stability.

    The official foreign exchange reserves of the central bank slipped by $299 million to $17.85 billion by week ended December 24, 2021 when compared with $18.15 billion a week ago. The official reserves of the SBP is import cover of 2.25 months, which is below the benchmark of three months.

    Dollar retreats to year end at Rs176.51
  • SBP introduces licensing, regulations for digital banking

    SBP introduces licensing, regulations for digital banking

    KARACHI: The State Bank of Pakistan (SBP) on Monday introduced a licensing and regulatory framework for digital banks in line with the international best practices.

    (more…)