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.

  • Exchange rates: PKR to SAR on December 18, 2021

    Exchange rates: PKR to SAR on December 18, 2021

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on December 18, 2021:

    Buying: Rs 47.40 to the Saudi Riyal

    Selling: Rs 49.00 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 10:32 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Dr. Alvi rejects banker’s plea in woman harassment case

    Dr. Alvi rejects banker’s plea in woman harassment case

    ISLAMABAD: The President of Pakistan, Dr. Arif Alvi, has rejected a petition filed by a banker for reinstatement into service, who was sacked for harassing a woman.

    The petitioner filed the appeal before the president against the decision of the Federal Ombudsman for Protection against Harassment of Women at Workplace which had modified the punishment of “dismissal from service” into “removal from service”.

    READ MORE: President Alvi rejects MCB Bank’s appeal in fraud case

    The President upheld the orders of the ombudsman noting that the petitioner was awarded the penalty of dismissal from service after inquiry wherein allegations of harassment stood established against him and the petitioner had failed to point out any illegality with the order of the learned ombudsman.

    According to the background of the case, Naeem Iqbal was appointed as Bank Cashier Grade-1 at Bank Alfalah Ltd, on February 01, 2006, and he was later promoted to Operation Officer, Counter Services Manager and Branch Operation Manager in 2010, 2014 and 2016 respectively.

    READ MORE: President Alvi orders two banks to pay victims of fraud

    Ms Habiba Rauf had filed a complaint before the management of the bank alleging acts of harassment against the accused.

    After inquiry, Iqbal was found guilty and, consequently, dismissed from the service by Bank Alfalah Ltd.

    After making a representation before the competent authority, he filed an appeal before the Woman Ombudsman who ordered that the appeal of the accused deserves outright dismissal, yet, on considering his long service and the fact that he has a large family, consisting of small kids and aged parents, leniency in punishment looks more appropriate and nearer to justice and fair play.

    READ MORE: President Alvi orders State Life to pay death insurance

    The ombudsman, therefore, modified the punishment of “dismissal from service” into “removal from service” and disposed of his appeal.

    Subsequently, Naeem Iqbal filed a representation with the President for reinstatement into service. While disposing of his appeal, the President noted that the petitioner was seeking setting aside of the order of the bank, dated March 18, 2019, and reinstatement into service purely on humanitarian grounds.

    The learned Ombudsman had already converted the penalty of dismissal to removal from service on such grounds.

    The President observed that since the petitioner had failed to point out any illegality with the order and no justification existed to interfere with the order of the Ombudsman, therefore, the instant representation is dismissed.

    READ MORE: Dr. Alvi opens property exhibition for UAE based NRPs

  • SBP issues KIBOR rates on December 17, 2021

    SBP issues KIBOR rates on December 17, 2021

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of December 17, 2021.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.8410.34
    2 – Week9.8910.39
    1 – Month9.9810.48
    3 – Month10.3210.57
    6 – Month11.1211.37
    9 – Month11.1911.69
    1 – Year11.2411.74
  • Dollar hits record high of Rs178.04 at interbank closing

    Dollar hits record high of Rs178.04 at interbank closing

    KARACHI: The US dollar breached the level of Rs178 on Friday due to mounting demand for the foreign currency for import payments.

    The Pak Rupee (PKR) ended at Rs178.04 to the dollar from the previous day’s closing of Rs177.98 in the interbank foreign exchange market.

    Currency experts said that dollar demand for import and corporate payments remained high during the day. They said that dollar demand for import and corporate payments remained high due to the closing of the year.

    READ MORE: Dollar maintains record high level at Rs177.98

    They said that the measures taken by the State Bank through tightening of monetary policy has failed to support the rupee.

    The State Bank of Pakistan (SBP) on December 14, 2021 announced a monetary statement and increased the key policy rate by 100 basis points to 9.75 per cent. The SBP increased the policy rate by 250 basis points in less than a month to support the local currency by reducing the demand.

    READ MORE: Rupee falls to new record low despite policy rate hike

    The dealers said that there was no letup in import payment. The import bill of the country surged by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

  • Customers’ exchange rates on December 17, 2021

    Customers’ exchange rates on December 17, 2021

    Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for December 17, 2021, providing customers with essential information based on the weighted average rates of commercial banks.

    (more…)
  • Today’s currency exchange rates in PKR – Dec 17, 2021

    Today’s currency exchange rates in PKR – Dec 17, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on December 17, 2021 (The rates are updated at 11:39 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125.50127.00
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)138.00140.00
     China Yuan (CNY)23.5023.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)200.50202.00
     Hong Kong Dollar (HKD)16.7517.00
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.80484.30
     Malaysian Ringgit (MYR)36.5036.85
     NewZealand $ (NZD)96.5597.25
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)47.2047.80
     Singapore Dollar (SGD)128.50130.00
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)49.3049.90
     UK Pound Sterling (GBP)234.70236.00
     US Dollar (USD)180.20181.40

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Exchange rates: PKR to USD on December 17, 2021

    Exchange rates: PKR to USD on December 17, 2021

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on December 17, 2021:

    Buying: Rs 180.20 to the US Dollar

    Selling: Rs 181.40 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:32 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Exchange rates: PKR to AED on December 17, 2021

    Exchange rates: PKR to AED on December 17, 2021

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on December 17, 2021:

    Buying: Rs 49.30 to the UAE Dirham

    Selling: Rs 49.90 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:27 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Exchange rates: PKR to GBP on December 17, 2021

    Exchange rates: PKR to GBP on December 17, 2021

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on December 17, 2021:

    Buying: Rs 234.70 to the UK Pound Sterling

    Selling: Rs 236.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:20 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Exchange rates: PKR to EUR on December 17, 2021

    Exchange rates: PKR to EUR on December 17, 2021

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on December 17, 2021:

    Buying: Rs 200.50 to the Euro

    Selling: Rs 202.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:16 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.