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.
The SBP last Saturday decided to increase the average CRR from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.
The SBP has decided the measure following the rupee hit an all-time low at Rs175.73 against the dollar on November 12, 2021.
A day earlier the SBP also decided to announce the monetary policy statement ahead of the scheduled announcement in order to stabilize the money market.
The large imports are continuously increasing the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 17, 2021 (The rates are updated at 11:53 PM Pakistan Standard Time):
KARACHI: The State Bank of Pakistan (SBP) has altered its monetary policy announcement date, advancing it to November 19, 2021, from the initially scheduled date of November 26, 2021.
The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 16, 2021 (The rates are updated at 12:30 PM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
127.00
129.00
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
138.50
140.50
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
199.00
201.00
Hong Kong Dollar (HKD)
16.70
16.95
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.70
484.20
Malaysian Ringgit (MYR)
36.45
36.80
NewZealand $ (NZD)
96.45
97.15
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.70
394.70
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
46.45
46.95
Singapore Dollar (SGD)
127.00
128.50
Swedish Korona (SEK)
18.50
18.75
Swiss Franc (CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48.50
49.10
UK Pound Sterling (GBP)
234.50
237.00
US Dollar (USD)
176.30
177.80
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.
KARACHI: The State Bank of Pakistan (SBP) on Monday launched an end-to-end digital regulatory approval process known as the Regulatory Approval System (RAS).
The central bank now achieved another milestone by launching a module pertaining to banking policy and regulations.
With the launch of this module in RAS, banks, Development Finance Institutions (DFIs) and Microfinance Banks (MFBs) can now submit their request letters/ proposals on a dedicated online portal to SBP’s Banking Policy and Regulations Department whereby SBP, after digitally processing them, would also be in a position to disseminate the regulatory decisions to them through the same portal.
Earlier in October 2020, Governor SBP Dr. Reza Baqir had launched the SBP FX RAS for end-to-end digitization of Foreign Exchange (FX) related case submission process.
The system turned out to be a huge success as it enabled the customers to lodge their FX-related requests from the location of their convenience thereby sparing their valuable time previously spent in navigating the paper-based processes. It also enabled banks to submit FX-related cases electronically for regulatory approval of SBP and SBP-Banking Services Corporation (BSC).
Implementation of RAS for Banking Policy and Regulation-related issues will be effective from November 24, 2021. It will enable banks, DFIs and MFBs to digitally submit their requests and receive regulatory decisions through a single window. Nevertheless, in addition to online submission, banks, DFIs and MFBs shall also continue with the manual submission of their cases that will cease after a brief transitory period till December 31, 2021.
Implementation of SBP’s RAS is expected to conserve precious resources, contribute towards SBP’s Green Banking initiative and bring efficiency in the communication between the banking sector and SBP. Moreover, this arrangement will also replace paper-based submissions that are prone to logistic and storage issues, and cause inadvertent and unnecessary delays for relevant stakeholders.
RAS is a regulatory initiative under SBP’s Vision 2020 aiming at the digital flow of information amongst the stakeholders to improve the service standards through leveraging upon digital techniques.
KARACHI: A losing streak of Pak Rupee (PKR) for the past five days decline in value against the dollar during the last week ended on Monday as the local unit recovered 44 paisas in interbank foreign exchange market.
The rupee ended Rs175.29 to the dollar from last Friday’s closing of Rs175.73 in the interbank foreign exchange market.
Currency dealers attributed the recovery in the value of the local unit to measures taken by the State Bank of Pakistan (SBP) to support exchange rate.
The dollar made a non-stop gain during the last week. This gain resulted in a fall in rupee value to the record low of Rs175.73 on November 12, 2021, in the interbank foreign exchange market.
The SBP on Sunday, November 14, 2021, decided to increase the average Cash Reserve Requirement (CRR), to be maintained during a period of two weeks by scheduled banks, from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.
CRR is the amount of money that banks are required to keep with the State Bank of Pakistan and is applicable on demand liabilities and time liabilities with the tenor of less than a year.
The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.
