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.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 12, 2021 (The rates are updated at 09:50 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
126
128
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
138.50
140
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
199.50
201.50
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)
46.40
46.90
Singapore Dollar (SGD)
126
128.50
Swedish Korona (SEK)
18.50
18.750
Swiss Franc (CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48
48.50
UK Pound Sterling (GBP)
235
237.50
US Dollar (USD)
174.50
176.50
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.
In separate meetings with the two Governors, various topics of mutual interest related to Islamic Banking, digitalization, open banking, and financial inclusion were discussed.
The Governors shared the vision that digital transformation could play a pivotal role in the expansion of Islamic Finance and help in improving financial inclusion. In the meeting with the Saudi Central Bank Governor, Dr. Baqir thanked the Saudi authorities for the financial support they had recently announced for Pakistan in the form of a deposit at the SBP and oil financing.
Dr. Baqir briefed the Governors of the Saudi Central Bank and Bank Indonesia about the recent initiatives of SBP in the areas of Islamic banking, digitalization, financial inclusion and low-cost housing finance.
While talking about digitalization of the financial sector he said that digitalization is a means to achieve the broader objective of making the financial sector more productive, efficient, and inclusive.
Governor SBP especially highlighted that digitization offers the highest potential to accelerate the pace of financial inclusion. Technology driven solutions are the key to open doors of the financial sector for the unserved and underserved segments of the society, particularly the women.
The Governors also shared their experiences during Covid-19 pandemic. Governor SBP apprised them about the various measures taken by the Government of Pakistan to successfully contain the spread of Covid in Pakistan. He also shared the measures taken by SBP to inject liquidity in the economy and banking sector during Covid that helped save jobs as the country went into a locked down situation.
KARACHI: The US dollar jumped to Rs174.19 at the closing on Thursday making a fourth straight day gain.
The Pak Rupee lost another Rs1.26 to the dollar from the previous day’s closing of Rs172.93 in the interbank foreign exchange market.
Currency experts said that the rupee remained under pressure due to large external payments.
The local currency made recovery after falling to the lowest level of Rs175.27 on October 26, 2021. The recovery in the local unit was due to the announcement of the Saudi government to support Pakistan in managing the balance of payment.
The Saudi government announced an amount of $3 billion on October 26, 2021 that was to be transferred directly to the State Bank of Pakistan (SBP).
The currency experts said that the rupee witnessed the massive depreciation due to the delay in Saudi package as well as IMF tranche.
Meanwhile, the import bill remained on the higher side due to a surge in international commodity prices.
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, according to the Pakistan Bureau of Statistics (PBS).
Karachi, November 11, 2021 – The State Bank of Pakistan (SBP) has unveiled the official exchange rates for customers, applicable as of November 11, 2021.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 11, 2021 (The rates are updated at 09:50 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
127.00
128.50
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
138.00
139.50
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
200.25
202.25
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)
46.15
46.65
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)
47.75
48.200
UK Pound Sterling (GBP)
234.00
236.50
US Dollar (USD)
173.50
175.00
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) has stressed the need of digital transformation of global Islamic financial services for its growth.
Digital transformation of the global Islamic financial Services industry has become a necessity for its growth and it needs to focus on innovative ways of service delivery that aligns with expectations of today’s tech-savvy and convenience-driven customers, SBP governor Dr. Reza Baqir said.
He was speaking at the 15th Islamic Finance Services Board (IFSB) Summit 2021 hosted by the Saudi Central Bank in Jeddah, according to a SBP statement issued on Wednesday.
The theme of the summit was “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience.”
Dr. Reza Baqir, who is the Deputy Chairman of the Council of IFSB, was chairing a session on ‘Digital Transformation of Islamic Financial Services: Opportunities, Challenges and Policy Implications’. Other attendees at the summit included the central bank Governors of Saudi Arabia, UAE, Bahrain, Indonesia, Oman, and Libya.
With fast digitalization happening in the financial landscape, Governor SBP emphasized that the Islamic finance industry also needs to move to digitize their financial services and transform their processes to improve efficiency, reduce intermediation cost and increase outreach to a wider segments of society.
He pointed out that digitalization of Islamic financial services offers tremendous opportunities in achieving a more inclusive financial system for Islamic countries, where a significantly large number of adult population is unbanked than rest of the world.
SBP governor advised that development of Shariah and prudential standards related to fintechs and digital banking, by the international standards setting bodies such as AAOIFI and IFSB, would prove pivotal for the fast-paced development of global Islamic financial industry and recommended to set up a technical working group to specifically work on these standards.
He touched upon the key initiatives taken by State Bank of Pakistan during the last few years on the digital front, especially in the wake of COVID-19 pandemic.
He especially mentioned SBP’s initiatives pertaining to National Payment Systems Strategy, digital on boarding framework to bring banking services to the fingertips of the customers, digital on-boarding of merchants to facilitate the growth of digital payments and Roshan Digital Accounts for providing innovative banking solutions to millions of Non Resident Pakistanis (NRPs).
Other panelists of the session discussed how the digital transformations could benefit and bring significant opportunities for the Islamic finance industry allowing greater accessibility, convenience, speedy payment transactions and operational efficiency.
The panelists also shed light on new regulatory and supervisory challenges for the financial sector regulators posed by technological advancements. Further, they discussed policy implications of digitalization that focuses on maintaining a balance among financial innovation, integrity and stability.
The 15th IFSB Summit 2021 focused on ways to foster innovation, technological adoption, accessibility and sustainability in the Islamic financial system to aid its future growth and development. It also highlighted policy implications arising from rapid digital transformation and the work to be done, going forward, to strengthen its resilience and stability.
The Summit convened together high-level participants from regulatory and supervisory authorities, government officials, commercial institutions offering Islamic financial services, international organizations, multilateral development banks, academics and think tanks.
The currency dealers said that the rupee witnessed massive decline owing to higher dollar demand for import payments.
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.
The said that non-availability of expected inflows from Saudi Arabia had also put pressure on the dollar demand. The Saudi government on October 26, 2021 pledged to provide $3 billion assistance to Pakistan in managing balance of payment.
The local unit recorded the all-time low of Rs175.27 on October 26, 2021.
