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 – The Pakistani rupee (PKR) plunged to a record low of Rs174.43 against the dollar in the interbank foreign exchange market on Monday, marking a significant depreciation in the local currency.
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Karachi, October 25, 2021: The State Bank of Pakistan (SBP) has issued the official exchange rates for Monday, October 25, 2021.
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KARACHI: Bank Alfalah Limited on Monday declared Rs10.48 billion as after tax profit for nine months period ended September 30, 2021 as compared with Rs8.33 billion in the corresponding period of the last year, showing an increase of 26 per cent.
The bank declared earnings per share of Rs5.9 for the period under review as compared with Rs4.69 EPS in the same period of the last year.
Net interest income (NII) remained flat on YoY basis in January – September 2021 with solid deposit growth offsetting the impact of reduction in the benchmark rate by the Central Bank to support businesses during the pandemic.
Non-markup income stood at Rs11.589 billion, up by 15.6 per cent. This is mainly attributable to the increase in fee income (25 per cent YoY), dividend income (65 per cent YoY) and gain on derivatives.
Growth in fee income was on the back of exceptional home remittance and trade flows, combined credit and debit card spending, and strong growth in auto and home lending.
Administrative expense during the nine months increased by 13.7 per cent YoY. Branch network expansion, with the addition of 19 branches during the year, marketing campaigns to support RDA and home remittance, and investment in technology led to an increase in costs.
It is worth highlighting Bank Alfalah ranks amongst the top 5 banks in the Roshan Digital Account (RDA) space, with more than 10 per cent market share, also it is among the top three home remittance processing banks in the country under PRI initiative. Resultantly, cost to income ratio of the Bank surge to 58.5 per cent in the nine-month period ended September 30, 2021 from 52.6 per cent in the same period of the last year.
During the first nine months of the current financial year, the bank booked provisions of Rs1.419 billion which include subjective downgrades. The Bank’s non-performing loans ratio improved to 3.7 per cent as compared to 4.3 per cent as at December 31, 2020, while the Non-Performing Loan (NPL) coverage ratio is 101 per cent.
The Bank’s deposits closed at Rs 1.036 trillion at the end of Q3CY21, with YoY growth of 26.3 per cent compared to Q3’20. The increase was mainly due to the strong growth of 23.3 per cent in current accounts, which clocked in at Rs464.980 billion at quarter end. CA mix was recorded at 44.9 per cent.
The bank’s advances book grew by 28.9 per cent YoY compared to September 2020. Part of this growth is government backed schemes for economic relief. At period end, the Bank’s gross advances to deposits ratio stood at 64.8 per cent, above the 50 per cent mark on which higher income tax rate becomes applicable.
KARACHI – The exchange rates of major foreign currencies against the Pakistani Rupee (PKR) were updated on October 25, 2021, at 1:05 PM Pakistan Standard Time (PST).
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KARACHI: State Bank of Pakistan (SBP) has made Rs5 denomination prize bond as part of its museum.
Prize Bond, as the name suggests, are Bonds issued by a Government, which do not promise any interest, but award a prize, determined by a draw held at fixed date or regular intervals. Prize Bonds are investment and are bearer type of security available in different denominations.
The First Prize Bonds in the sub-continent were issued on sale in denominations of Rs. 10 and Rs. 100, by the undivided Indian Government on 15th January, 1944 and could be cashed on any date after 15th January, 1949. These were called “Five Year interest-free Bonds 1949”.
After the partition of sub-continent, Pakistan first issued the interest-free “National Prize Bonds” of Rs. 10 in October 1960, managed by the ‘Central Directorate of National Savings’ (CDNS). The Prize Bonds were launched by the then Minister, Gen. K.M. Shaikh, and the first Bond was also purchased by him. Later Rs. 5, 11, 50, 100, 500, 1000, 5000, 10000 & 25000 denomination Prize Bonds were issued.
The draw of each Prize Bond was held every three months, with the first draw held in January 1961. The traditional drum was used initially for the draw, but imported machines similar to slot machines were later used. The draws were supervised by draw committees, with the chairman being a senior Government officer, and members from the State Bank of Pakistan and Central Directoarte of National Savings (CDNS).
Rs. 200, 750, 1500, 7500, 15000, 25000 & 40000 denomination Bonds are currently in circulation.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 24, 2021 (The rates are updated at 07:51 AM):
| Currency | Buying | Selling |
| Australian Dollar (AUD) | 128.10 | 129.60 |
| Bahrain Dinar (BHD) | 386.75 | 388.50 |
| Canadian Dollar (BHD) | 138.100 | 140.1 |
| China Yuan (CNY) | 23.75 | 23.90 |
| Danish Krone (DNK) | 23.45 | 23.75 |
| Euro (EUR) | 201.10 | 203.60 |
| 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) | 46.60 | 47.10 |
| Singapore Dollar (SGD) | 126.10 | 127.60 |
| Swedish Korona (SEK) | 18.45 | 18.70 |
| Swiss Franc (CHF) | 159.90 | 160.80 |
| Thai Bhat (THB) | 4.80 | 4.90 |
| U.A.E Dirham (AED) | 48.10 | 48.60 |
| UK Pound Sterling (GBP) | 238.60 | 241.10 |
| US Dollar (USD) | 173.90 | 174.90 |
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: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 23, 2021 (The rates are updated at 07:51 AM):
| Currency | Buying | Selling |
| Australian Dollar (AUD) | 128 | 129.50 |
| Bahrain Dinar (BHD) | 386.75 | 388.50 |
| Canadian Dollar (CAD) | 138 | 140 |
| China Yuan (CNY) | 23.75 | 23.90 |
| Danish Krone (DNK) | 23.45 | 23.75 |
| Euro (EUR) | 201 | 203.50 |
| 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) | 46.50 | 47 |
| Singapore Dollar (SGD) | 126 | 127.50 |
| Swedish Korona (SEK) | 18.35 | 18.60 |
| 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) | 238.50 | 241 |
| US Dollar (USD) | 173.80 | 174.80 |
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: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on October 22, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.21 | 7.71 |
| 2 – Week | 7.25 | 7.75 |
| 1 – Month | 7.31 | 7.81 |
| 3 – Month | 8.08 | 8.33 |
| 6 – Month | 8.49 | 8.74 |
| 9 – Month | 8.73 | 9.23 |
| 1 – Year | 8.96 | 9.46 |
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday demanded the government of replacing the governor of State Bank of Pakistan (SBP).
“The business, industry and trade community of Pakistan demands a better, more competent and responsible leadership at the helm of the affairs at State Bank of Pakistan,” said Mian Nasser Hyatt Maggo, President FPCCI while criticizing irresponsible and fictitious statement by the Governor SBP on deprecating value of Pakistani Rupee and how it is benefiting Pakistan.
FPCCI Chief said that there is no economic sense and justification in the statement that Pakistan has gained around $3 billion due to recent depreciation in Pak Rupee. He added that the ground realities are diametrically opposite than that of assertions by SBP Chief.
Mian Nasser Hyatt Maggo emphasized that monetary policy should be devised in a manner to promote economic growth and bring stability in the economic indicators; however, monetary policy has failed to achieve any of the above.
Nasir Khan, VP FPCCI, has said that unrelentingly depreciating exchange rate is playing a havoc with Pakistani society and the economy. This is unsustainable and the Prime Minister should intervene – in the larger national interest – immediately to arrest the slide in the value of Pak Rupee.
Nasir Khan said that the government must address the domestic and imported inflation through its monetary and fiscal policies; instead of making lame excuses.
Mian Nasser Hyatt Maggo said that hardly any justification exists in continuation of the present Governor SBP. In fact, ethically speaking, he should prefer to resign himself in view of totally indefensible policy structure given by SBP.
Mian Nasser Hyatt Maggo has also demanded a binding inquiry into the conduct of SBP in recommending sweeping tax concessions for non-resident companies to attract investments in government debt at very high rates to favor certain foreign commercial banks. The same conduct of Governor SBP is part of the history archives, when he was in Egypt.
KARACHI: The State Bank of Pakistan (SBP) has said that the digital payment continued upward trajectory during fiscal year 2020/2021.
The SBP on Friday released its Annual Payment Systems Review (PSR) for the fiscal year 2020-21, which shows strong growth in the space of digital financial transactions in the country.
According to the SBP, transactions processed through SBP’s large-value payments segment, known as Real-time Inter-Bank Settlement Mechanism (PRISM), recorded YoY growth of 60.0 per cent by number of transactions (volume) and 12.8 per cent by value.
Similarly, overall e-Banking transactions registered YoY growth of 31.1 per cent which highlights substantial increase in adaption of digital means for payments.
This growth was spurred by major uptake in mobile banking (29 per cent increase in the number of users, 133.6 per cent and 178.7 per cent increase in volume and value respectively) and internet banking (32 per cent increase in the number of users, 65.1 per cent and 91.7 per cent increase in volume and value respectively).
This promising growth was achieved on the back of 27 banks offering app-based banking along with other entities offering innovative payment solutions for accepting digital transactions.
During FY21, digital payments adoption for retail transactions continued to show an upward trend. Due to the active efforts of the SBP, the number of card accepting POS machines saw a growth of 47 per cent. Transactions processed through POS machines reached as high as 88.8 million amounting to PKR 453.1 billion, showing YoY growth of 26.3 per cent by volume and 24.4 per cent by value of transactions.
The same trend was reflected in e-commerce transactions as well. The number of e-commerce merchants reached 3,003 which shows double-digit growth of 76 per cent.
Consumers carried out 21.9 million online transactions worth Rs60.6 billion on these locally registered e-Commerce Merchants during the year FY21 which amounts to significant YoY growth of 114.8 per cent and 74.1 per cent by volume and value of transactions respectively. These trends point toward healthy growth in fostering a more digitally integrated economy.
Similarly, on the card issuance side, as on end-June 2021, there were 45.9 million total cards in circulation that mainly comprised of Debit cards (65.0 per cent), Social welfare cards (18.4 per cent), ATM only cards (12.6 per cent), Credit cards (3.7 per cent), and Prepaid cards (0.3 per cent).
Collectively, these cards processed 708.7 million transactions amounting to Rs8.4 trillion during FY2021. The number of debit cards at the end of FY 2021 has been 29.8 million, observing a YoY growth of 11.8 per cent and annualized growth of 13.8 per cent during the last 4 years. Transactions processed through ATMs also grew to 598.7 million with the total value of Rs8.1 trillion.
This amounts to growth of 16.9 per cent by volume and 25.6 per cent by value on YoY basis.
The country’s core payment systems infrastructure remained operationally resilient. All channels of payment systems showed significant growth. SBP expects that going forward, the momentum of growth across all key areas of the digital payments ecosystem will continue to strengthen.
Modernizing the country’s payment system and infrastructure is a key priority, for which SBP will continue to work on providing an enabling regulatory environment.