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: Deterioration continued in Pak Rupee (PKR) against dollar on Wednesday as the local currency hit new record low at Rs171.13.
Previously, the rupee recorded the all-time low at Rs171.04 against the dollar a day ago on October 12, 2021 in interbank foreign exchange market.
Currency experts said that the dollar demand for import payment was continuously depreciating the rupee value.
The import bill surged by 65 per cent to $18.63 billion during first quarter (July – September) of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.
It is important to note that the State Bank of Pakistan (SBP) during past couple of weeks took various measures to discourage outflow of dollars. However, these measures are unable to stop depreciation in rupee value.
The local currency remained under pressure since start of the current fiscal year. The local unit has lost Rs13.59 against the dollar from Rs157.54 on June 30, 2021 to Rs171.13 to date.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 13, 2021 (The rates are updated at 10:30 AM):
Currency
Buying
Selling
Australian Dollar
123.50
125.00
Bahrain Dinar
386.75
388.50
Canadian Dollar
135.50
137.50
China Yuan
23.75
23.90
Danish Krone
23.45
23.75
Euro
196.00
198.00
Hong Kong Dollar
16.65
16.90
Indian Rupee
2.03
2.10
Japanese Yen
1.41
1.44
Kuwaiti Dinar
481.60
484.10
Malaysian Ringgit
36.45
36.80
New Zealand Dollar
96.35
97.05
Norwegians Krone
17.50
17.75
Omani Riyal
392.70
394.70
Qatari Riyal
39.80
40.40
Saudi Riyal
45.25
45.75
Singapore Dollar
123.50
125.00
Swedish Korona
18.30
18.55
Swiss Franc
159.80
160.70
Thai Bhat
4.80
4.90
U.A.E Dirham
46.50
47.10
UK Pound Sterling
232.00
234.50
US Dollar
170.80
172.80
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.
Currency experts said that the dollar demand for import payment was continuously depreciating the rupee value.
The import bill surged by 65 per cent to $18.63 billion during first quarter (July – September) of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.
It is important to note that the State Bank of Pakistan (SBP) during past couple of weeks took various measures to discourage outflow of dollars. However, these measures are unable to stop depreciation in rupee value.
The local currency remained under pressure since start of the current fiscal year. The local unit has lost Rs13.50 or 8.57 per cent against the dollar from Rs157.54 on June 30, 2021 to Rs171.04 to date.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 12, 2021 (The rates are updated at 12:20 PM):
Currency
Buying
Selling
Australian Dollar
123.50
125.00
Bahrain Dinar
386.75
388.50
Canadian Dollar
135.50
137.50
China Yuan
23.75
23.90
Danish Krone
23.45
23.75
Euro
196.00
198.00
Hong Kong Dollar
16.65
16.90
Indian Rupee
2.03
2.10
Japanese Yen
1.41
1.44
Kuwaiti Dinar
481.60
484.10
Malaysian Ringgit
36.45
36.80
New Zealand Dollar
96.35
97.05
Norwegians Krone
17.50
17.75
Omani Riyal
392.70
394.70
Qatari Riyal
39.80
40.40
Saudi Riyal
45.25
45.75
Singapore Dollar
123.50
125.00
Swedish Korona
18.30
18.55
Swiss Franc
159.80
160.70
Thai Bhat
4.80
4.90
U.A.E Dirham
46.50
47.10
UK Pound Sterling
232.00
234.50
US Dollar
170.80
172.80
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) has relaxed financing conditions to promote investment in renewable energy solutions by companies.
The SBP in a statement on Monday said that it had softened the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.
Now, all Renewable Energy Investment Entities (RE-IEs) interested in installing renewable energy projects/solutions are allowed to avail refinance under category III of the scheme.
An RE-IE is a business entity (including vendors and suppliers) whose business is to establish renewable energy projects for onward leasing/renting out/selling on deferred payment basis or selling of electricity generated from these projects to end users.
It may be recalled that with an aim to help address the challenges of energy shortages and climate change, SBP revised its SBP Financing Scheme for Renewable Energy in July 2019.
SBP also launched a Shariah complaint version of the scheme in August 2019. The scheme now comprises of three categories. Under Category I, financing is allowed for setting up of renewable energy power projects with capacity ranging from 1 MW to 50 MW for own use or selling of electricity to the national grid or a combination of both.
Under Category II, financing is allowedto domestic, agriculture, commercial and industrial borrowers for installation of renewable energy based projects/solutions of up-to 1 MW to generate electricity for own use or selling to the grid/distribution company under net metering.
Under Category III, financing isallowed to vendors/suppliers/energy sale companies for installation of wind and solar systems/solutions of up to 5 MW. Since the inception of the scheme,717 projects having potential of adding 1,082 MW of energy supply through renewable sources have been financed. As of June 30, 2021, total outstanding financing under the Scheme is Rs53billion. While there is substantial take up under Category I & II, solution suppliers under Category III faced problems.
Accordingly, in light of the feedback received from stakeholders including renewable energy solution suppliers, Alternate Energy Development Board, NEPRA and banks, the requirement of AEDB certification has been relaxed for RE-IEs who do not undertake installations on their own but hire services of installers/vendors for installation of RE projects/solutions.
However, vendors/ suppliers/engineering procurement & construction (EPC) contractors of these RE-IE will still be required to be certified under AEDB certification regulations. It is expected that this revision in category III will further facilitate in production of clean energy.
KARACHI: The Pak Rupee (PKR) depreciated by 21 paisas against the dollar on Monday, closing at Rs170.74 in the interbank foreign exchange market. This decline followed Friday’s closing rate of Rs170.53, reflecting a surge in dollar demand for external payments.
