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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.

  • ECC approves loyalty program for home remittances

    ECC approves loyalty program for home remittances

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet of Thursday approved a loyalty program to encourage overseas Pakistanis to send remittances home through legal channels.

    The ECC meeting was chaired by the Finance Minister Shaukat Tarin. The finance ministry tabled the summary regarding incentives /rewards to overseas Pakistanis remitters under National Remittance Loyalty Program (NRLP) which has been branded as Sohni Dharti Remittance Program.

    The remitters will be awarded points against remittances sent by them to Pakistan through legal channels.

    After due deliberations, the ECC recommended that the option of cash redemption may only be offered to those overseas Pakistani remitters who return to Pakistan permanently.

    However, Overseas Pakistanis shall be qualified to avail services (such as PIA ticket, Mobile phone duty payment etc) against redemption of the accumulated points awarded under NRLP.

    Ministry of National Food Security and Research (NFS&R) presented a summary to update the forum about the cotton seed prices during the months of August and September 2021. The domestic prices remained above the threshold set, barring for couple of days due to rains. The ECC expressed satisfaction that farmers are getting their due prices.

    Ministry of National Food Security and Research (NFS&R) tabled a summary regarding allocation/release of 280,000 MT of wheat to the Utility Stores Cooperation (USC) till December 2021. A quantity of 90,000 MT has already been provided as an interim arrangement whereas the remaining 190,000 MT will be provided from PASSCO’s stocks (local or imported as per stock availability with PASSCO). The ECC approved the allocation/release of remaining 190,000 MT to USC to ensure smooth supply of wheat through chain of USCs across the country.

    On a summary moved by the Ministry for National Food Security and Research, the ECC recommended the allocation of total quantity of 300,000 MT of wheat to the AJ&K Government out of PASSCO stock during the current financial year. This includes 140,000 MT of wheat which has already been released to AJ&K by the Ministry of NFS&R as an interim arrangement. The ECC directed the referring division to provide wheat to AJ&K with a best possible combination of indigenous and imported wheat.

    The ECC considered and approved the summary tabled by the Ministry of Overseas Pakistanis and HRD regarding Annual Budget for the FY2021-22 & revised Budget for the FY 2019-20 of the Employees Old-age Benefits Institution (EOBI).

    The ECC considered and approved a Technical Supplementary Grant (TSG) amounting to Rs. 6.4 billion in favour of Cabinet Division for Special Technology Zones Authority (STZA) during the current FY-2021-22.

    Lastly, on a summary tabled by the Ministry of Commerce regarding export of tomatoes and onions, the ECC after detailed discussion, constituted a sub-committee headed by the Finance Minister to consider monthly projections regarding export of perishable commodities on basis of estimated production, consumption and surplus to be presented by the M/o Commerce.

    It was decided that decision to export above mentioned vegetables will be taken by the sub-committee.

    Federal Minister for Planning Asad Umar, Federal Minister for Industries and Production Khusro Bakhtiar, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Governor SBP Dr. Reza Baqir, Secretary Power Division, Secretary M/o NFS&R, Secretary Commerce, Chairman FBR, Chairman SECP, MD USC and other senior officers participated in the meeting.

    FBR not to ask source of remittances sent through ECs
  • KIBOR rates on October 07, 2021

    KIBOR rates on October 07, 2021

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on October 07, 2021.

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  • Rupee recovers against dollar in interbank

    Rupee recovers against dollar in interbank

    KARACHI: The Pak Rupee (PKR) recovered nine paisas to the dollar on Thursday owing to tightening of exchange companies regulations by the State Bank of Pakistan (SBP).

    The rupee ended Rs170.87 to the dollar from the previous day’s closing of Rs170.96 in the interbank foreign exchange market.

    Currency experts attributed the recovery in rupee value to measures taken by the SBP a day earlier.

    The SBP imposed restrictions on persons traveling to Afghanistan. The central bank allowed persons traveling Afghanistan to carry only $1,000 per person per visit with a maximum annual limit of $6,000.

    The SBP also made it mandatory for exchange companies to undertake biometric verification for foreign currency sale or purchase transactions above $500.

    Dollar jumps up to make new high at Rs170.96
  • SBP issues customers exchange rates for October 07

    SBP issues customers exchange rates for October 07

    Karachi, October 07, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Thursday, October 07, 2021.

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  • Exchange rates in PKR vs foreign currencies on Oct 7

    Exchange rates in PKR vs foreign currencies on Oct 7

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 7, 2021 (The rates are updated at 10:00 AM):

    CurrencyBuyingSelling
    US Dollar171.10172.10
    Australian Dollar122.60124.10
    Bahrain Dinar386.75388.50
    Canadian Dollar134.50137.00
    China Yuan23.4523.75
    Danish Krone23.4523.75
    Euro1978.10199.10
    Hong Kong Dollar16.6516.90
    Indian Rupee2.032.10
    Japanese Yen1.411.44
    Kuwaiti Dinar481.60484.10
    Malaysian Ringgit36.4536.80
    NewZealand $96.3597.05
    Norwegians Krone17.5017.75
    Omani Riyal392.70394.70
    Qatari Riyal39.8040.40
    Saudi Riyal45.5046.10
    Singapore Dollar123.65125.15
    Swedish Korona18.3018.55
    Swiss Franc159.80160.70
    Thai Bhat4.804.90
    U.A.E Dirham47.3548.05
    UK Pound Sterling232.10234.60

    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.

  • SBP makes biometric mandatory for forex transactions

    SBP makes biometric mandatory for forex transactions

    KARACHI: The State Bank of Pakistan (SBP) has made biometric verification mandatory for foreign currency sale transactions.

    The central bank on Wednesday issued amendments to the exchange companies manual to stop the undesirable outflow of cash foreign currency.

    The SBP introduced following regulatory measures:

    i. Persons travelling to Afghanistan will be allowed to carry only USD1,000/- per person per visit with a maximum annual limit of USD6,000.

    ii. Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to USD500/- and above and outward remittances. This requirement will be applicable with effect from October 22, 2021.

    iii. Exchange Companies will sell the cash foreign currency and make outward remittances, equivalent to USD10,000/- and above, against receipt of funds through cheque or banking channels only.

    The SBP said that the regulatory measures will help to improve documentation of sale of foreign currency by exchange companies and place a check on undesirable outflow of foreign currency.

    Following is the text of circular No. 6 of the SBP

    Amendments in Instructions for Exchange Companies

    Attention of Exchange Companies and Exchange Companies of ‘B’ Category is invited to instructions contained in Para 9 (i) (f)&(g), 9(iii) (f)&(g) of Chapter 3 and Para 12 (i) (c) & (d) of Chapter 8 of Exchange Companies Manual.

    2. In order to strengthen regulatory regime for Exchange Companies, it has been decided to amend/change the applicable regulations relating to scope of business of Exchange Companies and Exchange Companies of ‘B’ Category. Accordingly, the relevant instructions in the following Paras of Exchange Companies Manual stand replaced as under:

    Para 9 (i) (f) Chapter 3 of Exchange Companies Manual

    “For all foreign currency sale transactions equivalent to USD 500/- or above, Exchange Companies shall retain copies of identification documents i.e., Computerized National Identity Card (CNIC) /National Identity Card for Overseas Pakistanis (NICOP)/ Pakistan Origin Card (POC) / Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan) after having seen the document in original. In addition, Exchange Companies shall also carry out biometric verification of Pakistani Nationals for all such transactions and maintain the record thereof”.

    Para 9 (i) (g) Chapter 3 of Exchange Companies Manual

    “All sale transactions of USD 10,000/- or above (or equivalent in other currencies) shall be conducted by the Exchange Companies through Cheque/ Bank Transfer from the personal account of the customer. Instrument/ transaction reference number and issuing bank’s name shall be mentioned on the transaction receipt along with identification document number of the customer.”

    Para 9 (iii) (f) Chapter 3 of Exchange Companies Manual

    “Exchange Companies shall retain copies of identification documents i.e., Computerized National Identity Card (CNIC)/National Identity Card for Overseas Pakistanis (NICOP)/Pakistan Origin Card (POC)/Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan) for conducting transfers/ remittances transaction regardless of the amount. The name, address and identification document number of the customer shall also be mentioned on the receipt after due verification and with stamp of “original seen”. In addition, Exchange Companies shall also carry out biometric verification of Pakistani Nationals for all transactions and maintain record thereof”.

    Para 9 (iii) (g) Chapter 3 of Exchange Companies Manual

    “All outward transactions of USD 10,000/- or above (or equivalent in other currencies) shall be conducted by the Exchange Companies through Cheque/ Bank transfers from the personal account of the customer. Instrument/ transaction reference number and issuing bank’s name shall be mentioned on the transaction receipt along with identification document number of the customer.”

    Para 12 (i) (c) Chapter 8 of Exchange Companies Manual

    “For all foreign currency buy and sale transactions equivalent to USD 500/- or above, Exchange Companies of ‘B’ Category shall retain copies of identification documents i.e., Computerized National Identity Card (CNIC) /National Identity Card for Overseas Pakistanis (NICOP)/ Pakistan Origin Card (POC) / Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan) after having seen the document in original. In addition, Exchange Companies of ‘B’ Category shall also carry out biometric verification of Pakistani Nationals for all such sale transactions and maintain the record thereof”.

    Para 12 (i) (d) Chapter 8 of Exchange Companies Manual

    “All sale transactions of USD 10,000/- or above (or equivalent in other currencies) shall be conducted by the Exchange Companies of ‘B’ Category through Cheque/ Bank Transfer issued from the personal account of the customer. Instrument/ transaction reference number and issuing bank’s name shall be mentioned on the transaction receipt along with identification document number of the customer.”

    3. All above instructions are applicable with immediate effect. However, for implementing the requirements for biometric verification, Exchange Companies and Exchange Companies of ‘B’ Category shall make necessary arrangements, including procurement of hardware and software and establishing connectivity with NADRA latest by October 21, 2021, while the instructions shall be applicable with effect from October 22, 2021.

    4. All other terms and conditions on the subject shall remain unchanged.

    State Bank reduces retention period for foreign exchange
  • KIBOR rates on October 06, 2021

    KIBOR rates on October 06, 2021

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the following Karachi Interbank Offered Rates (KIBOR) on October 06, 2021.

     TenorBIDOFFER
    1 – Week7.227.72
    2 – Week7.267.76
    1 – Month7.317.81
    3 – Month7.567.81
    6 – Month7.918.16
    9 – Month8.238.73
    1 – Year8.488.98
    KIBOR rates on October 05, 2021
  • Ufone launches contact center for housing loans

    Ufone launches contact center for housing loans

    ISLAMABAD: Ufone has launched its new state-of-the-art contact center for Pakistan Banks’ Association (PBA). The contact center has been launched to resolve queries and generate leads for the Government of Pakistan’s ‘Mera Pakistan, MeraGhar’ helpline initiative, which brings affordable housing finance facilities for low-income groups.

    The Contact Center was inaugurated by Governor, State Bank of Pakistan, Reza Baqir, here in Islamabad, in presence of President and Group CEO, PTCL & Ufone, Hatem Bamatraf, Chairman, Naya Pakistan Housing and Development Authority,Lt. Gen. (Retd.) Anwar Ali Hyder, Chairman Pakistan Banks’ Association (PBA), Muhammad Aurangzeb, and senior management of the member banks and financial institutions of PBA.

    Ufone is providing Contact Center services to PBA from two existing Centers by disseminating information on the loan process, eligibility criteria etc., besides offering 24/7 query and complaint resolution services to prospective customers.

    Sharing his thoughts at the ceremony, President and Group CEO, PTCL & Ufone, Hatem Bamatraf, said:“We are glad to be a part of this historic initiative for the people of Pakistan. Ufone’s onboarding as the official contact service provider is a testament to the company’s extraordinary track record as a dependable services provider for Pakistan’s business sector. We constantly innovate and modernize our products and services ecosystem to deliver a remarkable user experience to our individual and corporate customers. The latest state-of-the-art Contact Center facility will further enhance our capacity to respond to queries and complaints to bring a hassle-free banking experience to the low-cost housing beneficiaries.”

    The Contact Center will provide an additional channel for Ufone to resolve queries and generate leads for the housing finance project and promote its nationwide uptake. The facilities are easily scalable to manage additional facilitation as the need arises.

    The facilities feature robust centralized Complaints Management and Leads Management Systems to help the member banks track every step of the customer journey, besides expediting the processing of the loans. Ufone Contact Centers are strategically located for effective management of traffic for calls from across Pakistan.

    Financing for Mera Pakistan Mera Ghar gains momentum
  • Dollar jumps up to make new high at Rs170.96

    Dollar jumps up to make new high at Rs170.96

    KARACHI: The US dollar jumped up to make a new high at Rs170.96 on Wednesday in the interbank foreign exchange market.

    The Pak Rupee (PKR) fell by 16 paisas to end at Rs170.96 from previous day’s close of Rs170.80 in the interbank foreign exchange market.

    Currency experts said that rising dollar demand for import payment had deteriorated the rupee value. They said that panic buying for dollars was seen during the day after the report of a massive surge in import bill during the first quarter of the current fiscal year.

    The import bill of the country registered a record increase of 65 per cent to $18.63 billion during July – September of the current fiscal year as compared with $11.28 billion in the corresponding period of the last year.

    The higher import bill also widened the trade deficit significantly. The trade deficit ballooned by 100 per cent to $11.66 billion during the quarter under review as compared with the deficit of $5.81 billion in the same period of the last year.

    Since the start of the current fiscal year the rupee was under pressure. The high dollar demand for import payment may be attributed to ease in cases of coronavirus cases and enhanced industrial and commercial activities.

    Dollar maintains record high level in interbank
  • SBP issues customers exchange rates for October 06

    SBP issues customers exchange rates for October 06

    Karachi, October 06, 2021: The State Bank of Pakistan (SBP) has issued the official exchange rates for Wednesday, October 06, 2021.

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