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 exchange rates of foreign currencies in Pak Rupee (PKR) on October 10, 2021 (The rates are updated at 09:30 PM):
Currency
Buying
Selling
Australian Dollar
122
123.50
Bahrain Dinar
386.75
388.50
Canadian Dollar
134
136
China Yuan
23.75
23.90
Danish Krone
23.45
23.75
Euro
195.50
197.50
Hong Kong Dollar
16.65
16.90
Indian Rupee
2.03
2.10
Japanese Yen
1.41
1.44
Kuwaiti Dinar
481.6
484.1
Malaysian Ringgit
36.45
36.80
NewZealand $
96.35
97.05
Norwegians Krone
17.50
17.75
Omani Riyal
392.70
394.70
Qatari Riyal
39.80
40.40
Saudi Riyal
45.200
45.80
Singapore Dollar
123
124.5
Swedish Korona
18.30
18.55
Swiss Franc
159.80
160.70
Thai Bhat
4.8
4.900
U.A.E Dirham
47
47.60
UK Pound Sterling
231.50
234
US Dollar
170.80
171.80
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: Pakistan President Dr. Arif Alvi has inaugurated a property exhibition for the UAE based Non-Resident Pakistanis (NRPs) arranged by Pakistani banks offering Roshan Digital Account (RDA), in partnership with builders and developers, to showcase their products being offered under RDA.
The president expressed the hope that Non-Resident Pakistanis (NRPs) living in UAE would take maximum advantage of the State Bank’s Roshan Apna Ghar scheme and use it to fulfill their and their families’ housing needs in Pakistan, according to a statement issued by the State Bank of Pakistan (SBP) on Saturday.
Abdul Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industries & Production and Investment was also present at the occasion.
The exhibition was attended by a large number of Pakistanis, various UAE based Pakistani associations, Senior State Bank of Pakistan (SBP) management, Presidents/CEOs of commercial banks, UAE and Pakistan based property developers, and Pakistan’s Embassy officials in UAE.
Appreciating the vast potential of UAE based NRPs, President Dr. Arif Alvi said Pakistanis living in the UAE have significantly contributed towards development and economic growth of UAE and most of them regard UAE as their second home. He said that UAE is a major destination for Pakistani workers and their contribution in remittances is significant.
He observed that SBP, with the active support of commercial banks, has provided NRPs a unique opportunity to buy a home that hitherto, had been a very difficult task for various reasons. He felt satisfied that finally an end-to-end digital process had made it possible for NRPs. He shared his thoughts divulging on various strengths as a nation that Pakistanis should be proud of.
In his welcome address, Governor SBP, Dr. Reza Baqir expressed his heartfelt gratitude to President Dr. Arif Alvi for sparing time and inaugurating the exhibition. He said that SBP has been able to introduce RDA and Roshan Apna Ghar following the vision of Prime Minister Imran Khan to integrate the NRPs with the country’s economy.
Recounting the massive success of RDA, the Governor elucidated that RDA has proved to be a huge success and become a household name connecting over 250,000 NRPs under one umbrella besides attracting over USD2.5 billion since its launch in September last year.
Adding further, he said that the overwhelming success of RDA and Naya Pakistan Certificates (NPCs) speak volumes of the immense popularity of the incumbent regime in the hearts and minds of NRPs.
He said it has been a priority of the government and SBP to resolve the issues of NRPs living across the globe, as they fully understand their potential for lifting the country’s economy. He said that international organizations were appreciating the economic growth of the country despite odds.
He noted that economy was heading in right direction and the unprecedented increase in foreign exchange reserves is an expression of confidence of overseas Pakistanis in the government’s economic policies.
Speaking on the occasion, Abdul Razaq Dawood assured the audience that economy is heading in the right direction and maintaining a healthy growth path. He especially mentioned textile and cement sector where growth trends are remarkable, while automobile, consumer goods and food and likes are following similar trend.
Dawood said that country’s exports growth has already picked up and he is confident that it will keep the momentum and grow further this year.
He also mentioned SBP’s Temporary Economic Refinance Facility (TERF) for helping industry expand and modernize, besides SBP’s various initiatives for facilitating the public at large.
Roshan Apna Ghar is an initiative of SBP for Non Resident Pakistanis (NRPs) to buy, build or renovate their homes in Pakistan through their own investment or bank financing.
A statement said that the central bank had launched dedicated landing webpage on promoting housing and construction finance on its website.
The page contains extensive information on housing and construction finance and Mera Pakistan Mera Ghar (MPMG), Government’s flagship markup subsidy scheme for affordable and low cost housing finance.
The webpage provides information on various measures taken by SBP to promote housing and construction finance such as issuance of separate Prudential Regulations for housing finance, establishment of a high level Steering Committee, allocation of mandatory targets for housing and construction finance, incentives & penalties and market facilitation.
Moreover, a dedicated webpage for MPMG is also available to facilitate the potential applicants who intend to avail housing finance under MPMG.
The MPMG page covers information about the scheme comprehensively including eligibility criteria, tenor of the loan, maximum amount of loan, markup rates to be charged, maximum list of documents required and subsidy being provided by the Government. Through this page, potential applicants can also access websites of participating banks directly wherein loan application forms under various categories are available.
An installment repayment schedule of the loans and an instalment calculator are also available on this webpage.
The webpage also shares monthly data of housing and construction finance extended by the banks. Progress made under MPMG in terms of the latest statistics including data of amount applied, approved and disbursed under MPMG on monthly basis is also available on MPMG webpage.
Visitors will also be able to view the testimonials of the actual borrowers who have availed subsidized housing finance under MPMG by visiting the website. It is expected that this dedicated webpage will facilitate the visitors by providing them actionable information, guidance, and support they require for easy access to financing under MPMG.
KARACHI: The dollar depreciated by 34 paisas on Friday, closing at Rs170.53 in the interbank foreign exchange market. This marks a slight improvement for the Pakistani rupee, which had ended the previous trading session at Rs170.87 against the dollar.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 8, 2021 (The rates are updated at 09:59 AM):
Currency
Buying
Selling
Australian Dollar
122.60
124.10
Bahrain Dinar
386.75
388.50
Canadian Dollar
134.50
137
China Yuan
23.75
23.90
Danish Krone
23.45
23.75
Euro
197.10
199.10
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
NewZealand $
96.35
97.05
Norwegians Krone
17.50
17.75
Omani Riyal
392.70
394.70
Qatari Riyal
39.80
40.40
Saudi Riyal
45.50
46.10
Singapore Dollar
123.65
125.15
Swedish Korona
18.30
18.55
Swiss Franc
159.80
160.70
Thai Bhat
4.80
4.90
U.A.E Dirham
47.35
48.05
UK Pound Sterling
232.10
234.60
US Dollar
171.10
172.10
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.
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.
