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.
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.
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):
Currency
Buying
Selling
US Dollar
171.10
172.10
Australian Dollar
122.60
124.10
Bahrain Dinar
386.75
388.50
Canadian Dollar
134.50
137.00
China Yuan
23.45
23.75
Danish Krone
23.45
23.75
Euro
1978.10
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
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 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.
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.
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.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 6, 2021 (The rates are updated at 08:48 AM):
Currency
Buying
Selling
Australian Dollar
123.10
125.10
Bahrain Dinar
386.70
388.46
Canadian Dollar
135.60
137.60
China Yuan
23.75
23.90
Danish Krone
23.45
23.75
Euro
198.60
200.10
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 $
96.30
97
Norwegians Krone
17.50
17.75
Omani Riyal
392.70
394.70
Qatari Riyal
39.80
40.40
Saudi Riyal
45.05
45.55
Singapore Dollar
122.60
124.10
Swedish Korona
18.30
18.55
Swiss Franc
159.80
160.70
Thai Bhat
4.80
4.90
U.A.E Dirham
46.55
47.05
UK Pound Sterling
232.10
234.60
US Dollar
172.40
173.40
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.
