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.
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The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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KARACHI: The last date to exchange or encash the unregistered of bearer prize bonds with denominations of Rs40,000, Rs25,000, and Rs15,000 is September 30, 2021.
According to a circular issued by the State Bank of Pakistan (SBP), the Finance Division, Government of Pakistan has allowed to exchange/replace or convert Rs40,000, Rs25,000, and Rs15,000 denomination prize bonds (bearer) up to September 30, 2021.
The SBP directed the banks that branch/region wise consolidated data of cited denomination prize bonds held by them on the last date i.e. September 30, 2021, shall be shared latest by October 01, 2021.
The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds.
Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds.
In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.
The finance divisions also issued the procedure for the redemption/conversion of bonds.
The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.
The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.
The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP Banking services corporation well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.
We update rates hourly so we can offer you the best SAR to PKR.
The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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.
We update rates hourly so we can offer you the best EUR to PKR.
The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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 US dollar surged to Rs167.63 against the Pakistani Rupee (PKR) on Tuesday in the interbank foreign exchange market, marking a significant rise that places it near its all-time high of Rs168.44, recorded on August 26, 2020.
The collaboration will facilitate MMBL Borrowers by allowing them to finance commercial vehicles from Universal Motors through subsidized offerings, according to a statement issued on Monday.
President & CEO MMBL, Ghazanfar Azzam, and Adil Noman, CEO Universal Motors signed the MoU in Islamabad with senior officials from both organizations in presence.
The collaboration will usher in fast-track and priority financing for MMBL borrowers to attain commercial vehicles from Universal Motors for starting or expanding their business operations, under convenient terms.
Following the MoU, MMBL customers will get fast product delivery Turnaround Times (TAT), in addition to the provision of 1S/2S/3S dealership or retailer services by Universal Motors, near MMBL branches across the country to extend after-sale services for borrowers.
Creating further ease for borrowers, the vehicles will be delivered at MMBL branch cities with Universal Motors sharing the registration costs, and offering vehicle delivery from Karachi to the destination city at subsidized transportation rates.
Sharing his thoughts at the signing ceremony, President and CEO MMBL, Ghazanfar Azzam said,” MMBL’s expansive product portfolio has witnessed a significant growth trajectory over the past few years with the introduction of more and more customer-centric products that are aimed at facilitating maximum convenience for empowering our borrowers in true sense.
“This collaboration with Universal Motors will further solidify our aim of promoting hassle-free attainment of commercial vehicles, for business use, which will substantially be backed by quality after-sales services.”
Adil Noman, CEO Universal Motors said, “Our collaboration with MMBL will help us target low-income groups that need financing for our sturdy and dependable JMC commercial vehicles. Universal Motors is introducing special financial incentives and logistical support to fully facilitate MMBL borrowers.
“We are hopeful that our collaboration with MMBL will drive our shared ambition of supplementing the economic development of Pakistan.”
KARACHI: The State Bank of Pakistan (SBP) issued the latest Karachi Interbank Offered Rates (KIBOR) on Monday, September 6, 2021, which reflect the rates at which banks are willing to lend to one another in the interbank market.
