Pkrevenue.com

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.

  • Pak Rupee to Saudi Riyal on September 3, 2021

    Pak Rupee to Saudi Riyal on September 3, 2021

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on September 3, 2021:

    Buying: Rs 44.30 to the Saudi Riyal

    Selling: Rs 44.90 to the Saudi Riyal

    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.

    Pak Rupee to Saudi Riyal on September 2, 2021
  • Pak Rupee to UAE Dirham on September 3, 2021

    Pak Rupee to UAE Dirham on September 3, 2021

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on September 3, 2021:

    (more…)
  • Pak Rupee to Euro on September 3, 2021

    Pak Rupee to Euro on September 3, 2021

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on September 3, 2021:

    Buying: Rs 196.50 to the Euro

    Selling: Rs 198.50 to the Euro

    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.

    Pak Rupee to Euro on September 2, 2021
  • Pak Rupee to UK Pound on September 3, 2021

    Pak Rupee to UK Pound on September 3, 2021

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on September 3, 2021:

    Buying: Rs 229.50 to the UK Pound Sterling

    Selling: Rs 231.50 to the UK Pound Sterling

    We update rates hourly so we can offer you the best GBP to PKR.

    The UK Pound Sterling /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.

    Pak Rupee to UK Pound on September 2, 2021
  • Foreign exchange rates on September 3, 2021

    Foreign exchange rates on September 3, 2021

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 3, 2021:

    (more…)
  • SBP issues house financing guidelines

    SBP issues house financing guidelines

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued guidelines for financing the housing units in under-construction projects.

    The SBP said that builders/developers are developing and marketing a number of multistorey projects of housing units across the country.

    Although these under-construction projects are exposed to project completion risk and performance risk of builders/developers, many individuals are attracted to book housing units in these projects owing to their affordability and option of payments through installments.

    However, the banks/DFIs have traditionally shied away from financing the housing units in under-construction projects due to issues in the availability of legally enforceable title documents and registration of mortgages as per requirements of Prudential Regulations (PR) for Housing Finance.

    It may be noted that banks/DFIs extend project financing to builders/developers for the construction of multistorey housing projects after adequately securing their project and builder risks through mortgage of project land and other securities.

    Utilizing these already established security arrangements with the builders/developers, the banks/DFIs may also extend housing finance against housing units in multistorey housing projects.

    This will expand options of affordable housing to individual borrowers. This will also facilitate banks/DFIs in ensuring repayment/ settlement of their project financing through conversion of the same in housing finance.

    In view of the above considerations, State Bank has decided to issue guidelines to encourage banks/DFIs to extend housing finance to the housing units in under-construction projects for which they have already entered into arrangements of project financing with builders/developers.

    These Guidelines for Financing of Housing Units in Under-construction Projects have been developed considering current market norms of buying/selling of housing units in under-construction projects by addressing issues of legally enforceable rights and responsibilities.

    While guidelines comprehensively cover various aspects, it may be noted that all payments to the builder/developer for completion of construction/project shall be routed through an escrow account maintained by the bank/lead bank of the consortium.

    The builder’s/developer’s equity and purchasers’ equity contribution and subsequent payments of the purchasers through mortgage financing shall be routed through the same account.

    Accordingly, the State Bank has decided to exempt banks/DFIs extending housing finance for under-construction housing units from requirements as specified under Regulation HF 8: Creation of Mortgage for Housing Finance.

    This exemption will be available till the arrangement of the completion certificate, NOCs, approvals, utility connections, and registered title deed between builder/developer and buyers of housing units. In order to avail of this exemption, the banks/DFIs will, however, be required to meticulously comply with provisions of Guidelines for Financing of Housing Units in Under-construction Projects.

  • KIBOR rates on September 02, 2021

    KIBOR rates on September 02, 2021

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on September 02, 2021.

     TenorBIDOFFER
    1 – Week6.917.41
    2 – Week6.957.45
    1 – Month7.017.51
    3 – Month7.137.38
    6 – Month7.307.55
    9 – Month7.397.89
    1 – Year7.508.00
    KIBOR rates on September 01, 2021
  • SBP issues customers exchange rates on September 02

    SBP issues customers exchange rates on September 02

    Karachi, September 02, 2021 – The State Bank of Pakistan (SBP) has issued the exchange rates for customers on Thursday, September 02, 2021.

    (more…)
  • Engro, BOP make arrangements for agri financing

    Engro, BOP make arrangements for agri financing

     KARACHI: Engro Fertilizers Limited and The Bank of Punjab (BOP) have made arrangements to provide financing to farmers through the bank’s branch network across Pakistan, a statement said on Thursday.

    Under this arrangement, progressive farmers under Engro Fertilizers Limited’s Shandaar Kissan program will be able to avail financing on easy terms and concessional markup rates from the BOP. These farmers will avail of this facility to invest in their infrastructure, mechanization, and working capital for yield improvements.

    This financing arrangement will help farmers to improve farm economics through better production and, thus, increase their income levels as well.

    The MoU signing ceremony, held at Engro Fertilizers Limited’s Head Office in Karachi, was attended by Amir Iqbal – Chief Commercial Officer and Imran Ahmed – Chief Financial Officer of Engro Fertilizers Limited, whilst the BOP was represented by Farid Ahmed Khan – Group Chief Corporate Investment Banking and  Asif Riaz – Group Head Retail & Priority Sectors Lending.

    In a joint statement, Amir Iqbal (Chief Commercial Officer, Engro Fertilizers Limited) and Mr. Asif Riaz (Group Head Retail & Priority Sector Lending, The Bank of Punjab) shared that, “Prioritizing financial inclusion and well-being of farmers is key to develop the agricultural sector, which in turn results in the progress of Pakistan. We are excited to partner on this initiative that has the potential to transform the country’s agricultural landscape by promoting improved agri practices, thereby, enabling better crop yields and food security for the nation.”

    This initiative is yet another milestone for both organizations in their journey to create a meaningful impact in the agri landscape of Pakistan. Last year, Engro Fertilizers Limited and the BOP had also partnered to deliver accessible warehouse receipt financing to farmers, traders, and processors, for the winter maize and basmati rice crop.

    Under the Shandaar Kissan program, Engro Fertilizers Limited has registered more than 2500 selected farmers and provided them Seed to Harvest solutions to improve their farm productivity. On the other hand, the BOP continues to provide financial assistance under its vast range of agri products and SBP schemes.

  • Dollar climbs up to Rs166.98 in interbank

    Dollar climbs up to Rs166.98 in interbank

    The US dollar has continued its upward trajectory against the Pakistani Rupee (PKR), reaching a year high of Rs166.98 in the interbank foreign exchange market on Thursday.

    (more…)