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 rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 26, 2021:
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KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on August 26, 2021:
Buying: Rs 226 to the UK Pound Sterling
Selling: Rs 229 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.
KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it is launching new housing scheme for Non-Resident Pakistanis (NRPs).
The central bank said that it will launch Roshan Apna Ghar this week for non-resident Pakistanis for acquisition of property in Pakistan.
Non-resident Pakistanis can now purchase or obtain financing for a house in Pakistan through Roshan Digital Account.
Roshan Digital Account is a major initiative of State Bank of Pakistan, launched on 10th September, 2020, in collaboration with commercial banks operating in Pakistan.
These accounts provide innovative banking solutions for millions of NRPs seeking to undertake banking, payment and investment activities in Pakistan.
Under the initiative, several financial products have been provided to the Overseas Pakistanis including Naya Pakistan Certificate for investment, Roshan Apni Car for car financing and Roshan Samaaji Khidmat for donation to charities.
Roshan Apna Ghar is the new lifestyle banking product in the same category. Non-resident Pakistanis can now easily buy or obtain financing with the comfort of sitting in their houses abroad without the need to visit a bank branch.
They can buy or finance a house from bank’s pre-approved projects or any other property. The tax regime is simple and final. In case of sale of property, the principal amount invested can be remitted abroad without needing any permission.
The profit rates are attractive. Financing is available in both conventional and Shariah compliant version.
KARACHI: Bank Alfalah Limited on Wednesday announced 21 per cent growth in earnings for the half year ended June 30, 2021.
The net profit of the bank was at Rs7.02 billion for the first half as compared with net profit of Rs5.78 billion in the same half of the last year.
The bank declared Rs3.94 as earnings per share (EPS) for the first half of 2021 as compared with the EPS of Rs3.25 in the same half of the last year.
Analysts at Arif Habib Limited said that massive reductions in provisioning and quarterly rise in interest earned contributed to the profitability during the quarter.
The bank announced a dividend of PKR 2.00/share.
Net Interest Income of the bank settled at PKR 21.9 billion, decreasing 6 per cent YoY during 1HCY21 while rising 13 per cent QoQ. This quarterly growth could be attributed to volumetric growth.
NFI increased 15 per cent YoY mainly on the back of Fee income which rose by 35 per cent YoY and Dividend income which increased by 79 per cent YoY. Quarterly jump was on account of 12 per cent jump in fee income and 50 per cent uptick in FX/derivatives income.
Provisioning expenses for the bank came in at PKR 934 million during 2QCY21 taking total provisioning expenses to PKR 1.15bn during 1HCY21. Overall there has been a 76 per cent YoY reduction in provisioning, which could be due to improved outlook on the asset quality following the rebound in economic activity across the country leading to reversal in general provisioning. However this quarter saw a 4x jump QoQ which was on account of a provisioning charge against an Oil Marketing Company’s exposure as per management.
Operating expenses rose 11 per cent YoY taking CIR to 58 per cent for 1HCY21 against 52 per cent same period last year (SPLY).
Effective tax rate clocked in at 39 per cent for 1HCY21 vis-à-vis 42 per cent SPLY.
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued revised instructions on sale of third party products in order to bring transparency.
In addition to the typical banking products or services, banks often offer or sell other financial products that are provided by other financial institutions, generally referred to as bancassurance or third party products.
Such offers are often prone to misdeclaration about the quality or pricing of products.
Further, banks also don’t assume any responsibility after the sale of products, which leads to difficulties for customers and disputes.
To address such concerns and bring transparency to such transactions, SBP has issued a comprehensively revised set of instructions on the sale of third party products. In addition, these instructions will also facilitate the sale of products through digital channels and promote financial inclusion.
The key features of the revised instructions are as follows:
· It will be mandatory for banks to assess the suitability of customers for the sale of third party products. In addition, they will take extra care while selling such products to vulnerable consumer segments like widows, senior citizens, etc.
· All Islamic banks along with Islamic branches of conventional banks will strictly ensure that the sale of third party products is in compliance with Shariah law and SBP regulations while their agreements with third parties should also be approved by their Shariah board.
· Banks are directed to use their audit and compliance function to ensure compliance of SBP’s regulations in their business practices related to the sale of third party products.
· Senior management and board of directors will ensure that risks to consumers in the sale of third party products are identified and addressed in a proficient manner.
· With added disclosure requirements, banks have been required to mention explicitly that the product is being sold as an agent or distributor of a third party.
· To further increase accountability of bank employees involved in selling third party products, banks have been advised to develop and enforce code of conduct.
· Banks will ensure collection/registration/analysis of consumer complaints and feedback for continuous improvements in the sale of third party products by banks.
· Banks will introduce proportionate controls to foster consumer convenience and financial inclusion, especially for less risky/small size/ low value products being sold through Alternate Delivery Channels (ADCs).
· Banks have been directed to ensure the provision of special training to their staff for the sale of third party products and take disciplinary action against the concerned employee(s) in case of fraud.
· The direct debit facility can only be used if the consent of customers is obtained in writing or through electronic means in case Alternate Delivery Channels (ADC) are used for distribution.
· Banks have been directed to design and implement a Call Back Confirmation (CBC) mechanism to ensure and verify the identity of consumers and the genuineness of the transaction. To confirm the information provided by the customer, CBC mechanism based on a predefined script should be used for suitability assessment and his/her understanding of the product.
The instructions will be applicable from November 01, 2021, and will supersede previous instructions issued vide CPD Circular No.2 of 2012.
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued following Karachi Interbank Offered Rates (KIBOR) on August 25, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.88 | 7.38 |
| 2 – Week | 6.94 | 7.44 |
| 1 – Month | 7.01 | 7.51 |
| 3 – Month | 7.16 | 7.41 |
| 6 – Month | 7.31 | 7.56 |
| 9 – Month | 7.44 | 7.94 |
| 1 – Year | 7.51 | 8.01 |
KARACHI: The Pak Rupee sharply fell by Rs1.08 against the dollar on Wednesday owing to rise in import payment demand.
The rupee ended Rs166.28 to the dollar from the previous day’s closing of Rs165.20 in the interbank foreign exchange market.
The rupee fell to a year low against the dollar. Previously, the rupee fell to Rs166.24 to the dollar on August 31, 2020.
Currency experts said that mounting demand for import payment had deteriorated the rupee value.
They said that ease in coronavirus restrictions and rise in international oil prices increased the demand for dollars for import payments.
KARACHI, August 25, 2021: The State Bank of Pakistan (SBP) has issued the latest exchange rates for customers on Wednesday, August 25, 2021.
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KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 25, 2021:
Buying: Rs 43.70 to the Saudi Riyal
Selling: Rs 44.20 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.
KARACHI, August 25, 2021 — The UAE Dirham (AED) experienced fluctuations in its exchange rate against the Pakistani Rupee (PKR) in the open market August 25, 2021, with buying rates listed at Rs 44.70 and selling rates climbing to Rs 45.20.
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