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: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on July 13, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.91 | 7.41 |
| 2 – Week | 6.96 | 7.46 |
| 1 – Month | 7.01 | 7.51 |
| 3 – Month | 7.19 | 7.44 |
| 6 – Month | 7.40 | 7.65 |
| 9 – Month | 7.50 | 8.00 |
| 1 – Year | 7.56 | 8.06 |
KARACHI: The Banking Mohtasib (Ombudsman) Pakistan has provided monetary relief amounting to Rs 305.5 million to the banking customers by disposing of 14,910 complaints during the first half (January to June) of the current calendar year, 2021, according to a press release issued on Tuesday.
About 99 per cent (14,755) complaints were resolved amicably while only1 per cent (155) complaints required resolution through formal Orders.
There is no letup in the number of complaints being lodged against commercial banks with the Banking Mohtasib as nearly 20,220 new complaints, including 13,027 from Prime Minister’s Portal, were received from 1st January to 30th June, 2021.
There has been 81 per cent increase in the number of complaints lodged with the Banking Mohtasib against commercial banks during the first half of the current year, 2021 as against the first half of the last calendar year, 2020 when 11,174 complaints were filed.
It may be pointed out that during the first half of the last calendar year (2020), the Banking Mohtasib Office had provided monetary relief amounting to Rs 318.6 million to the banking customers by disposing of 11,251 complaints. More complaints were disposed of than received was due to the fact that some complaints were carried forward from the year, 2019.
With a view to protecting the banking customers from any fraud and forgeries, the Banking Mohtasib Pakistan continuously reminds them not to disclose their personal and financial information to any person.
KARACHI: The Pak Rupee depreciated by 15 paisas against the dollar on Tuesday owing to higher demand for import payment.
The rupee ended at Rs159.51 to the dollar from the previous day’s closing of Rs159.36 in the interbank foreign exchange market.
Currency experts said that the rupee remained under pressure due to higher demand for import payment.
They said that the market had responded earlier in the day due to reports of record inflows of workers remittances.
The State Bank of Pakistan (SBP) earlier in the day announced the details of remittances. The remittances rose to a historic annual high of $29.4 billion in the fiscal year 2020/2021. The remittances registered a substantial 27 per cent growth in the fiscal year 2020/2021 over the preceding fiscal year.
KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.
The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.
They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.
| CURRENCY | BUYING | SELLING |
| AED | 43.3947 | 43.4896 |
| AUD | 119.2780 | 119.5334 |
| CAD | 127.8261 | 128.0973 |
| CHF | 174.0783 | 174.4510 |
| CNY | 24.6628 | 24.7135 |
| EUR | 188.9364 | 189.3506 |
| GBP | 221.1272 | 221.6094 |
| JPY | 1.4426 | 1.4458 |
| SAR | 42.4679 | 42.5595 |
| USD | 159.2510 | 159.6143 |
KARACHI: The inflows of workers’ remittances continued streak of over $2 billion for a record 13th consecutive month to reach historic annual high at $29.4 billion in 2020/2021, State Bank of Pakistan (SBP) said on Tuesday.
The SBP said that with inflows of around $2.7 billion in June 2021 (9 percent growth (y/y) and 8 percent growth (m/m)), workers’ remittances continued their unprecedented streak of above $2 billion for a record 13th consecutive month.
Seasonal pre-Eid related inflows helped to further boost remittances level during June.
On a cumulative basis, remittances rose to a historic annual high of $29.4 billion.
This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year.
Remittances registered a substantial 27 percent growth in FY21 over last year, the fastest rate of expansion since FY03.
Remittance inflows during FY21 were mainly sourced from Saudi Arabia ($7.7 billion), United Arab Emirates ($6.1 billion), United Kingdom ($4.1 billion) and the United States ($2.7 billion).
Overall, record high inflows of workers’ remittances during FY21 have been driven by proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19 infections, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions.
The open market exchange rates for the UAE Dirham (AED) against the Pakistani Rupee (PKR) on July 13, 2021, are as follows:
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KARACHI: The open market rates for buying and selling one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) on July 13, 2021, have been reported as follows:
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KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in open market on July 13, 2021:
Buying: Rs 159.30 to the dollar
Selling: Rs 159.90 to the dollar
Today’s USD to PKR (Dollar Price in Pakistan Rupee 2021) exchange rate has been given here. All rates are updated every hour to offer you the best US Dollar to Pakistani Rupee.
The US Dollar / Rupee PKR parity depends on open market rates which are set by the market forces on the basis of demand of the foreign currency.
Disclaimer: Team PKRevenue.com provides the available rates of open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting of the story. So the team is not responsible for any inaccuracy of the data.
KARACHI: in order to strengthen consumer protection regime, the State Bank of Pakistan (SBP) directed banks to enhance grievance handling mechanism at their end.
A statement issued on Monday, the central bank said that the SBP is in continuous pursuit of strengthening the consumer protection regime and market conduct of the industry.
Amongst other efforts, SBP is focusing on improvement in grievance handling mechanisms at banks, microfinance banks (MFBs) and Development Finance Institutions (DFIs) with the aim to provide more affordable, accessible, fair, accountable, and efficient grievance redressal.
For this purpose, various measures have been taken by SBP to enhance responsible complaint handling by the banks as they handle more than 97 per cent of complaints related to the banking industry, in a year.
Recently, SBP conducted a detailed review of complaint handling practices at banks, primarily focusing on ‘ease of lodgment’, and ‘quick and fair disposal’ of complaints. Based on the findings of the review and the role of complaints in improvising banking services, SBP has directed the banks to enhance the grievance handling mechanism deployed at their end.
In order to make complaint lodgement at banks easier and accessible, SBP has prescribed mandatory modes of complaint lodgement to banks with a direction to ensure their availability and accessibility at all times. These modes include Call Centers, Emails, E-forms, Surface mail, Fax, and Complaint boxes/registers Additionally, the banks have also been encouraged to invest in innovative modes of complaint lodgment like receiving complaints through SMS/Call Back Service, Mobile applications, Self Service Kiosks and other Social Media Platforms.
Such investment will not only boost convenience for customers rather it will help banks capture/handle complaints in a better way. Banks have also been advised to send awareness SMS messages at least on a bi-annual basis to create adequate awareness regarding the complaint lodgment modes deployed.
For better tracking of complaints by the customers, the provision of complaint tracking numbers in written form has been made mandatory. Similarly, special focus has been laid on quick and meritorious disposals of complaints.
Further, SBP has also enhanced the reporting requirements on complaint handling in light of the international and local needs/trends. Besides, banks have been advised to ensure provisioning of adequate support to complaint handling function at banks in terms of Human Resources, Information Technology, Training, etc.
KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 12, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.90 | 7.40 |
| 2 – Week | 6.96 | 7.46 |
| 1 – Month | 7.02 | 7.52 |
| 3 – Month | 7.19 | 7.44 |
| 6 – Month | 7.40 | 7.65 |
| 9 – Month | 7.52 | 8.02 |
| 1 – Year | 7.57 | 8.07 |