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: The Pak Rupee fell by 17 paisas against the dollar on Wednesday as demand remained high for import and corporate payments.
The rupee ended Rs156.96 to the dollar from previous day’s closing of Rs156.79 in the interbank foreign exchange market.
The dollar in interbank appreciated by Rs4.68 since May 07, 2021. The dollar was at Rs152.28 in the interbank foreign exchange market on May 07, 2021.
KARACHI: The State Bank of Pakistan (SBP) on Tuesday renewed the status of both credit rating agencies operating in Pakistan namely ‘VIS Credit Rating Company Limited (VIS)’ and ‘The Pakistan Credit Rating Agency Limited (PACRA)’ as eligible / recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2021.
Banks and DFIs using the standardized approach of Basel framework are allowed to use credit ratings assigned by VIS and PACRA for CAR calculation purposes, the central bank added.
KARACHI: Foreign investors operating in the country have appreciated the significant improvement in the foreign exchange remittance processing time and in growing engagement of the State Bank of Pakistan (SBP) leadership with the key stakeholders.
(more…)KARACHI: The Pak Rupee fell by 60 paisas against the dollar on Tuesday owing to high for import and corporate payments.
The rupee ended Rs156.79 to the dollar from previous day’s closing of Rs156.19 in the interbank foreign exchange market.
Currency dealers said that the due to import and corporate payments the rupee was remained under pressure.
They said that the demand for dollar was increased as multinational companies and foreign companies operating in Pakistan repatriate their profit and dividends by end of fiscal year.
The Pakistani Rupee witnessed a depreciation of 45 paisas against the US Dollar on Monday, closing at Rs156.19 compared to last Friday’s closing rate of Rs155.74 in the interbank foreign exchange market.
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KARACHI: State Bank of Pakistan (SBP) on Monday proposed amendments to foreign exchange manual to facilitate Pakistani exporters to sell their products though online marketplace such as Amazon, e-Bay, Ali Baba etc.
The SBP said that continuing with the agenda of modernizing foreign exchange regulations, State Bank of Pakistan has proposed changes in its regulatory instructions for exports of goods from Pakistan.
These changes aim at promoting ease of doing business by simplifying the existing instructions. The key amendments proposed include framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay, Ali Baba under Business to Business to Consumer (B2B2C) e-Commerce model.
Amendments required in export regulations to implement Pakistan Single Window Project, which would eliminate the requirement of Electronic Form-E, are also part of revised draft. Likewise, in some other areas, regulatory approvals required from SBP have been proposed to be delegated to banks to facilitate the business community.
The proposed changes are a part of SBP’s broader agenda to revise the existing foreign exchange regulations to align them with the changing market dynamics, business needs and global trade practices.
As a part of this process, 11 chapters (out of 22) of the Foreign Exchange Manual have already been revised through a consultative process with the banking industry and the business community.
The latest amendments in foreign exchange instructions pertaining to Exports are provided in Chapter 12 of the Foreign Exchange Manual. The document has been placed at SBP’s website inviting feedback/comments from the stakeholders and can be accessed at the following link:
https://www.sbp.org.pk/epd/Draft-Chapter-12-Exports.pdf
State Bank encourages and welcomes feedback/suggestions from the business community, banking industry and other stakeholders, on the revised draft of Chapter-12 (Exports) of FE Manual, for any further value addition/ improvement. The feedback/ suggestions may please be shared at [email protected]latest by Sunday, June 20, 2021.
KARACHI: The Pak Rupee appreciated by 18 paisas against the dollar on Friday ahead of budget announcement and hope of incentives to foreign trade.
The rupee closed at Rs155.74 to the dollar from the last day’s closing of Rs155.92 in the interbank foreign exchange market.
Currency experts said that market had anticipated incentives in the budget announcement, which is being presented today.
They hoped that the rupee may make further gains in coming days owing to record inflows of workers’ remittances and rising foreign exchange reserves.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued Rs70 coin to commemorate the diplomatic relationship between Pakistan and China that were established on May 21, 1951.
To mark the occasion of 70th anniversary of Pakistan-China Diplomatic relations, the government of Pakistan decided to issue a commemorative coin of Rs.70.
The SBP launched the commemorative coin in an event held in Islamabad. Foreign Minister Makhdoom Shah Mahmood Qureshi was the as chief guest of the event. It was also attended by NongRong, Ambassador of China as the Guest of Honor.
In his welcome address, the Governor State Bank of Pakistan (SBP) Dr. Reza Baqir thanked both the foreign Minister Makhdom Shah Mahmood Qureshi and the Ambassador of China NongRong for their participation in the event.
He said that it is an honor for State Bank to be part of the tribute being paid by the Government of Pakistan by issuing this commemorative coin to celebrate the diplomatic relationship of the two countries.
He added that both China and Pakistan are cooperating with each other on various fronts for the common good of people of the brotherly countries. He recalled that SBP had issued commemorative coins on founding anniversary of People’s Republic of China, establishment of diplomatic relations between the two countries and on the occasion to mark Pakistan-China Year of Friendship.
Foreign Minister Shah Mahmood Qureshi in his address termed the friendship between Pakistan and China a role model for the rest of the world.
He said that with strong diplomatic ties both the countries have endureddecades of relationship collectively and stood with each other in the wake of every tribulation. He thanked the visionary leadership of China under President Xi Jinping for conceiving and heavily investing in China Pakistan Economic Corridor (CPEC). He said relations with China has been the cornerstone of Pakistan’s foreign policy.
Ambassador of China to Pakistan, NongRong, in his address said that both the government and people of China love their Pakistani brethren and desire to see the country making progress in every sphere of life. He said both China and Pakistan share same views on all-important international issues.
It may be mentioned that it is the fourth coin of its kind on the subject of Pak-China relations. The first coin of Rs.10 denomination was issued in October 2009, celebrating the auspicious occasion of 60th Anniversary of founding of Peoples Republic of China. The second coin of Rs.20 was issued in May 2011 to celebrate 60th Anniversary of establishment of diplomatic relations between Pakistan and China as Year of Pak-China Friendship – 2011. The third coin was issued in 2015 to mark “Pakistan-China Year of Friendly Exchange 2015.
KARACHI – On Thursday, the Pakistani Rupee faced a decline of 23 paisas against the US Dollar, closing at Rs155.92 in the interbank foreign exchange market.
(more…)KARACHI: The Pak Rupee gained nine paisas against the dollar on Wednesday on inflows of the foreign currency during the day.
The rupee ended Rs155.69 to the dollar from previous day’s closing of Rs155.78 in the interbank foreign exchange market.
Currency experts said that the inflows of export receipts and workers’ remittances helped the rupee to make gain during the days.