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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.

  • Banks to remain open on 10th, 11th May

    Banks to remain open on 10th, 11th May

    KARACHI: The banks shall remain open on May 10 – 11, 2021 to facilitate general public and trade during first two Eid Holidays announced by the government from May 10, 2021 to May 15, 2021.

    The State Bank of Pakistan (SBP) has already issued circular in this regard.

    The central bank on May 06, 2021 issued the notification stating that in order to ensure the availability of banking services to trade and industry in particular and public in general during the extended holidays before the forthcoming Eid-ul-Fitr, it has been decided that banks shall open 50 percent of their total authorized branches dealing in foreign exchange and trade activities on 10th May, 2021 (Monday).

    The SBP further said that the remaining 50 percent of such branches on 11th May, 2021 (Tuesday) from 9:00 a.m. to 2:00 p.m. (without break).

  • Applications invited for post of DG National Savings

    Applications invited for post of DG National Savings

    ISLAMABAD: The ministry of finance on Sunday invited applications for the post of Director General, Central Directorate of National Savings, Islamabad.

    The ministry said that prescribed qualification, experience, age limit and other terms of contract appointment under Management Position Scales Policy, 2020 (MP-I) scale are given as under:

    Qualification: Master degree in any of the disciplines: economics, statistics, commerce, accounting, finance, business administration, cost and management accountants, chartered accountants, or equivalent from an HEC recognized University / institutions.

    Experience: At least 18 years experience in the banking/ financial sector or in finance related positions in the public sector.

    Age Limit: minimum age 50 years; maximum age 62 years

    Period of Appointment: Three years extendable for further two years contingent upon result based performance.

    Place of Posting: Islamabad

    Termination of Contract: On one month’s notice on either side or payment of one month’s pay in lieu thereof.

    Pay Package: The pay package will be based on MP-I Scale and other incentives as per those admissible to officers in MP-I scale.

    The ministry said that interested applicants should submit applications through courier service alongwith their CVs and copies of testimonials duly verified by institutes and recent photographs within 15 days of the publication of the advertisement for above mentioned position.

    Only short listed candidates will be called for interview. The candidate must be citizen of Pakistan.

  • Banks make cash recovery of Rs21.17bn against Non Performing Loans

    Banks make cash recovery of Rs21.17bn against Non Performing Loans

    KARACHI: Banks have made cash recovery of an amount of Rs21.17 billion against non-performing loans (NPLs) during the quarter ended March 31, 2021, according to data released by State Bank of Pakistan (SBP) on Friday.

     The cash recovery against NPLs was Rs49.23 billion for the quarter ended December 31, 2020. Therefore, the recovery fell by 57 percent when compared the two quarters.

    The breakup revealed that all commercial banks made cash recovery of Rs15.98 billion during quarter ended March 31, 2021 as compared with Rs27.4 billion in the quarter ended December 31, 2020.

    The data showed that the public sector banks could only made recovery of Rs2.55 billion during the quarter under review as compared with Rs11.06 billion in the preceding quarter.

    It also revealed that the local private banks made cash recovery of Rs13.4 billion against NPLs during the quarter ended March 31, 2021 as compared with Rs16.33 billion during the quarter ended December 31, 2020.

    Total NPLs of all banks and Development Financial Institutions (DFIs) for the quarter ended March 31, 2021 increased to Rs866.74 billion while net NPLs for the quarter were Rs110 billion.

    Whereas, the total NPLs for all banks and DFIs for the quarter ended December 31, 2020 were Rs844.66 billion while net NPLs for the quarter were Rs100 billion.

  • Rupee appreciates by 32 paisas ahead of Eid holidays

    Rupee appreciates by 32 paisas ahead of Eid holidays

    KARACHI: The Pak Rupee gained 32 paisas against the dollar on Friday owing to inflows of home remittances and export receipts.

    The rupee ended Rs152.28 to the dollar from last day’s closing of Rs152.60 in the interbank foreign exchange market.

    Currency experts said that demand for dollar was remained in the market due to extended holidays for Eid ul Fitr announced by the government. The government announced Eid holidays from May 10 to May 15, 2021.

    However, they said that inflows of Eid related remittances and export receipts helped the rupee to make gain.

    They further said that the latest instructions of the central bank to open bank branches on May 10 and May 11, 2021 to facilitate general public during extended Eid holidays also improved market sentiments.

  • SBP allows opening of banks during Eid holidays

    SBP allows opening of banks during Eid holidays

    KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to open their 50 percent branches on May 10 and 11, 2021 during Eid holidays to facilitate trade and industry.

    In a statement, the central bank said that in order to ensure the availability of banking services to trade and industry in particular and public in general during the extended holidays before the forthcoming Eid-ul-Fitr, it has been decided that banks shall open 50 percent of their total authorized branches dealing in foreign exchange and trade activities on 10th May, 2021 (Monday) while the remaining 50 percent of such branches on 11th May, 2021 (Tuesday) from 9:00 a.m. to 2:00 p.m. (without break).

  • Rupee strengthens 44 paisas against dollar

    Rupee strengthens 44 paisas against dollar

    KARACHI: The Pak Rupee gained 44 paisas against the dollar on Thursday despite demand for import payments ahead of extended Eid holidays.

    The rupee ended Rs152.60 to the dollar from last day’s closing of Rs153.04 in the interbank foreign exchange market.

    Currency experts said that demand for dollar was remained in the market due to extended holidays for Eid ul Fitr announced by the government. The government announced Eid holidays from May 10 to May 15, 2021.

    However, they said that inflows of Eid related remittances and export receipts helped the rupee to make gain.

  • ECC approves Rs10 billion as reimbursement of transfer charges to banks

    ECC approves Rs10 billion as reimbursement of transfer charges to banks

    ISLAMABAD: Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved Rs10 billion for re-reimbursement of telegraphic transfer charges to the banks on home remittances.

    Federal Minister for Finance and Revenue Shaukat Tarin chaired the meeting.

    The Technical Supplementary Grants were approved by ECC in its meeting held on Wednesday:

    • Rs.10 billion for the Finance Division for re-imbursement of telegraphic transfer charges to the banks on home remittances to encourage overseas Pakistanis to remit money through formal banking channels.

    • Allocation of funds for the National Disaster Management Authority (NDMA) for procurement of oxygen gas and delivery mechanism for import of 6,000 MT of oxygen amounting to Rs. 1800 million to meet the emergency requirement for supply of oxygen to hospitals for treatment of COVID-19 patients.

    • Rs. 115 million for the Ministry of Defence for the up-gradation of health care facilities at Cantonment General Hospital, Rawalpindi.

    • Rs. 800 million to the Ministry of Defence Production for the payment of outstanding loan to the National Bank of Pakistan (Bahrain).

    • Rs. 8 million for the Ministry of Information and Broadcasting to clear the pending liabilities of “Implementation Tribunal for Newspaper Employees (ITNE)”.

    • Rs. 571.216 million for the Ministry of Law and Justice for the construction of Islamabad High Court Building.

    • Rs. 350 million for the Ministry of Law and Justice for a new building of the Supreme Court Branch Registry Karachi.

    • Rs. 198.017 million for running Isolation Hospital and Infections Treatment Center, Islamabad for treatment of COVID-19 patients.

    • Rs. 27.5 billion for National Disaster Management Fund to complete NDMA’s component under Karachi Transformation Plan.

    • Rs. 48.337 million for the Ministry of Parliamentary Affairs for meeting its various operational expenses.

    • Rs. 17.739 million for the Geological Survey of Pakistan (GSP) to repair important laboratory equipment.

    • Rs. 1563.046 million for the Ministry of Federal Education and Technical Training for establishment & operation of Basic Education Community Schools.

    • Rs. 1210.18 million for the National Commission for Human Development (NCHD) for meeting various operating expenses.

    • Rs 100 million for the Cabinet Secretariat, given as contribution from the Government of Punjab for Pakistan Tourism Development Endowment Fund.

    Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Interior Shaikh Rashid Ahmad, Federal Minister for Economic Affairs Division Omar Ayub Khan, Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar, Federal for National Food Security & Research Syed Fakhar Imam, Federal Minister for Maritime Affairs Ali Haider Zaidi, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power & Petroleum Tabish Gauhar, Federal Secretaries, Chairman BOI and other senior officers participated in the meeting.

    Governor State Bank of Pakistan Reza Baqir also joined through a video link.

  • Rupee makes 20 paisas gain against dollar

    Rupee makes 20 paisas gain against dollar

    KARACHI: The Pak Rupee gained 20 paisas against the dollar on Wednesday owing to inflows of workers’ remittances and export receipts.

    The rupee ended Rs153.04 to the dollar from previous day’s closing of Rs153.24 in the interbank foreign exchange market.

    Currency dealers said that the rupee was appreciated due to inflows of Eid related remittances. They said that overseas Pakistanis usually send money to their relatives for Eid celebrations.

    They further said that the positive sentiments were prevailed as exports receipts were over $2 billion for the last 10 consecutive month in April 2021.

  • Bank holidays for Eid announced

    Bank holidays for Eid announced

    KARACHI: Banks shall observe six days holidays on the occasion of Eid-ul-Fitr. The State Bank of Pakistan (SBP) on Tuesday said that it will remain closed from 10th to 15th May, 2021 (Monday to Saturday) on the occasion of Eid-ul-Fitr.

    Simultaneously, banks shall also observe the holidays on the said dates. However, through another notification the SBP allowed the banks to open all the branches on Saturday May 08, 2021 to facilitate their customers.

    “In the wake of forthcoming Eid-ul-Fitr holidays from 10th to 15th May, 2021 and to cater the banking needs of public at large, it has been decided that all branches of banks / MFBs shall remain open on May 8, 2021 (Saturday) from 9:00 a.m. to 2:00 p.m. (without break).”

  • Rupee appreciates by 12 paisas

    Rupee appreciates by 12 paisas

    KARACHI: The Pak Rupee gained 12 paisas against the dollar on Tuesday owing to inflows of workers’ remittances and export receipts.

    The rupee ended Rs153.24 to the dollar from previous day’s closing of Rs153.36 in the interbank foreign exchange market.

    Currency experts said that the rupee was appreciated due to inflows of Eid related remittances.

    They said that overseas Pakistanis usually send money to their relatives for Eid celebrations.