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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.

  • SBP makes mandatory for banks to construct ramps for disable persons

    SBP makes mandatory for banks to construct ramps for disable persons

    KARACHI: State Bank of Pakistan (SBP) on Monday made it mandatory for all banks to construct ramps at their branches for persons with disabilities.

    The SBP said it had decided to make it mandatory for all banks/ MFBs/ DFIs to construct ramps at all newly opened and existing place of business (excluding Mobile Banking Units) to make it accessible for persons with disabilities and wheelchair users.

    For the purpose, a 2-year time-bound action plan to construct ramps at your all-existing places of business shall be submitted to SBP by December 31, 2020.

    In addition, a senior level management committee of the respective banks, MFBs and DFIs shall be constituted who will be responsible for monitoring the overall progress on the action plan.

    Further, the quarterly implementation report should be submitted within 15 days after the end of each quarter.

    The SBP further said that instructions issued vide CPD Circular No. 06 of 2014 requiring banks/MFBs to provide visually impaired/blind persons with equitable access to banking and financial services, the banks have also been advised to submit the compliance status by December 31, 2020.

  • Rupee gains four paisas against dollar

    Rupee gains four paisas against dollar

    KARACHI: The Pak Rupee gained four paisas against the dollar on Monday despite demand for import and corporate payments.

    The rupee ended Rs159.42 to the dollar form last Friday’s close of Rs159.46 in the interbank foreign exchange market.

    Currency dealers said that the market witnessed demand for the dollars because of the first trading day of the week and the market opened after two weekly holidays.

    They said that the supply of the greenback was sufficient to offset the demand and helped the local currency to make gain.

    The dealers said that the local currency likely to make gain in coming days owing to improved economic indicators, including the foreign exchange reserves of the country.

    The liquid foreign exchange reserves of the country have increased by $467 million to $20.552 billion by week ended November 20, 2020. The foreign exchange reserves of the country were at $20.085 billion by week ended November 13, 2020.

    The official reserves of the SBP increased by $484 million to $13.415 billion by week ended November 20, 2020 as against $12.931 billion a week ago. The SBP attributed the increase to official government inflows.

  • SBP directs banks to extend working hours for duty, tax collection

    SBP directs banks to extend working hours for duty, tax collection

    KARACHI: State Bank of Pakistan (SBP) on Sunday directed all banks to observe extended working hours to facilitate collection of duty and taxes on Monday November 30, 2020.

    A notification issued by the central bank, stated that in order to facilitate the collection of government receipts / duties / taxes, it has been decided that the field offices of SBP Banking Services Corporation (SBP-BSC) and authorized branches of National Bank of Pakistan (NBP) will observe extended banking hours till 9:00 PM on November 30, 2020 (Monday) for which purpose a special clearing has been arranged at 6:00 P.M. on the same day by the NIFT.

    All banks are, therefore, advised to keep their concerned branches open on November 30, 2020 (Monday) till such time that is necessary to facilitate the special clearing for Government transactions by the NIFT.

  • Rupee ends down by 20 paisas on higher import payment demand

    Rupee ends down by 20 paisas on higher import payment demand

    KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Friday owing to higher demand of the foreign currency for import and corporate payments.

    The rupee ended at Rs159.46 to the dollar from the previous day’s closing of Rs159.26 in the interbank foreign exchange market.

    Currency dealers said that the higher demand of the greenback was seen due to upcoming weekly holidays.

    Experts believed that the rupee is likely to gain value against the dollar in coming days due to improved economic indicators and increase in the foreign exchange reserves.

    The liquid foreign exchange reserves of the country have increased by $467 million to $20.552 billion by week ended November 20, 2020, State Bank of Pakistan (SBP) said a day earlier.

    The foreign exchange reserves of the country were at $20.085 billion by week ended November 13, 2020.

    The official reserves of the SBP increased by $484 million to $13.415 billion by week ended November 20, 2020 as against $12.931 billion a week ago.

    The SBP attributed the increase to official government inflows.

    The reserves held by commercial banks eased by $17 million to $7.137 billion by week ended November 20, 2020 as against $7.154 billion a week ago.

  • Rupee ends firmer against dollar

    Rupee ends firmer against dollar

    KARACHI: The Pak Rupee ended firmer against the dollar on Thursday as inflows were sufficient to meet the demand for import and corporate payments.

    The rupee ended Rs159.26 to the dollar from previous day’s closing of Rs159.27 in the interbank foreign exchange market.

    Currency dealers said that the supply of the foreign currency was sufficient to meet the demand for import and corporate payments.

    Rupee depreciates by 10 paisas against dollar
  • Rupee makes another gain of 82 paisas against dollar

    Rupee makes another gain of 82 paisas against dollar

    KARACHI: The Pak Rupee gained another 82 paisas against dollar on Wednesday owing to ease in demand for import payment and improved economic indicators.

    The rupee ended Rs159.27 to the dollar from previous day’s closing of Rs160.09 in interbank foreign exchange market.

    Currency dealers said that due to second phase of covid pandemic globally and subsequent lockdowns discouraged importers to place new orders.

    Further the improved foreign exchange reserves and current account surplus also supported the rupee to make gain.

    The local currency recovered Rs1.72 against dollar during past three trading days.

  • Mohtasib receives 11,174 complaints against banks during six months

    Mohtasib receives 11,174 complaints against banks during six months

    KARACHI: Around 11,174 complaints have been filed against commercial banks during first half of current calendar year, said a report issued by Banking Mohtasib (Ombudsman) Pakistan.

    The office of banking ombudsman in its half yearly report (January – June 2020) said that due to more public awareness about this institution as an alternate dispute resolution forum, in the last three years there has been seen an increase of 62 percent in public complaints.

    “Although during the Global Pandemic of Covid-19 despite of the fact that our office was not working at full strength, we have received 11,174 complaints during first six months of the year 2020 (i.e. from 01.01.2020 to 30.06.2020).”

    These also include the complaints received at the Prime Minister Portal relating to banking issues. The increase in number of complaints represents the confidence of general public in the working of this institution and the relief being obtained speedily and without any cost.

    The recent development in the technological field such as the digital banking, internet banking, mobile banking and ATMs, in the development of the economic activity in the country is enormous.

    Unfortunately, a large segment of our society is not financially literate besides, low level of education particularly those living in the rural areas do not have much knowledge about the products introduced by the banks.

    Certain fraudsters taking advantage of the innocent people misguide them for their poor knowledge of the latest banking techniques.

    All bank are continuously making public awareness campaigns, to discourage their evil designs and guiding the customers not to disclose details of their personal and financial credentials to any unknown person but during past two to three years, a large number of complaints of unauthorized fund transfer were received.

    Recommendations in this regard to SBP have been made time to time to protect the depositors hard earned savings.

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  • Rupee recovers 96 paisas against dollar

    Rupee recovers 96 paisas against dollar

    KARACHI: The Pak Rupee recovered 96 paisas against the dollar on Tuesday following the central bank kept the policy rate unchanged and lower demand of the foreign currency from importers.

    The rupee ended Rs160.09 to the dollar from the previous day’s closing of Rs161.05 in the interbank foreign exchange market.

    Currency dealers said that a day earlier the State Bank of Pakistan (SBP) kept the key policy rate unchanged at 7 percent giving confidence to trade and industry.

    They further said that the imposition of lockdown to prevent spread of coronavirus in international markets also discouraged importers from placing new orders to their foreign suppliers.

    The rupee gained to Rs158.30 against the dollar on November 17, 2020. However, since then the local currency witnessed a declining trend.

    Rupee depreciates by 10 paisas against dollar
  • Dollar advances to Rs161.05

    Dollar advances to Rs161.05

    KARACHI: The US dollar strengthened against the Pakistani rupee on Monday, gaining 32 paisas due to increased demand for imports and corporate payments. The exchange rate settled at Rs161.05 to the dollar in the interbank foreign exchange market, rising from last Friday’s closing of Rs160.73.

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  • SBP keeps key policy rate unchanged at 7 percent

    SBP keeps key policy rate unchanged at 7 percent

    KARACHI: The monetary policy committee of the State Bank of Pakistan (SBP) has decided to keep the key policy rate unchanged at 7 percent for next two months.

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