Pkrevenue.com

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.

  • Rupee falls by 15 paisas on higher dollar demand

    Rupee falls by 15 paisas on higher dollar demand

    KARACHI: The Pak Rupee fell by 15 paisas against the dollar on Monday – the first trading day of 2021 – as the foreign exchange market opened after three days break.

    The rupee ended Rs159.98 to the dollar from the closing of Rs159.83 of last trading day on December 31, 2020 in interbank foreign exchange market.

    Currency dealers said that the rupee was under pressure because of high demand of the foreign currency for import and corporate payments.

    The market was opened after three days due to bank holiday on January 01 and the two weekly holidays.

    The dealers said that the market also witnessed supply of the dollar in the shape of export receipts and workers’ remittances, which supported the rupee from significant fall.

    They said that the market was remained optimistic about improvement in rupee value in coming days due to improved inflows of export receipts.

    Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood commented on the exports in December 2020 which have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019.

  • SBP extends validity measures to mitigate coronavirus pandemic

    SBP extends validity measures to mitigate coronavirus pandemic

    KARACHI: The State Bank of Pakistan (SBP) has extended the validity of measures up to June 30, 2021 to mitigate coronavirus pandemic related to Anti-Money Laundering (AML)/ Counter Financing of Terrorism (CFT), a statement said on Thursday.

    The SBP invited the attention towards BPRD Circular Letters No. 32 & 33 of 2020 and AC&MFD Circular Letters No.3 & 6 of 2020 whereby measures like utilization of NADRA Verisys in place of Biometric Verification were prescribed to limit the spread of COVID-19 pandemic.

    Keeping in view the intensity and ongoing impact of COVID-19 pandemic in the country, it has been decided to further extend the validity of measures stipulated in above referred Circular Letters from December 31, 2020 to June 30, 2021.

    Additionally, Microfinance Banks (MFBs) shall resume biometric verification, prescribed vide AC&MFD Circular Letter No. 06 of 2020 with revised timelines of July 31, 2021 and September 30, 2021 for customers assigned medium and normal priorities, respectively.

    Further, as mandated in BPRD Circular No. 06 of 2016, Authorized Financial Institutions may defer the requirement for visits of compliance officers to newly acquired agents within first quarter of their acquisition, till June 30, 2021. However, compliance officers shall visit all these newly acquired agents within the next quarter ending September 30, 2021.

    Related Stories

    SBP allows banks to verify customers through NADRA Verisys for record keeping
  • Rupee ends year at Rs159.83 against dollar

    Rupee ends year at Rs159.83 against dollar

    KARACHI: The Pak Rupee ended the year 2020 at Rs159.83 to the dollar, gaining 45 paisas on Thursday from previous day’s closing value. However, the local unit fell by Rs4.96 against dollar during the year.

    The rupee ended Rs159.83 to the dollar on December 31, 2020 on Thursday from previous day’s closing of Rs160.28 in the interbank foreign exchange market.

    The currency experts said that the market witnessed sufficient supply of the foreign currency during the day offsetting the demand for import and corporate payments.

    During the year 2020, the local unit witnessed a decline of Rs4.96 against the dollar. The rupee ended the year at Rs159.83 as compared with the value of Rs154.87 to the dollar on January 02, 2020.

    The dollar value reached to all time high of Rs168.43 on August 26, 2020.

  • Rupee makes 11 paisas gain on improved inflows

    Rupee makes 11 paisas gain on improved inflows

    KARACHI: The Pakistani rupee gained strength against the US dollar on Wednesday, appreciating by 11 paisas in the interbank foreign exchange market. This upward movement was largely attributed to improved inflows from workers’ remittances and export receipts, which provided much-needed support to the local currency.

    (more…)
  • Bank holiday declared on January 01

    Bank holiday declared on January 01

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday declared bank holiday on January 01, 2021 on account of financial close of banking companies.

    In a circular issued to presidents and chief executives of all banks, development financial institutions and microfinance banks, the SBP informed that the central bank will remain closed for public dealing on Wednesday, January 1, 2020, which will be observed as ‘Bank Holiday’.

    All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on the above date. However, all employees of banks / DFIs / MFBs will attend the office as usual, the SBP said.

  • Rupee ends flat against dollar

    Rupee ends flat against dollar

    KARACHI: The Pak Rupee eased by one paisa against the dollar on Tuesday as sufficient supply of the foreign currency was available during the day.

    The rupee ended at Rs160.39 to the dollar from last day’s closing of Rs160.38 in the interbank foreign exchange market.

    Currency dealers said that although demand for the foreign currency remained higher due to year ending. They said the supply of the greenback was sufficient to meet the demand.

    They said that due to year ending the demand for import and corporate payments was higher. They however said that the rupee may remain stable in the coming days.

  • Pakistan Mortgage Refinance Corporation signs master agreement with six banks

    Pakistan Mortgage Refinance Corporation signs master agreement with six banks

    KARACHI: A major step has been taken for the Government’s Naya Pakistan Housing Program and making affordable housing possible for all as Pakistan Mortgage Refinance Corporation (PMRC) signed a master guarantee agreements with six banks, State Bank of Pakistan (SBP) said on Monday.

    A Credit Guarantee Trust, with Pakistan Mortgage Refinance Corporation (PMRC) as Trustee, has been set up by the Government of Pakistan with the support of State Bank of Pakistan (SBP) and funded by the World Bank.

    In line with Government’s vision to promote affordable housing especially for the low- and informal-income segments, the Credit Guarantee Trust will provide risk coverage of up to 40% to primary mortgage financiers on first loss basis.

    The guarantee will partially alleviate the credit risk of primary mortgage financiers and provide a conducive environment for banks to finance housing for the low-income. Keeping in view the dynamics of mortgage market and to facilitate market growth, the scheme has been designed for both conventional and Islamic banks.

    PMRC as trustee today signed a Master Guarantee Agreement with six leading Islamic and conventional banks including Meezan Bank, Habib Bank, BankIslami, Faysal Bank, JS Bank and Soneri Bank. This is a major step for the Government’s Naya Pakistan Housing Program and making affordable housing possible for all.

    Speaking at the occasion, Deputy Governor SBP Jameel Ahmed said that the risk coverage of mortgage portfolio under Government Markup Subsidy facility provides due comfort to banks in extending housing finance to the low income segment for buying or construction of new houses.

    He urged the banking industry to benefit from this unprecedented facilitative environment and extend loans to their maximum potential. He also urged the PMRC to focus on developing secondary mortgage market through issuance of mortgage-backed securities in the capital market.

    The Deputy Governor SBP emphasized that all stakeholders needed to make concerted efforts to achieve the goal of providing housing to the common people. He lauded the efforts by financial institutions over the last few months under the umbrella of Steering Committee on housing and construction finance established by State Bank of Pakistan.

    Mudassir H. Khan, MD and CEO of PMRC, expressing his views said that this Credit Guarantee Scheme will pave the way for the banking industry to extend housing finance to the low income group, a market segment which has remained negligible for long.

    He said that PMRC has a role of a catalyst in mortgage market development in the country and for growth of affordable housing in the country. He thanked the Deputy Governor SBP for his leadership and support for this sector, the Ministry of Finance, the World Bank and NAPHDA towards making the Government and PM’s vision of affordable housing a reality. 

  • SBP directs banks to observe extended hours on Dec 31 to facilitate taxpayers

    SBP directs banks to observe extended hours on Dec 31 to facilitate taxpayers

    KARACHI: The State Bank of Pakistan (SBP) on Monday directed banks to open their branches for extended hours on December 31, 2020 in order to facilitate taxpayers in payment of duty and taxes.

    In order to facilitate the collection of the 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 P.M. on December 31, 2020 (Thursday), for which purpose a special clearing has been arranged at 6:00 P.M. on the same day by the NIFT, the SBP said.

    The SBP directed that all banks keep their concerned branches open on December 31, 2020 (Thursday) till such time that is necessary to facilitate the special clearing for Government transactions by the NIFT.

  • Rupee weakens by six paisas against dollar

    Rupee weakens by six paisas against dollar

    KARACHI: The Pak Rupee fell by six paisas against the dollar on Monday as the market opened after public and weekly holidays and witnessed higher demand for import and corporate payments.

    The rupee ended at Rs160.38 to the dollar from last Thursday’s closing of Rs160.32 in the interbank foreign exchange market.

    Currency dealers said that the rupee came under pressure during the day as the market opened after three days for public holiday on account of Qauid-e-Azam day and two weekly holidays.

    The demand remained higher during the day despite inflows of workers’ remittances and export receipts. However, these inflows were not sufficient to support the local unit.

  • SBP launches survey to analyze trends in remittances

    SBP launches survey to analyze trends in remittances

    KARACHI: State Bank of Pakistan (SBP) on Thursday launched a survey of Overseas Pakistanis to analyze recent trends in remittances and the future outlook.

    The central bank launched the survey in collaboration with Ministry of Planning, Development and Special Initiatives (MPD&SI).

    The survey will be available to all Overseas Pakistanis globally till January 9, 2021.

    The survey attempts to assess underlying factors that may have affected recent remittances behavior, including switching from informal to formal channels, from brick and mortar outlets to digital platforms, future plans of moving back to Pakistan, as well as the amount of remittances they expect to send in the next six months.

    With the support of the Ministry of Overseas Pakistanis and Human Resource Development (MOPHRD), Ministry of Commerce, Ministry of Foreign Affairs (MOFA) and Pakistan Remittance Initiative (PRI), this survey is being conducted simultaneously at Pakistani Consulates and Embassies, Overseas Bank Branches of Pakistani Banks as well as online.

    SBP and MPD&SI encourage Overseas Pakistanis to actively participate in this short online survey. The survey is very easy to access through the following web link: https://surveyctosbp.surveycto.com/collect/survey_on_recent_remittance_behavior_of_overseas_pakistanis?caseid