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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.

  • Rupee recovers 20 paisas against dollar

    Rupee recovers 20 paisas against dollar

    KARACHI: The Pak Rupee recovered 20 paisas against the dollar on Wednesday after ease in demand for import and corporate payments and increase in foreign inflows.

    The rupee ended Rs160.39 to the dollar from previous day’s closing of Rs160.59 in the interbank foreign exchange market.

    The local unit recovered against the greenback after witnessing three straight trading sessions decline.

    The currency experts said that the supply of the dollar was sufficient in the market. Further, demand for import and corporate payment also seen easing, they added.

  • Banking deposits increase by 18pc in November

    Banking deposits increase by 18pc in November

    KARACHI: Deposits of the banking system have increased by 18 percent to Rs16.84 trillion by end of November 2020 as compared with same month of the last year, according to details released by the State Bank of Pakistan (SBP).

    The banking deposits were at Rs14.31 trillion by November 2019.

    The deposits of the banking system have increased by 1.1 percent in November 2020 as compared with Rs16.66 billion in October 2020.

    The banking deposits hit all time high of Rs16.88 trillion in September 2020.

    Banking experts said that the deposits were increasing due to second phase of coronavirus. In the first phase the deposits witnessed significant increase due to shrinking investment avenues.

    FBR to get information of banking deposits, payments, profit on debt
  • Rupee depreciates by 12 paisas against dollar

    Rupee depreciates by 12 paisas against dollar

    KARACHI: The Pak Rupee depreciated by 12 paisas against the dollar on Tuesday as demand for the foreign currency remained high for import and corporate payments.

    The rupee ended Rs160.59 to the dollar from the previous day’s closing of Rs160.47 in the interbank foreign exchange market.

    Currency dealers said that positive sentiments prevailed on the expectation of normalcy after vaccination for prevention of COVID had been started in many countries.

    They said that in Pakistan the government had decided not to close down businesses and commercial activities in the second wave of coronavirus. The importers in the hope of improved domestic manufacturing activities are placing orders to their foreign suppliers.

    The currency experts said that the rupee may recover in coming days owing to improved inflows of export receipts and workers’ remittances.

  • Banks to reveal key information for deposit accounts

    Banks to reveal key information for deposit accounts

    KARACHI: State Bank of Pakistan (SBP) on Monday issued guidelines for banks to ensure disclosure of key information for deposit accounts.

    In a circular, the central bank said that effective disclosure is considered a fundamental component of the Financial Consumer Protection regime.

    Standardized disclosures as Key Fact Statements (KFS) increase consumer comprehension about a banking product’s affordability and risks, leading to better decision-making.

    Similarly, KFS also minimizes the risks of ineffective disclosures on part of the banks by standardizing the information provided to the consumer.

    The SBP in its endeavor to promote Responsible Banking Conduct and Fair Treatment of Consumers (FTC) recognizes the importance of standardized disclosures.

    Accordingly, KFS for consumer credit products and Most Important Document (MID) for third party products have already been issued vide CPD Circular No.3 of 2014, BC & CPD Circular No. 2 of 2016, and CPD Circular No. 2 of 2012.

    KFS for deposit products have now been developed and are being issued through this circular for adoption as per the requirements listed below:

    Banks/MFBs/DFIs are required to provide KFS to all their prospective customers from April 1, 2021, for comparison and decision making. Banks/MFBs/DFIs will ensure the availability of KFS in branches, on the website, e-banking interfaces, etc.

    At the time of account opening, the KFS duly signed by the Banks/MFBs/DFIs, and the customer will be retained with the account opening form and its duplicate copy will be provided to the customer for record and information.

    Banks/MFBs/DFIs are required to make necessary changes in their related SOPs and Policies for the seamless adoption of KFS to incorporate the requirement of KFS. Further, the provision of KFS as mentioned above in para 1 and the accuracy of the information contained therein will be checked by the Internal Audit during the regular audit.

    Adequate consumer awareness initiatives and staff training may also be undertaken by Banks/MFBs/DFIs regarding the use of KFS and its vitality.

  • Rupee falls by 33 paisas on higher payment demand

    Rupee falls by 33 paisas on higher payment demand

    KARACHI: The Pak Rupee fell by 33 paisas against the dollar on Monday owing to increasing demand for import and corporate payments.

    The rupee ended at Rs160.47 to the dollar from last Friday’s closing of Rs160.14 in the interbank foreign exchange market.

    Currency dealers said that demand for the foreign currency was higher because the market was opened after two weekly holidays.

    They said that the demand for the greenback was higher because of improvement in the global economy after the introduction of covid vaccine.

  • Premium prize bonds of Rs25,000 denomination launched to discourage informal economy

    Premium prize bonds of Rs25,000 denomination launched to discourage informal economy

    ISLAMABAD: The government has launched registered prize bonds of Rs25,000 denomination to discourage the informal economy and comply with laws related to anti-money laundering and counter financing of terrorism.

    Further, the decision to document the bearer prize bonds to comply with the conditions of Financial Action Task Force (FATF).

    The decision is part of documenting all unregistered prize bond of all denominations. Prior to this the government in the year 2017 launched premium prize bonds of Rs40,000 denomination. The bearer bonds of Rs40,000 denomination can be withdrawn up to December 30, 2021.

    Through a notification the Finance Division approved the issuance of premium prize bonds (registered) of Rs25,000 denomination from December 09, 2020.

    At a same time the government also announced to discontinue bearer bonds of Rs25,000 denomination from December 09, 2020.

    The total investment in Rs25,000 denomination bearer prize bonds is around Rs164 billion by end of October 2020. The investment in the unregistered prize bonds has to be surrendered by May 31, 2021.

    Holders of the bearer prize bonds can be converted to premium prize bonds through SBP Banking Services, National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

    Furthermore, the bearer prize bonds can also be replaced with Special Saving Certificates or Defence Saving Certificates through SBP Banking Service Corporation and authorized commercial banks and National Savings Centers.

    Furthermore, the bearer bonds can be encashed by transferring the proceeds to the bond holder’s bank account through SBP Banking Services Corporation and authorized commercial bank branches and the Saving Accounts at National Saving Centers.

    According to the Finance Division, the draw of premium prize bonds would be held on quarterly basis in which 707 prizes would be awarded. The first prize will be Rs30 million.

    The holder of premium prize bonds shall also get profit at 1.79 percent on biannual basis.

  • Remittances grow 27 percent during July – November

    Remittances grow 27 percent during July – November

    KARACHI – The State Bank of Pakistan (SBP) reported a significant 27% growth in workers’ remittances during the first five months (July-November) of the current fiscal year (FY21), underscoring a resilient trend in foreign inflows facilitated through formal channels.

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  • Rupee gains 15 paisas on improved inflows

    Rupee gains 15 paisas on improved inflows

    KARACHI: The Pak Rupee gained 15 paisas against the dollar on Friday owing to significant inflows of workers’ remittances and improved foreign exchange reserves of the country.

    The rupee ended Rs160.14 to the dollar from previous day’s closing of Rs160.29 in the interbank foreign exchange market.

    Currency dealers said that positive sentiments prevailed in the foreign exchange market owing to improved foreign exchange reserves and inflows of workers remittances.

    The liquid foreign exchange reserves of the country have increased by $160 million to $20.402 billion by week ended December 04, 2020, State Bank of Pakistan (SBP) said on a day earlier. The foreign exchange reserves of the country were at $20.242 billion by week ended November 27, 2020.

    During the first five months of FY21, workers’ remittances have reached an unprecedented level of US$ 11.77 billion, 26.9 percent higher than the same period last year.

  • Rupee gains 19 paisas against dollar

    Rupee gains 19 paisas against dollar

    KARACHI: The Pak Rupee gained 19 paisas against the dollar on Thursday owing to supply of the foreign currency in the market.

    The rupee ended Rs160.29 to the dollar from previous day’s closing of Rs160.48 in the interbank foreign exchange market.

    Currency dealers said that the market witnessed demand for import and corporate payments. However, the supply of the dollar in the shape of export receipts and workers remittances.

    They said that the pace of inflows likely help the local currency to further gain value against the dollar.

    Rupee depreciates by 10 paisas against dollar