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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 ends down by 22 paisas on demand for import payments

    Rupee ends down by 22 paisas on demand for import payments

    KARACHI: The Pak Rupee ended down by 22 paisas against the dollar on Monday owing to demand for import and corporate payments.

    The rupee ended Rs160.39 to the dollar form last Friday’s closing of Rs160.17 in the interbank foreign exchange market.

    Currency experts said that the market opened after two weekly holidays which resulted in pressure on dollar demand.

    The said that the market witnessed inflows of export receipts and workers’ remittances during the day. However, inflows were not sufficient to meet the payment demand.

  • Rupee depreciates by 16 paisas on import, corporate payment demand

    Rupee depreciates by 16 paisas on import, corporate payment demand

    KARACHI: The Pak Rupee fell by 16 paisas against the dollar on Friday owing to demand for import and corporate payments ahead of weekly holidays.

    The rupee ended Rs160.17 to the dollar from previous day’s closing of Rs160.01 in the interbank foreign exchange market.

    Currency dealers said that the demand for the dollar was remained higher during the day due to two weekly holidays ahead.

    The dealers said that the market also witnessed inflows for export receipts and workers’ remittances during the day but those were not sufficient to meet the demand.

    The dealers hoped that the inflows export receipts and workers’ remittances would help the rupee to make gain.

    On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

    The Adviser said this was the highest export ever in the previous month of December 2020.

    He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

  • SBP warns public against dealing with illegal forex operators

    SBP warns public against dealing with illegal forex operators

    KARACHI: State Bank of Pakistan (SBP) has warned general public against sale and purchase through illegal operators and transfer of foreign currency through Hawala and Hundi.

    The SBP informed the general public that a person may unknowingly become part of money laundering and terrorism financing offence by dealing with illegal foreign exchange operators.

    The money laundering and terrorism financing offences are punishable under Anti Money Laundering (AML) Act 2010 and Anti Terrorism Act (ATA), 1997.

    “It is advised in your self-interest to carry foreign currency sale, purchase and remittance transaction with only SBP authorized banks and exchange companies.”

    The SBP also advised that do not forget to collect system generated official receipt of transactions. If a person come across any illegal foreign exchange sale/purchase and Hawala/Hundi Operators should report the Federal Investigation Agency.

    The SBP said that the business of foreign exchange in Pakistan is regulated under Foreign Exchange Regulation Act 9FERA) 1947.

    State Bank of Pakistan issues authorization to banks and exchange companies to conduct foreign exchange business. Any person (individual or entity) other than those authorized by the SBP are doing illegal foreign exchange business which is punishable offence under FERA 1947 and AMLA 2010.

    All such operators are informed in their own interest not to indulge in illegal foreign exchange sale/purchase and hawala/hundi business.

    “Extensive action against illegal currency exchange and hawala/hundi operators is being carried out by relevant law enforcement agencies,” the SBP said.

  • Rupee strengthens by 28 paisas on inflows of exports, remittances

    Rupee strengthens by 28 paisas on inflows of exports, remittances

    KARACHI: The Pak Rupee strengthened by 28 paisas against the dollar on Thursday owing to improved inflows of export receipts and workers’ remittances.

    The rupee ended Rs160.01 to the dollar from previous day’s closing of Rs160.29 in the interbank foreign exchange market.

    Currency dealers said that the market had witnessed supply of the foreign currency in the shape of export receipts and workers’ remittances.

    The dealers said that the market had demand for import and corporate payments but the inflows were sufficient to meet the demand.

    On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

    The Adviser said this was the highest export ever in the previous month of December 2020.

    He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

  • Rupee recovers four paisas against dollar

    Rupee recovers four paisas against dollar

    KARACHI: The Pak Rupee recovered four paisas against the dollar on Wednesday owing to improved supply of the foreign currency to meet demand for import and corporate payments.

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  • Rupee falls by 35 paisas on import, corporate payments

    Rupee falls by 35 paisas on import, corporate payments

    KARACHI: The Pak Rupee fell by 35 paisas against the dollar on Tuesday owing to jack up in foreign currency demand for imports and corporate payments.

    The rupee ended Rs160.33 to the dollar from the previous day’s closing of Rs159.98 in the interbank foreign exchange market.

    Currency dealers said that the demand of the greenback remained high due to improvement in foreign trade following vaccination initiated for coronavirus.

    They further said that the foreign companies operating in Pakistan were also buying dollars to repatriate profit and dividend for the period ended December 31, 2020.

    They however hoped that the improved export receipts and inflows of workers remittances would help the local unit to gain value.

    On January 02, 2021, Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood has expressed his satisfaction that the exports in December 2020 have increased by 18.3 percent percent to $ 2,357 million as compared to $ 1,993 million in December 2019, showing an increase of $364 million.

    The Adviser said this was the highest export ever in the previous month of December 2020.

    He said that the export figures showed the resilience of the economy of Pakistan and was a vindication of the government’s policy to keep the wheels of economy running during COVID-19 pandemic. The 6-months’ performance of exports was also discussed in the meeting.

  • 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.

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  • 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.

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