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.
KARACHI: The Pak Rupee gained three paisas against the dollar on Tuesday owing to improved sentiments after reports of current account surplus during the first five months.
The rupee ended Rs160.68 to the dollar from the previous day’s closing of Rs160.71 in the interbank foreign exchange market.
Currency dealers said that the market remained positive due to reports of current account surplus as shown in Balance of Payment for the period July – November of fiscal year 2020/2021.
The current account posted $1.64 billion surplus for the first five months of the current fiscal year as compared with a current account deficit of $1.74 billion in the corresponding period of the last fiscal year.
The dealer said that the new type of coronavirus detected in the UK also spread fears across the globe. The importers are also cautious in making new orders amid the discovery of new type of the COVID.
The currency experts hoped that the local unit would make gains in coming days despite year ending owing to improved economic indicators.
KARACHI: State Bank of Pakistan (SBP) has issued updated list of panel of audit firms, which are allowed to conduct audit of banking companies.
The central bank updated the list up to December 21, 2020.
State Bank of Pakistan’s Panel of Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962
Following is the list of chartered accountant firms with their categories to conduct audit:
Category Description Category ‘A’ Audit Firms in Category “A” are eligible to conduct audit of all Banks and DFIs Category ‘B’ Audit Firms in Category “B” are eligible to conduct audit of Banks and DFIs having assets up to Rupees 100 billion or branches up to 160. Category ‘C’ Audit Firms in Category “C” are eligible to conduct audit of banks and DFIs having assets up to Rupees 15 billion or branches up to 30.
Category ‘A’
A1. A.F. Ferguson & Co. State Life Building No. 1/C, I.I. Chundrigar Road, Karachi. Tel: +92 (021) 32426711-15 Fax: +92 (021) 32415007 Web: www.affco.com.pk
A13. Riaz Ahmad & Co. 10-B, Saint Mary Park, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35718137-39 Fax: +92 (042) 35718136 Email: [email protected] Web: www.racopk.com
The Pakistani Rupee experienced a significant drop of 62 paisas against the US Dollar on Monday, closing at Rs160.71 compared to the previous Friday’s rate of Rs160.09 in the interbank foreign exchange market. This decline is attributed to increased demand for foreign currency driven by import and corporate payment requirements.
KARACHI: The State Bank of Pakistan (SBP) has set a target of 20 million women bank accounts by year 2023 in order to reduce the gender gap in financial inclusion, a statement said on Saturday.
The SBP said that women’s access to financial and economic opportunities is essential for sustainable and inclusive economic growth.
However, women in Pakistan are disproportionately under-served by the financial system.
Only 18 percent of adult women in Pakistan have an active bank account compared with 51 percent men.
“In order to address the gender disparities, the central bank has adopted a medium-term national target of 20 million active women bank accounts by 2023 under National Financial Inclusion Strategy.”
The target will be achieved through the launch of a policy to reduce the gender gap in financial inclusion, titled Banking on Equality, which aims to promote women financial inclusion in Pakistan.
“Banking on Equality: Reducing the Gender Gap in Financial Inclusion”, is a flagship policy initiative of State Bank of Pakistan for promoting women financial inclusion. The policy will introduce a gender lens within the financial sector through specific measures to bring a shift towards gender friendly business practices.
To initiate a national dialogue on women financial inclusion, SBP has organized a webinar titled “Consultative Launch of Banking on Equality policy: Reducing the Gender Gap in Financial Inclusion” on Monday, December 21, 2020 at 1730 PKT (Pakistan Standard Time).
The webinar, that will be shown live on State Bank’s Facebook page [https://www.facebook.com/StateBankPakistan] aims to promote awareness of the significance of women financial inclusion and hold discussions among distinguished international thought leaders to discuss practical ways to give a boost to women financial inclusion in Pakistan.
SBP Governor, Dr. Reza Baqir will host the consultative launch of the Banking on Equality policy with introductory presentation on the policy by SBP Deputy Governor Ms. Sima Kamil, and followed bya high level panel discussion around women’s financial inclusion. The panel members would include PrincessZahra Aga Khan Director Aga Khan Development Network (AKDN), Ms. CeylaPazarbasioglu from IMF and Dr. Reza Baqir Governor, State Bank of Pakistan while Dr. Anita Zaidi from Bill and Melinda Gates Foundation (BMGF) will moderate the panel discussion.
Princess Zahra Aga Khan is a Member of the Board of Directors of the Aga Khan Development Network (AKDN). Princess Zahra serves in various leadership roles within the Aga Khan Development Network, including as Trustee of the Aga Khan University and the University of Central Asia.
Ms. CeylaPazarbasioglu is Director of the Strategy, Policy, and Review Department (SPR) of the IMF. In this capacity, she leads the work on the IMF’s strategic direction and the design, implementation, and evaluation of Fund policies. Ms. Pazarbasioglupreviously served as Vice President at the World Bank Group.
The panel moderator, Dr. Anita Zaidi, is the President of Gender Equality at Bill and Melinda Gates Foundation. Dr. Zaidi is overseeing a division comprised of the Foundation’s Gender Equality program team and Gender Program Advocacy and Communications team.
Currency dealers said that demand for the foreign currency was remained higher due to upcoming weekly holidays. However, inflows of export receipts and workers remittances helped the rupee to make gain.
Currency experts said that the rupee likely to make gain in coming days due to positive economic indicators.
KARACHI: The Pak Rupee strengthened by 28 paisas against the dollar on Thursday owing to improved foreign inflows of workers’ remittances and export receipts.
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 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.
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.
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.
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.
