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 27 paisas against dollar on Wednesday owing to improved inflows of export receipts and remittances.
The rupee ended Rs167.63 to the dollar from previous day’s closing of Rs167.90 in interbank foreign exchange market.
Currency experts said that improved inflows of export receipts and remittances helped the rupee to gain the value.
The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.
Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.
According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.
This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.
KARACHI: The Pak Rupee recovered 40 paisas against dollar on Tuesday owing to significant reduction in current account deficit (CAD) and lower demand for import payments.
The rupee ended Rs167.90 to the dollar from previous day’s closing of Rs168.30 in interbank foreign exchange market.
Currency experts said that sharp contraction in annual current account deficit reported by State Bank of Pakistan (SBP) helped the rupee to recover.
Further the lower import payment demand also helped the rupee to appreciate value.
On the other hand workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.
Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.
According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.
This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.
KARACHI: The Pak Rupee weakened by 97 paisas to the dollar on Monday owing to higher demand for import and corporate payments.
The rupee ended Rs168.30 to the dollar from last Friday’s closing of 167.33 in interbank foreign exchange market.
Currency experts said that the due to first working day of the week the demand for greenback was remained higher. They said that the due to global economic slowdown owing to coronavirus the inflows of worker remittances and exports receipts were also reduced.
They, however, believed that the local currency may rebound in coming days owing to sufficient inflows.
State Bank of Pakistan (SBP) has said that the workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.
Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.
According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.
This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.
KARACHI: The Pak Rupee depreciated by another 33 paisas against dollar on Friday owing to rising demand of the foreign currency for import payments.
The rupee ended Rs167.33 to the dollar from previous day’s closing of Rs167.00 in interbank foreign exchange market.
Currency experts said that due to economic normalcy return after ease in lockdown the domestic demand for imported goods had increased.
They further said that due to weekly holidays ahead also escalated the demand for the foreign currency.
The local unit fell by around 70 paisas during the outgoing week.
The experts believed that the rupee would rebound in coming days owing to sufficient inflows.
State Bank of Pakistan (SBP) has said that the workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.
Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.
According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.
This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.
KARACHI: The Pak Rupee weakened by 33 paisas against dollar on Thursday owing to rising demand of the foreign currency for import payments.
The rupee ended Rs167 to the dollar from previous day’s closing of Rs166.67 in interbank foreign exchange market.
Currency experts said that due to economic normalcy return after ease in lockdown the domestic demand for imported goods had increased.
The experts believed that the rupee would rebound in coming days owing to sufficient inflows.
State Bank of Pakistan (SBP) has said that the workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.
Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.
According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.
This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.
KARACHI: State Bank of Pakistan (SBP) on Wednesday fixed mandatory targets of housing loan disbursement for banks in order to promote housing and construction of buildings in the country.
The central bank in a notification said that with a view to promote housing and construction of buildings (Residential and Non-Residential) in Pakistan, the SBP decided to advise mandatory targets to the banks.
“Accordingly, each bank shall ensure that the financing for housing and construction of buildings (Residential and Non-Residential) shall be at least 5 percent of their domestic private sector credit by December, 2021,” the notification stated.
The banks are advised to gear up their infrastructure and capacity to ensure compliance of meeting these targets.
Accordingly, each bank is required to develop a concrete action plan with detailed measures and their timelines to achieve its housing and construction finance targets.
This action plan should contain breakdown of overall targets into quarterly targets, development of suitable products, launching of media campaigns, development of internal technology, capacity building of staff, and other actions needed to ensure the 5 percent target is met.
The SBP directed the banks to submit their concrete action plans to this department within 15 working days.
Banks will be required to report data of approvals and disbursements against these targets on monthly basis starting from September 2020.
The central bank said that it will keep a close monitoring of progress on the mandatory targets. Non-compliance in meeting the targets shall attract punitive action under the relevant provisions of the Banking Companies Ordinance, 1962.
KARACHI: The Pak Rupee ended firmer against dollar on Wednesday as stock of foreign currency was sufficient to meet import payment demand.
The rupee ended Rs166.67 to the dollar from the previous day’s close of Rs166.68 in interbank foreign exchange market.
Currency experts said that the inflows of dollars were sufficient to meet the demand for import and corporate payments.
They said that the improved inflows of remittances and lower import payments had helped the rupee to maintain levels.
State Bank of Pakistan (SBP) has said that the workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.
Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.
According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.
This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.
ISLAMABAD: The Non-bank Microfinance Companies (NBMFCs) have reschedule loans of worth Rs36billion of total 2,244,605 individuals and micro-enterprises as of June 30, 2020, Securities and Exchange Commission of Pakistan (SECP) said on Tuesday.
The SECP said that it had relaxed the regulatory requirements for non-bank finance sector allowing them to defer or reschedule the loan repayments of their borrowers during COVID-19 pandemic.
Out of these, 1,379,330 borrowers were facilitated through deferment of principal repayments of Rs27.778 billion by twelve NBMFCs, while 865,275 borrowers benefited through rescheduling of loans of 7.998 billion rupees by nine NBMFCs.
The SECP has already extended the time by three months for NBMFCs to accept deferment requests of borrowers till September 30, 2020.
Earlier, the SECP had urged the NBMFCs to adopt a considerate approach to accommodate their borrowers who belong to unprivileged segments of the society.
The SECP had also allowed NBMFCs to accept borrowers requests made through electronic means or phone calls. It is part of SECP’s efforts to provide relief for mitigating adverse effects of COVID-19 pandemic that has resulted in slowdown in business and livelihood activity.
KARACHI: The Pak Rupee eased by five paisas against dollar on Tuesday owing to demand for import and corporate payments.
The rupee ended Rs166.68 to the dollar from last day’s closing of Rs166.63 in interbank foreign exchange market.
Currency experts said that dollar demand was remained higher for import and corporate payments. They said that due to ease in lockdown the domestic demand was increased substantially. However significant inflows prevented sharp decline in rupee value.
They said that improved foreign exchange reserves and lower import demand to help the rupee to gain in coming days.
The official reserves held by the SBP increased by $811 million to $12.042 billion by week ended July 03, 2020 as compared with $11.231 billion a week ago.
The SBP attributed the increase in reserves to proceeds of $1,000 million as GOP loan disbursement from China.
During the week, SBP also made government external debt payments of $ 231.2 million.
The currency experts said that the lower import bill also helped the rupee to make gain.
According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.
This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year
KARACHI: State Bank of Pakistan (SBP) has allowed banks to retain digital record of identity i.e. NADRA Verisys of customers for record keeping requirements.
In a statement issued on Monday, the central bank said that the banks and Development Financial Institutions (DFIs) may use the NADRA [National Database Registration Authority] Verisys in place of obtaining certified photo copies of required NADRA identity documents and bio metric verifications wherever required as per SBP AML/CFT Regulations including for request of activation of dormant account by customers.
“They should retain the NADRA Verisys for record keeping requirements (digitally or hard copy).”
The directives have been issued under measures taken to mitigate COVID-19 pandemic.
Keeping in view the ongoing impact of COVID-19 pandemic in the country, it has been decided to extend the validity of the measures from June 30, 2020 to December 31, 2020.
In addition, it has been observed that customers including (overseas Pakistani /walk in/ occasional) are experiencing problems with regard to operation in their bank accounts, ensuring execution of financial transactions by them and getting financial services from banks/DFI.
The following revisions are being made in the existing AML/CFT requirements to facilitate such customers:
Banks/DFIs may use the NADRA Verisys in place of obtaining certified photo copies of required NADRA identity documents and bio metric verifications wherever required as per SBP AML/CFT Regulations including for request of activation of dormant account by customers. They should retain the NADRA Verisys for record keeping requirements (digitally or hard copy).
Banks/DFIs to update records of their customers with regard to their postal address or email address or register mobile number or land line number. They may use either of these medium for ensuring efficient and reliable communications with their customers including where ever customer request/instruction is desired as per requirement of AML/CFT regulation including for activation of dormant accounts.
Further, the requirement of originator’s and beneficiary’s address in wire transfer vide Regulation-3, para (3c & 3e) of AML / CFT Regulations for Banks/ DFIs has been amended as below.
Reference
Existing Requirement
Revised Requirement
R-3 Para(3c & 3e)
Bank/DFI shall include the following information in the message or payment instruction which should accompany or remain with the wire transfer throughout the payment chain:
( c ) the originator’s address and CNIC/ passport number (e) the beneficiary’s address and CNIC/ passport number
Bank/DFI shall include the following information in the message or payment instruction which should accompany or remain with the wire transfer throughout the payment chain:
( c ) the originator’s CNIC/ passport number (e) the beneficiary’s CNIC/ passport number
These instructions are enforceable with effect from July 01, 2020.
