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.
ISLAMABAD: The adverse impact on the economy due to COVID-19 has forced the State Bank of Pakistan (SBP) to adopt flexible monetary policy stance, according to Pakistan Economic Survey 2019/2020 released on Thursday.
(more…)
The Pakistani Rupee faced a decline of four paisas against the US Dollar on Thursday, closing at Rs164.59 in the interbank foreign exchange market.
(more…)KARACHI: The Pak Rupee continued to slide against dollar on Wednesday and lost 21 paisas owing to higher demand for import and corporate payments.
The rupee ended Rs164.55 to the dollar from previous day’s closing of Rs164.34 in interbank foreign exchange market.
The rupee lost value of around Rs1.25 against dollar during past three trading days.
Currency dealers said that the forex market witnessed pressure for import and corporate payments.
The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.
The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.
The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.
This decline is primarily attributed to the government external debt repayments of $1.669 billion.
The dealers further said that ease in lockdown boosted the economic activities, which also enhanced the demand for imported goods.
KARACHI: Meezan Bank Limited has played a leading role in successfully concluding the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs200 billion by Power Holding Limited (PHL), a public sector entity fully owned by the Ministry of Energy and Government of Pakistan, a statement said on Tuesday.
(more…)KARACHI: The Pak Rupee extended losses for second day against dollar and fell by 72 paisas on external payments, dealers said on Tuesday.
The rupee ended Rs164.34 to the dollar from previous day’s closing of Rs163.62 in interbank foreign exchange market.
The rupee lost value of around Rs1.04 against dollar during past two trading days.
Currency dealers said that the forex market witnessed pressure for import and corporate payments.
The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.
The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.
The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.
This decline is primarily attributed to the government external debt repayments of $1.669 billion.
The dealers further said that ease in lockdown boosted the economic activities, which also enhanced the demand for imported goods.
KARACHI: The deposits of banking system high record high at Rs15.48 trillion in May 2020 despite sharp cut in policy rate cut and Eid festival.
According to statistics released by State Bank of Pakistan (SBP) on Monday the deposits of banking system sharply grew by 15 percent to Rs15.48 trillion by end of May 2020 as compared with deposits of Rs13.459 trillion in the same month of the last year.
The deposits of banking system by May 2020 also grew by 7 percent when compared with Rs14.475 trillion in April 2020.
The banking system witnessed record high deposits despite cut in key policy rate by the SBP during the past two months.
The SBP in its latest monetary policy announcement on May 15, 2020 reduced the policy rate by 100 basis points to bring down to 8 percent.
The cumulative reduction in key policy rate was 525 basis points during the past two months.
Further, the deposits hit record high despite Eid festival when people opt to withdraw cash. However, on this Eid-ul-Fitr the SBP had not issued fresh currency notes due to coronavirus.
Banking experts said that due to partial halt in business activities and easing lockdown to allow opening of markets in the last days of the month of Ramazan helped the banking system to have massive deposits.
KARACHI: The Pak Rupee depreciated by 32 paisas against dollar on Monday owing to higher demand for foreign currency on opening of the market after two weekly holidays.
The rupee ended Rs163.62 to the dollar from last Friday’s closing of Rs163.30 in interbank foreign exchange market.
Currency dealers said that the forex market witnessed pressure for import and corporate payments.
The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.
The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.
The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.
This decline is primarily attributed to the government external debt repayments of $1.669 billion.
The dealers further said that ease in lockdown boosted the economic activities, which also enhanced the demand for imported goods.
KARACHI: The State Bank of Pakistan (SBP) on Sunday issued alert warning general public that unscrupulous elements are making phone calls to collect account holders information.
“It has come to the knowledge of SBP that unscrupulous elements are making phone calls to individuals, impersonating as officials of SBP or other agencies, seeking personal information regarding their deposit accounts on the pretext that SBP is collecting information from banking customers in light of emergency declared in the country due to COVID-19,” the SBP said.
In some instances, the fraudsters also claim that the information is required to ensure smooth functioning of their accounts in case ATM services become unavailable.
The central bank said that it never seeks details of account holders of any bank and all such calls made on its behalf are a hoax and with fraudulent intentions.
Public is advised not to respond to any such calls and provide any information.
Please report such calls to your bank immediately.
In addition, these call can also be reported to SBP helpline at 021-111-727-273 (during business hours) or at email [email protected].
KARACHI: The Pak Rupee strengthened by 36 paisas against dollar for third consecutive day on Friday owing to inflows of export receipts and remittances.
The rupee ended at Rs163.30 to the dollar from previous day’s closing of Rs163.66 in interbank foreign exchange market.
Currency experts said that the supply of dollar into the market was seen in shape of remittances and export receipts.
The local currency witnessed gain against dollar for third straight day. The rupee gained Rs1.59 against dollar in last three trading days.
Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.
The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.
Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments.
Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.
The currency experts said that fall in exports and remittances also put pressure on the local currency.
KARACHI: The State Bank of Pakistan (SBP) has implemented additional measures for cash movement amidst the rapid spread of COVID-19. In a notification issued to the CEOs and Presidents of banks, the SBP emphasized the importance of these measures to protect those directly involved in cash management and operations.
(more…)