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.
The Pakistani Rupee gained significant ground against the US Dollar on Thursday, appreciating by 57 paisas, closing at Rs167.19 from the previous day’s rate of Rs167.76 in the interbank foreign exchange market.
(more…)KARACHI: The Pak Rupee recovered 14 paisas against dollar on Wednesday after witnessing significant decline a day earlier.
The rupee closed at Rs167.76 to the dollar from previous day’s closing of Rs167.90 in interbank foreign exchange market.
The local unit fell significantly a day earlier and lost 91 paisas against the greenback.
Currency experts said that the rupee was under massive pressure due to outflow of hot money during the past couple of month.
The outbreak of coronavirus jolted the financial markets across the globe, which also forced the investors to consolidate their funds.
A huge amount was also taken out by foreign investors from domestic debt market, which resulted pressure the local currency.
The experts said that the rupee likely to gain further in future owing to lower import payment demand after decline in international oil prices.
The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.
The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.
Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.
The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.
However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.
The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.
KARACHI: State Bank of Pakistan (SBP) on Tuesday extended the office timings of the central bank and commercial banks during the lockdown period.
Many parts of the country are facing lockdown in order to contain the spread of coronavirus (COVID-19).
The SBP issued a notification dated March 26, 2020 and directed to observe office timings: Monday to Thursday 10:00AM to 4:00PM; and Friday (10:00AM to 1:00PM).
The SBP said that the above timings shall continue till April 14, 2020 (date included), unless modified or withdrawn earlier.
Accordingly, banks/development financial institutions/microfinance banks have also been directed to observe the mentioned timings in letter and spirit.
KARACHI: The Pakistan rupee witnessed a sharp decline on Tuesday, falling by 91 paisas against the US dollar. The rupee closed at Rs167.90 per dollar in the interbank foreign exchange market, down from the previous day’s rate of Rs166.99. The depreciation was primarily driven by increased demand for dollars, largely due to rising import payments.
(more…)KARACHI: State Bank of Pakistan (SBP) has exempted services charges on donations made to Prime Minister Corona Relief Fund through payment cards.
The SBP in a statement on Tuesday said that it previously issued a circular on August 06, 2018 on Service Charges on Donations/ Payments to Supreme Court of Pakistan’s Diamer Bhasha and Mohmand Dam Fund through Payment Cards.
In this regard, it has been decided that the scope of the Circular would also cover Payments/Donations made to the Prime Minister’s as well as provincial governments’ Covid19 Pandemic Relief Funds.
Accordingly, all issuing and acquiring banks in Pakistan shall not charge any service fee including Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, on boarding fee or any other fee that may be applicable on any transactions made to the said account.
The issuing and acquiring banks/microfinance banks/payment schemes are advised to meticulously comply with these instructions.
KARACHI: State Bank of Pakistan (SBP) on Monday further relaxed conditions for refinance facilities for hospitals that are engaged in combating the coronavirus (COVID-19).
The central bank in a statement said that since the outbreak of COVID‐19, the SBP has taken a number of measures to support the economy. One of the earliest measures taken by SBP was to support the hospitals, which have been at the fore front in combating the disease, by providing them a facility to meet their financial needs namely the SBP Refinance Facility to Combat COVID‐19 (RFCC) on March 17, 2020.
Since then SBP received several suggestions by stakeholders to further improve it. Keeping in view such suggestions, SBP has provided more flexibility under RFCC to facilitate the health sector further.
Hospitals and medical centres engaged in fight against COVID‐19 will now be allowed to avail financing against their existing equipment and purchase of refurbished equipment as well, provided the same are used in creation of special facility/isolation ward to deal with COVID‐19.
Moreover, maximum coverage of 60 percent of civil works for setting up separate /isolation facility, has also been enhanced to 100 percent. Banks have been directed to ensure that financing extended under this facility is utilized for the intended purpose.
It is believed that above changes would help hospitals/medical centres avail SBP’s refinance facility with much ease.
KARACHI: The Pak Rupee ended down 23 paisas against dollar on Monday owing to demand for import payments.
The rupee ended Rs166.99 to the dollar from last Friday’s closing of Rs166.76 in interbank foreign exchange market.
The dealers said that the rupee was under pressure due to higher demand for import payment. They said that mostly demand was come from foreign buying related to commodities for the month of Ramazan.
The dealers said that the rupee however likely to gain in future owing to lower import payment demand after decline in international oil prices.
The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.
The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.
Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.
The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.
However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.
The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.
KARACHI: State Bank of Pakistan (SBP) has facilitated consumers of banks by setting up direct helpline for quick disposal of complaints amid difficult situations due to coronavirus.
In a statement issued on Monday, the central bank said it had taken additional measures to facilitate bank customers that are faced with extraordinary challenges arising out of COVID-19 situation in the country.
They can now approach SBP through its helpline service in case their queries or complaints are not being responded by banks.
The SBP also encourages public to use digital payment services as much as possible to help banks providing their services with minimal staff to ensure their safety.
SBP has taken notice of phone calls to banks’ customers by fraudsters seeking personal information taking advantage of the current conditions. Following are the details of measures taken.
To facilitate banking consumers, SBP has advised all banks to ensure that their call centers/helplines are available 24/7 for instant customer support.
Banking consumers are encouraged to approach banks through helpline for queries or lodging complaints. In case complainants do not get an appropriate response from banks, they may approach SBP helpline at 021-111-727-273, which will remain available during office hours.
To cater to the needs of the public for facilitation and guidance, SBP has enhanced its helpline capacity by deploying more agents at its call center.
The general public is encouraged to take appropriate safety measures in the context of the coronavirus and use alternate delivery channels where possible.
SBP recognizes that the employees of banks and other financial institutions are providing services amid the difficult working conditions arising due to COVID-19.
For the protection of bank employees and customers, work place safety and to meet the operational challenges in serving the bank customers, banks have been advised to implement guidelines issued by World Health Organization, the Government of Pakistan and the Provincial Governments in letter and spirit.
Nevertheless, bank employees and customers still facing difficulties or having concerns over arrangements may bring this to the notice of SBP.
For this purpose, queries, concerns, complaints may be emailed to SBP at [email protected].
SBP has time and again advised the general public through various channels of communication not to disclose or share any personal information about their bank accounts or credit/debit cards including CNIC number, debit or credit card number, passwords, PINs and one-time password (OTP), etc. on incoming phone calls or messages.
It has been brought to the notice of SBP that fraudsters, imitating as officials of SBP, bank or any other government agency, have been attempting to seek personal information from the public on the pretext of verification of account due to emergency conditions under COVID-19 pandemic.
It is reiterated that SBP, banks or any other agency are not collecting information from banking customers regarding their bank accounts or cards.
The SBP never asks for any personal information directly from bank customers. The general public is, therefore, advised again not to disclose personal information on incoming calls.
Details of any such call or message received by the public may also be reported to SBP Helpline at 021-111-727-273 or emailed at [email protected]
KARACHI: State Bank of Pakistan (SBP) on Friday allowed easy loans, as allowed under relief package, to borrowers of refinance schemes.
In a statement issued the central bank said that it had allowed similar relaxations, as provided under the relief package, on its concessional refinance schemes.
The SBP is continuously reviewing the challenges arising out of COVID-19 pandemic situation with particular reference to the financial sector and taking measures.
Expanding the scope of its recently announced relief package for households and businesses, SBP has taken another major step today.
Under various refinance schemes loans are provided with preferential terms and conditions to promote growth in priority sectors of the economy.
Now the relaxation allowed for deferment in repayment of principal amount for one year for corporate, consumer, agriculture, SMEs and microfinance sectors, will now be available on financing of banks/ DFIs under SBP’s refinance schemes as well.
With this deferment of principal, the complete repayment schedule/tenor of the loan will be extended by one year.
The borrowers will, however, continue servicing their mark up during the period of principal deferment. In case borrowers are not able to service mark-up payment, banks/DFIs may reschedule/restructure the loan in such a manner that tenor of the loan can go up to one year beyond the existing maximum tenor of the respective scheme.
Borrowers of SBP’s following refinance schemes and their Shariah alternatives would benefit from this relaxation:
Long Term Financing Facility (LTFF)
Financing Facility for Storage of Agricultural Produce (FFSAP)
Refinance Facility for Modernization of SMEs
Refinance and Credit Guarantee Scheme for Women Entrepreneurs
Refinance Scheme for Working Capital Financing of Small Enterprises and Low-End Medium Enterprises
Small Enterprise (SE) Financing and Credit Guarantee Scheme for Special Persons
KARACHI: The Pak Rupee gained 17 paisas against dollar on Friday on reports of significant decline in import bill for the month of March 2020, dealers said.
The rupee ended Rs166.76 to the dollar from previous day’s closing of Rs166.93 in interbank foreign exchange market.
The dealers said that importers were seen cautious to place orders for dollars after considering the latest numbers of imports for the month of March 2020.
The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.
The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.
Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.
The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.
However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.
The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.