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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 falls by 14 paisas against dollar on import demand

    Rupee falls by 14 paisas against dollar on import demand

    KARACHI: The Pak Rupee ended down by 14 paisas against dollar on Monday owing to higher demand of foreign currency for import and corporate payment.

    The rupee ended at Rs154.37 to the dollar from last Friday’s closing of Rs 154.23 in Interbank foreign exchange market.

    Currency experts said that the market was opened after weekly holidays. The demand for the greenback was higher from importers and corporate buyers.

    The foreign currency market was initiated in the range of Rs154.40 and Rs154.45. The market recorded day high of Rs154.40 and low of Rs154.34 and closed at Rs154.37.

    The exchange rate in open market witnessed no change in rupee value. The buying and selling of the dollar was recorded at Rs154.00/Rs154.30, the same closing level of last Friday, in cash ready market.

  • NBP announces 21% decline in after tax profit

    NBP announces 21% decline in after tax profit

    KARACHI: National Bank of Pakistan (NBP) on Friday announced 21 percent decline in its annual profit for period ended December 31, 2019. The bank declared Rs15.8 billion after tax profit for the year 2019 as cmopared with Rs20.01 billion in the last year.

    According to unconsolidated profit and loss account, the bank declared basic earnings per share at Rs7.43 for the year 2019 as it was Rs9.41 EPS in 2018.

    The net interest income of the bank rose by 18.53 percent to Rs71.9 billion for the period ended December 31, 2019 as compared with Rs60.66 billion a year ago. Non-mark up income of the bank was flat at Rs36.19 bllion when comared with Rs36.246 billion a year ago.

    The operating expenses of the NBP increased by 18.02 percent to Rs65.725 billion when compared with Rs55.687 billion.

    The provisioning for write-offs increased by 26.1 percent to Rs14.25 billion in 2019 as compared with Rs11.3 billion a year ago.

    The tax payment of the bank also increased by 26.22 percent to Rs12.193 billion for the year ended December 31, 2019 as compared with Rs9.66 billion in 2018.

  • Rupee ends down by two paisas against dollar

    Rupee ends down by two paisas against dollar

    KARACHI: The Pak Rupee eased by two paisas against dollar on Friday in range bound trading activities, dealers said.

    The rupee closed at Rs154.23 to the dollar from previous day’s closing of Rs154.21 in interbank foreign exchange market.

    The currency dealers said that the market was remained dull during the day owing to lackluster demand from importers and corporate buyers.

    However, slight demand was seen due to the last week day, they added.

    The foreign currency market was initiated in the range of Rs154.21 and Rs154.24. The market recorded day high of Rs154.24 and low of Rs154.19 and closed at Rs154.23.

    The exchange rate in open market witnessed depreciation in rupee value. The buying and selling of the dollar was recorded at Rs154.10/Rs154.40 from previous day’s closing of Rs154.00/Rs154.30 in interbank foreign exchange market.

  • Rupee gains four paisas on lower import payment demand

    Rupee gains four paisas on lower import payment demand

    KARACHI: The Pak Rupee gained four paisas against dollar on Thursday owing to lower demand for import and corporate payments.

    The rupee ended Rs154.21 to the dollar from previous day’s closing of Rs154.25 in interbank foreign exchange market.

    Currency dealers said that due to fears of coronavirus and stuck up import consignments at the ports discouraged importers to buy the foreign currency.

    Reportedly, huge number of consignments of China origin was stuck up at ports due to formalities attached to coronavirus threat.

    The exchange rate in open market witnessed appreciation in rupee value. The buying and selling of the dollar recorded at Rs154.00/Rs154.30 as compared with previous day’s closing of Rs154.10/Rs154.40 in cash ready market.

  • Rupee ends unchanged against dollar

    Rupee ends unchanged against dollar

    KARACHI: The Pak Rupee ended unchanged against dollar on Wednesday amid demand for import and corporate payments.

    The rupee ended Rs154.25 to the dollar, same previous day’s closing in interbank foreign exchange market.

    Currency dealers said that the market witnessed demands for dollars from importers and corporate buyers. However, inflows of remittances and export payments helped the rupee to end stable.

    The exchange rate in open market the rupee value was also remained unchanged. The buying and selling of dollar was recorded at Rs154.10/Rs154.40, same previous day’s closing level, in cash ready market.

  • Rupee falls by four paisas against dollar

    Rupee falls by four paisas against dollar

    KARACHI: The Pak Rupee ended four paisas down against dollar on Tuesday amid demand for import and corporate payments.

    The rupee ended Rs154.25 to the dollar from previous day’s closing of Rs154.21 in interbank foreign exchange market.

    Currency dealers said that the rupee depreciated due to demand for dollars from importers and corporate buyers. They said that due to coronavirus threat the currency market was also seen some depreciation in rupee value.

    The exchange rate in open market the rupee value was remained unchanged. The buying and selling of dollar was recorded at Rs154.10/Rs154.40, same previous day’s closing level, in cash ready market.

  • SBP directs banks to collect Hajj applications on coming weekly holidays

    SBP directs banks to collect Hajj applications on coming weekly holidays

    KARACHI: State Bank of Pakistan (SBP) on Monday directed banks to collect Hajj applications and other dues on coming weekly holidays on Saturday February 29 and Sunday March 01.

    A statement issued by the SBP stated that in order to facilitate the intending pilgrims to deposit application forms along with dues for Hajj 2020, 13 authorized banks had been directed to keep all their designated branches open from 10:00 a.m. to 2:30 p.m. on Saturday and Sunday (i.e. 29-02-2020 and 01-03-2020) throughout the country.

    Earlier, in terms of Hajj Policy 2020, the Ministry of Religious Affairs & Interfaith Harmony has authorized 13 banks (viz. National Bank of Pakistan, Habib Bank, United Bank, MCB Bank, Allied Bank, Bank of Punjab, Bank Alfalah, Zarai Taraqiati Bank, Faysal Bank, Askari Bank, Bank Al-Habib, Habib Metropolitan Bank and Meezan Bank) to collect application forms along with dues from intending pilgrims for Hajj 2020 w.e.f. February 25, 2020 till March 06, 2020 throughout the country.

  • Rupee ends flat against dollar

    Rupee ends flat against dollar

    KARACHI: The Pak Rupee ended flat against dollar on Monday amid demand for import and corporate payments.

    The rupee ended Rs154.21 to the dollar from last Friday’s closing of Rs154.20 in interbank foreign exchange market.

    Analysts said that improved indicators of lower import bill and shrinking current account deficit helped the positive sentiments n the market.

    They said that the rupee witnessed depreciation early in the day due to higher demand for the dollar as the market opened after two days weekly holiday.

    The exchange rate in open market remained unchanged. The buying and selling of the dollar was recorded at Rs154.10/Rs154.40, the same closing level of last Friday, in cash ready market.

  • Rupee appreciates by three paisas against dollar

    Rupee appreciates by three paisas against dollar

    KARACHI: The Pakistani Rupee appreciated modestly against the US dollar on Friday, gaining three paisas to close at Rs154.20 in the interbank foreign exchange market.

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  • Bearer Prize Bonds of Rs40,000 not to be encashed after March 31

    Bearer Prize Bonds of Rs40,000 not to be encashed after March 31

    KARACHI: State Bank of Pakistan (SBP) has said that people can encashed Rs40,000 bearer prize bonds on or before March 31, 2020 and after that the financial instruments cannot be redeemed.

    The central bank issued frequently asked questions (FAQs) related to the withdrawal of Rs. 40,000/- National Prize Bonds (Bearer) from Circulation to facilitate general public and investors.

    Q: Have National Prize Bonds (Bearer) of Rs.40,000/- denomination been withdrawn from circulation?

    A: Yes. The Finance Division (Budget Wing), Government of Pakistan vide Notification No. F.16(3)GSI/2014-1072 dated June 24, 2019 has restricted the sale of National Prize Bonds (Bearer) of Rs.40,000/-denomination after June 24, 2019.

    Q: Is there a time limit for conversion/encashment of my National Prize Bonds (Bearer) of Rs.40,000/- denomination?

    A: Yes. As per aforementioned Notification from the Government of Pakistan, National Prize Bonds (Bearer) of Rs. 40,000/- denomination can be encashed/redeemed upto March 31, 2020, after which they would not be encashed / redeemed.

    Q: How can I encash/redeem my National Prize Bonds (Bearer) of Rs.40,000/- denomination?

    A: The National Prize Bonds (Bearer) of Rs.40,000/- denomination can be encashed using the following options:

    1. Conversion to Premium Prize Bonds (Registered)

    2. Replacement with Special Savings Certificate (SSC) / Defence Savings Certificate (DSC)

    3. Encashment through Bank Account

    Q: How can I convert my National Prize Bonds (Bearer) of Rs.40,000/- denomination to Premium Prize Bonds (Registered)?

    A: The National Prize Bonds (Bearer) of Rs.40,000/- denomination can be converted to Premium Prize Bonds (Registered) through the 16 field offices of SBP Banking Services Corporation, and six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited. The documentary requirements for the purchase of Premium Prize Bonds (Registered) are available at: http://www.sbp.org.pk/sbp_bsc/PrizeBond/premium/FAQs.pdf

    Q: How can I replace my National Prize Bonds (Bearer) of Rs.40,000/- denomination with Special Savings Certificates (SSC) / Defence Saving Certificates (DSC)?

    A: The National Prize Bonds (Bearer) of Rs.40,000/- denomination can be replaced with SSC / DSC through the 16 field offices of SBP Banking Services Corporation, Authorized Commercial banks and National Savings Centers.

    Q: How can I encash my National Prize Bonds (Bearer) of Rs.40,000/- denomination through bank account?

    A: On submission of request on the prescribed application form (details at Q7 below) at 16 field offices of SBP Banking Services Corporation or Commercial Banks, the proceeds of encashment shall be credited to the bond-holder’s bank account.

    Q: What information/documents are required to convert/redeem/encash my National Prize Bonds (Bearer) of Rs.40,000/- denomination?

    A: Request for conversion/encashment of Rs.40,000/- National Prize Bonds (Bearer) shall be submitted on prescribed application form which is available at the following weblink:

    http://www.sbp.org.pk/sbp_bsc/BSC/CMD/Circulars/2019/C1-Annex-A-Application-Form.pdf.

    The requisite information/documents required for each encashment option is as follows:

    1. Conversion to Premium Prize Bonds (Registered): Legible copy of valid CNIC / SNIC, Account

    Maintenance Certificate (not older than one month from application date), Valid IBAN number

    2. Replacement with Special Savings Certificate (SSC) / Defence Savings Certificate (DSC): Legible Withdrawal of Rs. 40,000/- National Prize Bonds (Bearer) from Circulation copy of valid CNIC / SNIC

    3. Encashment through Bank Account: Valid IBAN number

    Q: Can I receive cash against my National Prize Bonds (Bearer) of Rs.40,000/- denomination?

    A: No. The National Prize Bonds (Bearer) of Rs.40,000/- denomination can only be encashed using the following options:

    1. Conversion to Premium Prize Bonds (Registered)

    2. Replacement with Special Savings Certificate (SSC) / Defence Savings Certificate (DSC)

    3. Encashment through Bank Account

    Q: Is there any tax / deduction against the conversion/encashment of National Prize Bonds (Bearer) of Rs.40,000/- denomination ?

    A: No. There is no tax / deduction for any of the approved conversion/encashment options.

    Q: For encashment of National Prize Bonds (Bearer) of Rs.40,000/- denomination through bank account, can I visit any Commercial Bank, or do I have to visit the Commercial Bank in which my account is maintained ?

    A: The National Prize Bonds (Bearer) of Rs.40,000/- denomination bonds can be encashed at any branch of the Commercial Bank in which bondholder maintains an “individual” account.

    Q: What is the timeline for credit of Face Value into my bank account?

    A: The Face Value shall be credited to the bank account on the same day, subject to provision of required information.

    Q: National Prize Bonds (Bearer) of Rs.40,000/- denomination are being encashed against cash at a discount rate. Is it allowed?

    A: As per Rule 3(2) of Prize Bonds Rules 1999, only Offices of the State Bank of Pakistan Banking Services Corporation, Commercial Banks authorized in this behalf by SBP, and National Savings Centers are authorized to carry out business of National Prize Bonds (Bearer). Further, the Rule 3(3) of the said Rules restricts any other office, body or institution other than the office, body or institutions specified in Rule 3(2) of Prize Bonds Rules, 1999 from conducting any business relating to National Prize Bonds (Bearer).

    The SBP said that the bondholders receive full amount (without any deduction) for any of the approved conversion/encashment options.

    Q: Will there be any further prize money draws for National Prize Bonds (Bearer) of Rs.40,000/- denomination?

    A: No. The last draw (78th draw) for Rs.40,000/- denomination National Prize Bonds (Bearer) was conducted on June 3, 2019. As per the Notification from Finance Division (Budget Wing) Government of Pakistan, no further prize money draws shall be conducted for National Prize Bonds (Bearer) of Rs.40,000/- denomination.

    Q: I have a prize-winning National Prize Bond (Bearer) of Rs.40,000/- denomination. What is the time limit for claiming my prize ?

    A: Under the governing rules, the prize money may be claimed by the holder of the prize bond at any time within a period of six years from the date of draw.

    Q: Can I encash damaged National Prize Bond (Bearer) of Rs.40,000/- denomination?

    A: Yes. Damaged National Prize Bonds (Bearer) of Rs.40,000/- denomination can be encashed at the 16 field offices of SBP Banking Services Corporation. However, it is pertinent to note that all such claims shall Withdrawal of Rs. 40,000/- National Prize Bonds (Bearer) from Circulation be decided by the authorized officials in light of relevant regulations.