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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.

  • SBP enhances payment limits to $25,000 against freelance services

    SBP enhances payment limits to $25,000 against freelance services

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday enhanced payment limits against freelance services from $5,000 per individual per month to $25,000 per individual per month.

    The central bank in a statement said that in order to broaden the scope of business-to-customer transactions through home remittance channel it had enhanced payment limits against freelance services in computer and information systems and other freelance services from $5,000 per individual per month to $25,000 per individual per month.

    The enhancement in limit will facilitate freelancers to route greater value of funds through a more economical and efficient channel of home remittances and help in receiving foreign exchange flows through formal banking channels in the country.
    This would also enable freelancers to expand their business/ operations and engage new freelancers to join the workforce.

    This is expected to create employment opportunities and increase foreign exchange earnings of the country.

    While Export of Services has been growing in double digits, (10.5 percent rise registered in January, 2020), this enhancement of limits for freelancers shall further accelerate growth in Export of Services in the months ahead, the SBP added.

  • Rupee gains five paisas on export receipts inflow

    Rupee gains five paisas on export receipts inflow

    KARACHI: The Pak Rupee gained five paisas against dollar on Wednesday owing to inflows of export receipts and workers’ remittances, dealers said.

    The rupee ended Rs154.37 to the dollar from previous day’s close of Rs154.42 in interbank foreign exchange market.

    The currency dealers said that the market witnessed inflows of exports and workers’ remittances during the day. On the other hand the importers were reluctant for fresh buying due to Coronavirus threat.

    The foreign currency market was initiated in the range of Rs154.35 and Rs154.40. The market recorded day high of Rs154.39 and low of Rs154.34 and closed at Rs154.37.

    The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of the dollar was recorded at Rs154.20/Rs154.50 as compared with last day’s closing of Rs154.30/Rs154.60 in cash ready market.

  • Meezan Bank announces 70% growth in annual profit

    Meezan Bank announces 70% growth in annual profit

    KARACHI: Meezan Bank Limited on Wednesday declared 70 percent growth in its annual net profit for the period December 31, 2019.

    It is financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax to Rs15.23 billion for the year 2019 as compared with Rs8.96 billion in the previous year.

    The bank also declared earning per share (EPS) to Rs11.84 for the year under review as compared with Rs6.97 in the previous year.

    Total income of the bank for the year 2019 recorded growth of 57 percent to Rs55.86 billion during the year as compared with Rs35.63 billion in the previous year.

    The operating expenses of the banks recorded 29 percent growth to Rs24.83 billion during 2019 as compared with Rs19.29 billion in the previous year.

    The provisioning and write offs of the banks increased sharply by 257 percent to Rs4.186 billion in 2019 as compared with Rs1.17 billion in the last year.

    The bank announced Rs26.15 billion as profit before tax in 2019 as compared with Rs14.79 billion in the last year. Contribution towards income tax of the bank increased to Rs11 billion in 2019 as compared with Rs5.83 billion in the previous year.

  • Meezan Bank, Amreli Steels sign agreement for dealers collection

    Meezan Bank, Amreli Steels sign agreement for dealers collection

    KARACHI: Meezan Bank, the largest Islamic bank in Pakistan, and Amreli Steels Limited have joined hands to streamline dealers collections.

    Under this transaction banking agreement, Meezan Bank, through the provision of its state-of-the-art online banking solution, named eBiz+, will enable Amreli Steels to fully automate its dealer collections, a statement said on Tuesday.

    The partnership will further create value for Amreli Steels by serving as an end-to-end transaction banking solution delivering standardized reporting, greater safety and efficiency.

    The agreement was signed by M. Saqib Ashraf – Head of Transaction Banking, Meezan Bank and Taha Umer – Financial Controller, Amreli Steels Limited. Also present at the occasion were Senior Executives of both organizations including Abdullah Ahmed – Group Head, Corporate & Institutional Banking, Meezan Bank, Amanullah Shaikh – General Manager South, Corporate & Institutional Banking, Meezan Bank, Shayan Akberali – CEO, Amreli Steels Limited and Fazal Ahmed – CFO & COO, Amreli Steels Limited.

    Abdullah Ahmed, while speaking at the occasion said, “It is a pleasure to on-board Amreli Steels as a Transaction Banking customer.

    Meezan Bank has always been a futuristic institution that aims to create even more attractive offerings to facilitate its customers.

    At Meezan, we realize that corporations of all sizes need creative cash management strategies to support their operations and we are glad that Amreli Steels has taken this initiative.”

    Shayan Akberali also commended the Bank for successfully launching cash management services and bringing forth operational efficiency in their collections process.

  • Rupee makes slight gain amid high dollar demand

    Rupee makes slight gain amid high dollar demand

    The Pakistani Rupee made a slight gain against the US Dollar on Tuesday, closing at Rs154.42 compared to the previous day’s rate of Rs154.43 in the interbank foreign exchange market. This modest increase comes amid significant demand for the greenback for import and corporate payments, according to market dealers.

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  • MCB Bank submits SOQ for SME Bank privatization

    MCB Bank submits SOQ for SME Bank privatization

    KARACHI: MCB Bank Limited on Monday submitted a statement of qualification (SOQ) for participating in privatization of SME Bank Limited.

    In a notice to Pakistan Stock Exchange (PSX), the MCB Bank said that Privatization Commission, government of Pakistan advertized in December 2019 the privatization of SME Bank Limited via sale of 93.88 percent shares therein to strategic buyer.

    Accordingly, MCB Bank Limited submitted an expression of interest to the Privatization Commission on December 16, 2019, and consequently received a request for statement of qualification (RSOQ) issued by the Privatization Commission in respect of the proposed transaction.

    In response to the RSOQ, MCB Bank Limited is required to submit a Statement of Qualification (SOQ) to the Privatization Commission by February 10, 2020.

    As per the stated requirement, MCB Bank Limited has submitted the SOQ today (February 10, 2020). MCB Bank Limited said that it would keep updated the market participants about any further developments as and when they occur.

  • Rupee falls by two paisas on import payment demand

    Rupee falls by two paisas on import payment demand

    KARACHI: The Pak Rupee fell by two paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

    The rupee ended Rs154.43 to the dollar from last Friday’s closing of Rs154.41 in interbank foreign exchange market.

    The dealers said that the rupee was depreciated due to higher demand from importers and corporate buyers. They said that the earlier in the day the local unit fell to Rs154.48 however inflows of export receipts and remittances helped to make recovery.

    The foreign currency market was initiated in the range of Rs154.45 and Rs154.50. The market recorded day high of Rs154.48 and low of Rs154.43 and closed on the same level.

    The exchange rate in open market witnessed no change in rupee value. The buying and selling of the dollar was recorded at Rs154.30/Rs154.60, the same closing level of last Friday, in cash ready market.

  • Rupee gains eight paisas amid import, corporate demand

    Rupee gains eight paisas amid import, corporate demand

    KARACHI: The Pak Rupee gained eight paisas against dollar on Friday amid demand for import and corporate payments.

    The rupee ended Rs154.41 to the dollar from previous day’s closing of Rs154.49 in interbank foreign exchange market.

    Currency dealers said that the market was initiated with higher demand of dollar earlier in the day. However, inflows of export receipts and foreign remittances helped the rupee to appriciate.

    The foreign currency market was initiated in the range of Rs154.52 and Rs154.57. The market recorded day high of Rs154.55 and low at Rs154.40 and closed at Rs154.41.

    The exchange rate in open market witnessed no change in rupee value. The buying and selling of the dollar was recorded at Rs154.30/Rs154.60, same previous day’s closing level, in cash ready market.

  • Allied Bank declares 10% growth in annual net profit

    Allied Bank declares 10% growth in annual net profit

    KARACHI: Allied Bank Limited has declared 10 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

    According to financial results for calendar year 2019 released on Friday, the bank declared Rs14.11 billion after tax profit as compared with Rs12.88 billion profit in the preceding year.

    The bank also announced Rs12.32 as earning per share for the year as compared with EPS of 11.25 declared in the last year.

    The net interest income of the bank registered 29.24 percent increase to Rs41.5 billion in calendar year 2019 as compared with Rs32.11 billion in the preceding year.

    However, total non-markup income slightly fell to Rs10.89 billion in 2019 as compared with Rs11.29 billion in the last year.

    Therefore, the total income of the bank rose to Rs53.4billion in 2019 as compared with Rs43.4 billion in the preceding year.

    Operating expenses of the bank were increased at Rs28.18 billion in 2019 as compared with Rs24.52 billion in preceding year.

    The bank contributed income tax to the tune of Rs10.13 billion in the calendar year 2019 as compared with Rs8.13 billion in the preceding year, posting a significant increase of 25 percent.

  • Rupee falls by 8 paisas on import demand

    Rupee falls by 8 paisas on import demand

    KARACHI: The Pak Rupee depreciated by eight paisas against dollar on Thursday owing to higher demand for import payments as market opened after a public holiday.

    The rupee ended Rs154.49 to the dollar from the closing of February 04, 2020 at Rs154.41 in interbank foreign exchange market.

    Currency dealers said that the demand was higher during the day as the market was remained closed on February 05, 2020 on account of Kashmir Day.

    The foreign currency market was initiated in the range of Rs154.48 and Rs154.50. The market recorded day high of Rs154.50 and low of Rs154.36 and closed at Rs154.49.

    The exchange rate in open market witnessed stable rupee value. The buying and selling of the dollar was recorded at Rs154.30/Rs154.60, the same closing level in February 04, 2020, in cash ready market.