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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.

  • Meezan Bank signs agreement for e-ticket payments

    Meezan Bank signs agreement for e-ticket payments

    KARACHI: Meezan Bank, Pakistan’s leading Islamic bank has recently entered into a partnership with Bookme.pk – Pakistan’s first and largest online ticketing platform that helps customers buy bus, airline and event tickets online using the Bank’s state-of-the-art Internet & Mobile Banking channels.

    The partnership will enable the Bank’s customers to simply log on to their Meezan Bank Internet and Mobile Banking Application portals to conduct secure online transactions and instantly buy tickets by directly checking out with their existing Meezan Bank accounts.

    In addition, the customers will also get to avail best value fares and discounts from Bookme.pk’s large portfolio of digital tickets.

    Commenting on this partnership, Meezan Bank’s Head of Alternate Distribution Channels, Shariq Mubeen said: “Meezan Bank is committed to facilitating advanced and innovative methods of payments that can offer greater convenience to its customers. This initiative with Bookme.pk will provide them with an instant and convenient way to purchase great value tickets through our seamless ADC Channels.”

    “We strive to curate a seamless ticket booking experience for our customers as a leading disrupter in the e-ticketing space in Pakistan. We are very proud to announce the onboarding of Meezan Bank, the first and largest Islamic Bank in Pakistan, as our digital ticketing partner for the enablement of e-ticketing services across Pakistan. We look forward to a mutually beneficial strategic partnership with Meezan Bank and further disrupting the e-ticketing industry across Pakistan,” said Faizan Aslam – CEO, Bookme.pk.

  • Rupee ends unchanged

    Rupee ends unchanged

    KARACHI: The Pak Rupee ended unchanged against dollar on Tuesday owing to lackluster demand for import payments, dealers said.

    The rupee ended Rs154.57 to the dollar, the same previous day’s level, in interbank foreign exchange market.

    The dealers said that importers were cautious in buying dollar due to decline in international oil prices and outbreak of coronavirus in China.

    The foreign currency market was initiated in the range of Rs154.58 and Rs154.60. The market recorded day high of Rs154.59 and low of Rs154.54 and closed at Rs154.57.

    The exchange rate in open market witnessed gain in rupee value. The buying and selling of dollar was recorded at Rs154.50/Rs154.80 from last day’s closing of Rs154.60/Rs154.90 in cash ready market.

  • SBP enhances borrowing limit under LTFF to Rs5 billion

    SBP enhances borrowing limit under LTFF to Rs5 billion

    KARACHI: The State Bank of Pakistan (SBP) has enhanced the maximum borrowing limit under Long Term Financing Facility (LTFF) to Rs5 billion from Rs2.5 billion.

    In a statement on Tuesday, the central bank said that it had extended the scope of LTFF to cover all permissible export oriented sectors.

    This step is aimed at setting up of diverse export oriented projects in Pakistan and to boost exports in multiple sectors.

    Further, to accommodate enhanced financing requirements of exporters for setting up long term export oriented projects, maximum limit of Rs. 2.5 billion has been enhanced to Rs. 5 billion per project under LTFF.

    In line with the above measure, SBP has also provided additional concessional financing of Rs.200 billion to banks including Rs. 100 billion under Long Term Financing Facility (LTFF) and Rs. 100 billion under Export Refinance Scheme (EFS), to be utilized by June 30, 2020.

    Going forward, to further promote SME exporters, SBP in consultation with the relevant stakeholders, is in the process of devising an elaborate mechanism for the allocation of LTFF and EFS to SME exporters.

    These changes are likely to be announced in March 2020.

  • SBP allows 100% advance payment for import

    SBP allows 100% advance payment for import

    KARACHI: State Bank of Pakistan (SBP) has allowed 100 percent advance payment for import of various goods against letter credit.

    The SBP in a statement on Tuesday said that with a view to facilitate importers, SBP has allowed banks to make advance payment up to USD 10,000/-, or equivalent thereof, per invoice on behalf of commercial importers for import of raw material, spare parts and machinery.

    Besides, SBP has also allowed banks to make payments on behalf of commercial importers for imports of raw materials and spare parts on Open Account.

    In addition, SBP has also enhanced the existing limit of 50 percent advance payment, allowed to manufacturing concerns, for import of plant, machinery, spare parts and raw materials etc. against letter of credit, to 100 percent.

    In December 2019, SBP allowed advance payment of up to 50 percent of the value of imports against letter of credit to manufacturing concerns for import of plant, machinery, spare parts and raw material etc.

    After the implementation of a market based exchange rate system, the balance of payments has witnessed significant improvement. In the first six months of the current fiscal year, the current account deficit has contracted by 75 percent to US$ 2.15 billion.

    This improvement is helping to further relax some of the restrictions on imports by SBP.

    The latest measures, taken today, are in continuation of facilitating export-oriented industries and manufacturing concerns in the backdrop of ease of doing business and promoting exports’ growth.

    These measures will further contribute in improving economic outlook of the country.

  • SBP keeps policy rate unchanged at 13.25%

    SBP keeps policy rate unchanged at 13.25%

    KARACHI: The State Bank of Pakistan (SBP) announced on Tuesday that it has decided to maintain the policy rate at 13.25%. SBP Governor Dr. Raza Baqir conveyed this decision, which was made during the Monetary Policy Committee (MPC) meeting. The SBP emphasized that the outlook for inflation remains steady, prompting the committee to retain the current monetary policy stance.

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  • Murtaza Syed appointed as SBP deputy governor

    Murtaza Syed appointed as SBP deputy governor

    KARACHI: The federal government has officially appointed Dr. Murtaza Syed as Deputy Governor of the State Bank of Pakistan (SBP), in accordance with Section 10(4) of the SBP Act of 1956 (as amended), the central bank announced on Tuesday. Dr. Syed assumed his responsibilities at the SBP on January 27, 2020, bringing with him a wealth of experience in macroeconomic policy and research.

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  • Rupee ends firmer amid dollar demand

    Rupee ends firmer amid dollar demand

    KARACHI: The Pak Rupee ended firmer against dollar on Monday despite demand of the foreign currency for import and corporate payments.

    The rupee ended Rs154.57 to the dollar, the same closing level of last Friday, in interbank foreign exchange market.

    Currency dealers said that the market witnessed higher demand for the greenback for import and corporate payments on the first day trading after two weekly holidays.

    They, however, said that the inflows of export receipts and workers’ remittances helped the rupee to maintain level.

    The foreign currency market was initiated in the range of Rs154.58/Rs154.63. The market recorded day high of Rs154.58 and low of Rs154.54 and closed at Rs154.57.

    The exchange rate in open market also witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.60/Rs154.90, the same closing level of last Friday, in cash ready market.

  • Rupee gains five paisas on inflows

    Rupee gains five paisas on inflows

    KARACHI: The Pak Rupee made gain five paisas against dollar on Friday owing to inflows of export and remittances.

    The rupee ended Rs154.57 to the dollar from previous day’s closing of Rs154.62 in interbank foreign exchange market.

    Currency dealers said that the market witnessed supply of dollars during the day which helped the rupee to make gain.

    The foreign currency market was initiated in the range of Rs154.65 and Rs154.68. The market recorded day high of Rs154.65 and low of Rs154.56 and closed at Rs154.57.

    The exchange rate in open market witnessed stable rupee value. The buying and selling of dollar was recorded at Rs154.60/Rs154.90, the same previous day’s closing, in cash ready market.

  • Rupee depreciates by 9 paisas on import payment demand

    Rupee depreciates by 9 paisas on import payment demand

    KARACHI: The Pak Rupee depreciated by nine paisas on Wednesday owing to demand for import and corporate payments.

    The rupee ended Rs154.62 to the dollar from previous day’s closing of Rs154.53 in interbank foreign exchange market.

    Currency dealers said that the market witnessed buying activities in foreign currency from importers and corporate buyers.

    The foreign currency market initiated in the range of Rs154.52 and Rs154.55. The market recorded day high of Rs154.63 and low of Rs154.55 and closed at Rs154.62.

    The exchange rate in open market however witnessed appreciation in rupee value. The buying and selling of the dollar was recorded at Rs154.50/Rs154.80 from previous day’s closing of Rs154.60/Rs154.90 in cash ready market.

  • Policy rate likely unchanged on high inflation

    Policy rate likely unchanged on high inflation

    KARACHI: The State Bank of Pakistan (SBP) is likely to keep the policy rate unchanged due to the recent surge in inflation, analysts said on Thursday.

    Analysts at Arif Habib Limited expect inflation to remain elevated in upcoming months on account of regular adjustment in electricity price (fuel cost adjustment and base tariff hike), another round of gas price increase, increase in prices of petroleum products, and continuous surge in prices of perishable and non-perishable food items.

    On the monetary policy front, they maintain a status quo stance on the upcoming Monetary Policy Statement (MPS) scheduled on 28th Jan’20, with no change expected in interest rate (policy rate to be maintained at 13.25%) as they believe the surge in inflation is due to supply disruptions of key commodities and this might settle down in coming months. We expect inflation to start declining from March 2020 to 11.5% due to the high base effect. After considering forecasted inflation, we expect rate cuts to begin from March 2020.

    They expect January 2020 inflation to settle at 13.58% YoY compared to 5.6% in Jan’19 and 12.63% in December 19, respectively.

    The YoY uptick in CPI is expected on the back of i) increase in prices of non-perishable products including Pulse Moong, Chicken, Pulse Gram, Eggs, Gur and Wheat Flour, ii) increase expected in quarterly house rent index by 1.5%, and iii) increase in prices of petroleum products.

    Whereas a decline in prices of perishable items is expected to keep the inflation restrained. This will take the 7MFY20 average inflation to 11.46% compared to 5.9% in 7MFY19. On a yearly basis, an increase in inflation will likely be led by Food (+21% YoY), Transport (+15.4%YoY), Alcoholic Beverages & Tobacco (+14.6% YoY), and House Hold Equipment (+12.9%).

    On a MoM basis, CPI reading is expected to increase by 1.20% attributable to surge in House Hold Equipment index (+2.4% MoM), Housing Index (+1.7% MoM), Food index (+1.4% MoM) and Transport Index (+1.4% MoM).

    As per three weeks Sensitive Price Index (SPI) data published by the Pakistan Bureau of Statistics (PBS), average prices of Pulse Moong, Chicken, Pulse Gram, Eggs, Gur and Wheat Flour are expected to register a jump of 15%, 13%, 13%, 11%, 8% and 5% MoM, respectively.

    On the other hand, meagre decline in prices of essential food items like Onions (-15% MoM), and Tomatoes (-5% MoM) are expected to keep the food index contained.