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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 strengthens to Rs160 against dollar in early day trade

    Rupee strengthens to Rs160 against dollar in early day trade

    KARACHI: The Pak Rupee has continued appreciation against dollar and strengthen by Rs1.13 in early trade on Wednesday.

    The dollar is being traded at Rs160.00 in early trade from previous day’s closing of Rs161.13 in interbank foreign exchange market.

    Currency experts said that positive sentiments prevailed in the market owing to significant decline in international oil prices which would help reduction in Pakistan’s oil import bill.

    They said that Pakistan is net importer of international crude oil and finished petroleum products.

    Brent crude is being trade at $16.89 per barrel after declining by around 13 percent.

    Besides they said that the rupee continued gain against dollar as the State Bank of Pakistan (SBP) last week cut policy rate by 200 basis points to nine percent.

    The central bank reduced the policy rate third time in last one month considering significant adverse effect of coronavirus on the economy,

    Meanwhile last week the Executive Board of the International Monetary Fund (IMF) a day earlier approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.

    The currency dealers said that the rupee may witness further appreciation in coming days due to falling international oil prices and reduction in non-oil imports.

  • SECP relaxes regulatory requirement for AMCs

    SECP relaxes regulatory requirement for AMCs

    In a bid to mitigate the economic fallout of the ongoing COVID-19 pandemic, the Securities and Exchange Commission of Pakistan (SECP) has announced a series of relaxations in regulatory requirements for asset management companies (AMCs).

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  • Rupee makes sharp gain of Rs2.36 against dollar

    Rupee makes sharp gain of Rs2.36 against dollar

    KARACHI: The Pak Rupee sharply gained against dollar by Rs2.36 on Tuesday owing to massive decline in international oil prices.

    The rupee ended Rs161.13 to the dollar from previous day’s closing of Rs163.49 in interbank foreign exchange market.

    Currency experts said that positive sentiments prevailed in the market owing to significant decline in international oil prices which would help reduction in Pakistan’s oil import bill.

    They said that Pakistan is net importer of international crude oil and finished petroleum products.

    Besides they said that the rupee continued gain against dollar as the State Bank of Pakistan (SBP) last week cut policy rate by 200 basis points to nine percent.

    The central bank reduced the policy rate third time in last one month considering significant adverse effect of coronavirus on the economy,

    Meanwhile last week the Executive Board of the International Monetary Fund (IMF) a day earlier approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.

    The currency dealers said that the rupee may witness further appreciation in coming days due to falling international oil prices and reduction in non-oil imports.

  • Rupee gains 9 paisas against dollar on positive sentiments

    Rupee gains 9 paisas against dollar on positive sentiments

    KARACHI: The Pak Rupee gained nine paisas against dollar on Monday as positive sentiments prevailed in the market after cut in monetary policy rate and approval of IMF loan to Pakistan.

    The rupee ended Rs163.49 to the dollar from last Friday’s closing of Rs163.58 in interbank foreign exchange market.

    The rupee appreciation was continued from the last week as positive news was reported for Pakistan economy.

    Currency dealers said that the rupee continued gain against dollar as the State Bank of Pakistan (SBP) last week cut policy rate by 200 basis points to nine percent.

    The central bank reduced the policy rate third time in last one month considering significant adverse effect of coronavirus on the economy,

    Meanwhile last week the Executive Board of the International Monetary Fund (IMF) a day earlier approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.

    The currency dealers said that the rupee may witness further appreciation in coming days due to falling international oil prices and reduction in non-oil imports.

  • Zakat on amount Rs46,329 and above to be deducted from bank accounts

    Zakat on amount Rs46,329 and above to be deducted from bank accounts

    KARACHI: State Bank of Pakistan (SBP) on Monday issued instructions to banks related to deduction of Zakat on amount above Rs46,329 maintained in saving bank accounts.

    The SBP said that Administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1440-41 AH at Rs46,329.

    No deduction of Zakat at source shall be made, in case the amount tanding to the credit of an account is less than Rs46,329 on the first day of Ramzan ul Mubarak, 1141 AH.

    First day of Ramzan ul Mubarak, has already been notified as the deduction date likely to fall on April 23 or 24, 2020 (subject to appearance of the moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar accounts having credit balance of Rs46,329.

    All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.

  • Banks directed to take facilitation measures for PM Covid-19 relief fund

    Banks directed to take facilitation measures for PM Covid-19 relief fund

    KARACHI: State Bank of Pakistan (SBP) on Monday directed banks to take measures to facilitate donations for Prime Minister’s COVID-19 Pandemic Relief Fund 2020.

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  • Rupee appreciates sharply on rate cut, IMF loan approval

    Rupee appreciates sharply on rate cut, IMF loan approval

    KARACHI: The Pak Rupee witnessed significant appreciation against dollar on Friday owing to cut in discount rate and $1.38 billion loan approval by the IMF.

    The rupee gained Rs3.30 to close at Rs163.58 to the dollar from previous day’s closing of Rs166.88 in interbank foreign exchange market.

    Currency dealers said that the rupee witnessed massive gain against dollar as the State Bank of Pakistan (SBP) cut policy rate by 200 basis points to nine percent.

    The central bank reduced the policy rate third time in last one month considering significant adverse effect of coronavirus on the economy,

    The sources said that the rate cut would help in improving economic activities.

    The Executive Board of the International Monetary Fund (IMF) a day earlier approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.

    The currency dealers said that the rupee may witness further appreciation in coming days due to falling international oil prices and reduction in non-oil imports.

  • SBP cuts policy rate to 9pc to dilute coronavirus impact on growth, employment

    SBP cuts policy rate to 9pc to dilute coronavirus impact on growth, employment

    KARACHI: State Bank of Pakistan (SBP) on Thursday reduced key policy rate by 200 basis points to nine percent to cushion the impact of coronavirus shock on growth and employment.

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  • Rupee gains 10 paisas on inflows

    Rupee gains 10 paisas on inflows

    KARACHI: The Pak Rupee gained 10 paisas against dollar on Thursday owing to inflows of export receipts and measures to facilitate home remittances.

    The rupee ended Rs166.88 to the dollar from previous day’s closing of Rs166.98 in interbank foreign exchange market.

    Currency dealers said that the rupee appreciated on inflows of export receipts during the day.

    Further, incentive scheme of State Bank of Pakistan (SBP) for promotion of home remittances also improved market sentiments.

    A day earlier, the SBP expanded incentive scheme for exchange companies for promoting home remittances through formal channels.

    The SBP previously on December 06, 2019 introduced the incentive scheme on which exchange companies were allowed market expenses reimbursement of Re. 1 per each incremental US dollar mobilized over 15 percent growth.

    The SBP in this regard decided that with immediate effect the existing incentive scheme for marketing of home remittances i.e. Re 1 against US Dollar 01 of remittance amount beyond 15 percent growth over last year may now be based on tiered growth i.e. Rs. 0.50 on 5 percent growth, Rs. 0.75 on 10 percent growth and Rs. 1.00 on 15 percent growth.

    Through another circular issued to authorized dealers in foreign exchange and microfinance banks, the SBP said that it has been decided with immediate effect that the prevailing rate of TT charges may be enhanced from SAR 10/- to SAR 20/- for transactions between USD 100-200.

    The SBP further said that the existing Incentive scheme for marketing of home remittances i.e. PKR 01 against USD 01 of remittance amount beyond 15 percent growth over last year may now be based on tiered growth i.e. Rs. 0.50 on 5 percent growth, Rs. 0.75 on 10 percent growth and Rs. 1.00 on 15 percent growth.

  • So far 80,368 borrowers avail loan rescheduling facility

    So far 80,368 borrowers avail loan rescheduling facility

    KARACHI: State Bank of Pakistan (SBP) on Wednesday said that around 80,368 borrowers availed deferment of principal repayment facility, which was granted considering outbreak of coronavirus.

    The SBP said that under the relief package up till April 10, 2020 around 80368 borrowers benefitted from deferment of principal repayment worth Rs20 billion.

    Additional Rs 1.4 billion has been restructured. Meanwhile, 5126 application were under process, the SBP said.

    Previously, the SBP through a circular noted that banks and DFIs will defer the payment of principal on loans and advances by one year.

    To avail this relaxation, borrowers should submit a written request to the banks before June 30, 2020.

    They will, however, continue to service the mark-up amount as per agreed terms and conditions.

    The deferment of principal will not affect borrower’s credit history and such facilities will also not be reported as restructured/rescheduled in the credit bureau’s data.

    The total amount of principal coming due over the next year is about Rs. 4,700 billion.