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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 continues to make gain on improved economic indicators

    Rupee continues to make gain on improved economic indicators

    KARACHI: The Pak Rupee continued gains against dollar on Wednesday and further appreciated by five paisas on improved economic indicators.

    The rupee ended Rs155.14 to the dollar from previous day’s closing of Rs155.19 in interbank foreign exchange market.

    Currency experts said that the local unit had maintained the appreciation trend owing to back to back good news on economic front. They said that Moody’s outlook on Pakistan from negative to stable helped the rupee to gain against dollar.

    Further, reduction in trade deficit during first five months of current fiscal year also helped the rupee to continue to gain. The rupee yesterday gained 10 paisas against the dollar.

    The market today opened in a range between Rs155.14 and Rs155.22. The market recorded day high of Rs155.18 and low of Rs155.13 and closed at Rs155.14.

    The exchange rate in open market also witnessed gain in rupee value. The buying and selling of dollar was recorded at Rs155.00/Rs155.20 from previous day’s closing of Rs155.20/Rs155.40 in cash ready market.

  • Currency notes sent by post to Pakistan liable to confiscation

    Currency notes sent by post to Pakistan liable to confiscation

    KARACHI: Sending currency notes and coins into Pakistan by post is illegal and liable to confiscation under updated Foreign Exchange Manual issued by State Bank of Pakistan (SBP).

    The SBP said that laws in force are prohibiting the bringing or sending into Pakistan from any place outside Pakistan, of Pakistan and foreign currency notes or bank notes, un-issued or in circulation, or coin, except with the general or special permission of the State Bank.

    Under Notification No.-1F.E.2/2017-SB dated the August 30, 2017, State Bank has granted general permission for bringing into Pakistan notes legal tender in Pakistan not exceeding Rs 3,000/- (Rupee Three Thousand Only) from India and Rs 10,000/- (Rupee Ten Thousand Only) from any country other than India, in value, in all per person at any one time.

    The State Bank has also granted under Notification No.F.E.30/49-SB dated the November 5, 1949 and Notification No. F.E. 5/92-SB dated the 28th December, 1992 general permission to the travellers to Pakistan, to bring with them without limit foreign currency notes except un-issued notes and coin, except coin which is legal tender in India, which can be brought only up to Rs.5/- in value per person at any one time.

    The SBP said that the permission contained above is valid only for bringing in of Pakistan or foreign currency notes or coin by travellers personally with them, but not for sending them into Pakistan by post or otherwise which is illegal.

    Currency notes and coin sent by post to Pakistan are liable to be confiscated, which is besides the legal action that will be taken under the Act in such cases.

    The SBP said that Pakistan currency notes up to Rs 3,000 and Rs 10,000, which the persons leaving Pakistan are permitted to take with them to India and to any country other than India respectively, are not intended for expenditure in foreign countries, but are meant for immediate expense on their return to Pakistan 3and/or for in-flight purchases on PIA’s international flights.

    The central bank directed authorized dealers should bring this to the notice of travellers when issuing exchange to them for travel purposes.

  • Rupee gains 10 paisas on inflows of export receipts

    Rupee gains 10 paisas on inflows of export receipts

    KARACHI: The Pak Rupee gained 10 paisas against dollar on Tuesday owing to inflows of exports receipts and workers’ remittances, dealers said.

    The rupee ended at Rs155.19 to the dollar from previous day’s closing of Rs155.29 in interbank foreign exchange market.

    Currency dealers said that the inflows in shape of export receipts and workers’ remittances helped the rupee to appreciate against dollar.

    They said that the sentiments were positive in the market owing to improved rating of Pakistan’s economy by Moody’s. Besides, the numbers also showed reduction in trade deficit for the first five months.

    The foreign exchange market was opened in the range of Rs155.25 and Rs155.30. The market recorded day high of Rs155.25 and low of Rs155.18 and closed at Rs155.19.

    The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs155.20/Rs155.40 from previous day’s closing of Rs155.40/Rs155.70 in cash ready market.

  • Rupee gains four paisas in early trade

    Rupee gains four paisas in early trade

    KARACHI: The Pak Rupee gained four paisas against dollar in early trade on Tuesday owing to improved economic conditions.

    The dollar is being traded at Rs155.25 to the dollar in interbank foreign exchange market.

    The rupee was at Rs155.29 to the dollar in last day closing.

    Currency experts said that latest credit rating by Moody’s to upgrade Pakistan’s economy to positive from negative improved the sentiments of investors.

    The rupee faced massive depreciation against dollar and other foreign currency during past couple of years. However, for the past many days the rupee was remained stable.

    The stability in rupee came after significant decline in import bill and narrowed trade deficit.

    The shrinking trade deficit also helped the country to reduce the current account deficit.

  • Rupee ends down by five paisas on import, corporate payments

    Rupee ends down by five paisas on import, corporate payments

    KARACHI: The Pak Rupee ended down by five paisas against dollar on Monday owing to high demand for import and corporate payments.

    The rupee closed at Rs155.29 to the dollar from last Friday’s closing of Rs155.24 in interbank foreign exchange market.

    Currency experts said that the market was initiated after two weekly holidays which escalated the demand for the greenback.

    The foreign currency market was initiated in the range of Rs155.30 and Rs155.35. The market witnessed day high of Rs155.34 and low of Rs155.29 and closed at Rs155.29.

    The exchange rate in open market witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs155.20/Rs155.40 from last Friday’s closing of Rs155.40/Rs155.70 in cash ready market.

  • Limits of US Dollars taking out of Pakistan

    Limits of US Dollars taking out of Pakistan

    KARACHI: State Bank of Pakistan (SBP) has categorized age limits for taking out of Pakistan US Dollars or equivalent amount of foreign exchange.

    According to updated foreign exchange manual the SBP granted general permission to any person to take out of Pakistan US Dollars or equivalent thereof in other foreign currencies as per the following limit:

    Up to five years $1,000 or annual ceiling per person $6,000

    From 5 years to 18 years $5,000 or annual ceiling per person $30,000

    Above 18 years $10,000 or annual ceiling of $60,000

    In pursuance of sub-section (2) of Section 8 of the Act, the State Bank has issued Notification No. F.E.2/98-SB dated July 21st, 1998 granting general permission to: –

    (a) Authorized Dealers to send out of Pakistan, cheques, drafts or bills of exchange which have been acquired by them in the normal course of their business and within the terms of their authorization.

    (b) Any person maintaining an account expressed in a foreign currency, and held under any permission, general or otherwise, granted by the State Bank of Pakistan to take or send out of Pakistan, cheques or drafts drawn on such account.

    (c) Any person, other than a person to whom foreign exchange is issued for travelling purposes only, to send out of Pakistan foreign exchange issued to him by an Authorized Dealer.

    (d) Any person to take out of Pakistan foreign exchange issued to him by an Authorized Dealer in Pakistan and endorsed on his passport and

    (e) Any person not ordinarily resident in Pakistan, to take out of Pakistan the unspent amount of foreign currency brought by him into Pakistan, provided the period of his continuous stay in Pakistan does not exceed three months.

    As an exception, NGOs, UN/Other Donor Agencies would be able to draw foreign currency from their accounts without any limit for taking it to Afghanistan to the extent of such remittances.

    Authorized Dealers would issue Certificates to these entities in duplicate, one copy of which would be submitted to Customs Authorities and the second would be kept by the concerned NGO/agency which would, however, be stamped by Customs Authorities as ‘Amount allowed to be taken out’.

    The record of all such transactions would be kept by Authorized Dealers for SBP inspection.

  • Rupee makes gain against dollar on inflows

    Rupee makes gain against dollar on inflows

    KARACHI: The Pak Rupee gained against dollar on Friday owing to improved inflows of export receipts and workers’ remittances.

    The rupee ended Rs155.24 to the dollar from previous day’s closing of Rs155.33 in interbank foreign exchange market.

    Currency dealers said that the rupee made early day gain and maintained the values in the remaining sessions.

    The foreign currency market was initiated in the range of Rs155.25 and Rs155.30. The market recorded day high of Rs155.27 and low of Rs155.23 and closed at Rs155.24.

    The exchange rate in open market witnessed unchanged value of the rupee. The buying and selling of the dollar recorded at Rs155.40/Rs155.70, the same previous day’s closing, in cash ready market.

  • Rupee gains nine paisas in early day trading

    Rupee gains nine paisas in early day trading

    KARACHI: The Pak Ruee gained nine paisas against dollar in early trade on Friday owing to sufficient inflows in the market.

    The exchange rate was witnessed at Rs155.24 to the dollar in early trade. The last day’s closed was recorded at Rs155.33 to the dollar in interbank foreign exchange market.

    Currency dealers said that the resolution of political strife and court dispute about extension of army chief tenure improved the sentiments in the market.

    Besides, exports receipts were also flowing into the country due to better earnings in the wake of Christmas.

    The dealers said that improved economic conditions and better earning of exports may further help the rupee to gain value against the greenback.

  • Rupee ends unchanged in range bound activities

    Rupee ends unchanged in range bound activities

    KARACHI: The Pak Rupee ended unchanged against dollar on Thursday owing to range bound trading activities.

    The rupee ended Rs155.33 to the dollar, the same previous day’s level in interbank foreign exchange market.

    The currency experts said that the lower demand for dollar from importers and corporate sector helped the rupee to maintain level. Besides, the market also witnessed no significant inflows of export receipts and workers remittances.

    The foreign currency market was initiated in the range of Rs155.30 and Rs155.35. The market recorded day high of Rs155.34 and low of Rs155.30 and closed at Rs155.33.

    The exchange rate in open market also witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs155.40/Rs155.70, the same previous day’s closing, in cash ready market.

  • Rupee ends stable amid lower import payment demand

    Rupee ends stable amid lower import payment demand

    KARACHI: The Pak Rupee ended stable against dollar on Wednesday amid lackluster trading activities.

    The rupee ended Rs155.33 to the dollar from previous day’s closing of Rs155.34 in interbank foreign exchange market.

    Currency dealers said that dollar demand was remained lower for import and corporate payments.

    The foreign currency market was initiated in the range of Rs155.33 and Rs155.36. The market recorded day high at Rs155.35 and low of Rs155.33 and closed at Rs155.33.

    The exchange rate in open market witnessed depreciation in rupee value by 20 paisas against dollar.

    The buying and selling of dollar was recorded at Rs155.40/Rs155.70 from previous day’s closing of Rs155.20/Rs155.50 in cash ready market.