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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 ends flat amid inflows

    Rupee ends flat amid inflows

    KARACHI: The Pak Rupee ended flat against dollar on Tuesday despite inflows of remittances and export receipts.

    The rupee ended Rs156.36 to the dollar from previous day’s closing of Rs156.37 in interbank foreign exchange market.

    Currency dealers said that the foreign inflows appreciated the rupee value during the day. However, the higher demand offset the gains in the rupee value.

    The foreign currency market was opened in the range of Rs156.20 and Rs156.30. The market recorded day high of Rs156.40 and low of Rs156.28 and closed at Rs156.36.

    The exchange rate in open market was remained unchanged. The buying and selling of dollar was recorded at Rs156.00/Rs156.50, the same previous day’s level, in cash ready market.

  • Rupee falls by 19 paisas on import payment demand

    Rupee falls by 19 paisas on import payment demand

    KARACHI: The Pak Rupee fell by 19 paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

    The rupee ended at Rs156.37 to the dollar from last Friday’s closing of Rs156.18 in interbank foreign exchange market.

    The currency dealers said that the local currency was remained under pressure at the start of market. However, later in the day inflows helped the local currency to recover earlier day losses.

    The foreign currency market was initiated in the range of Rs156.60 and Rs156.70. The market recorded day high of Rs156.60 and low of Rs156.25 and closed at Rs156.37.

    The exchange rate in open market also witnessed decline in local currency value.

    The buying and selling of dollar was recorded at Rs156.00/Rs156.50 from last Friday’s closing of Rs155.80/Rs156.30 in cash ready market.

  • Banks directed to adopt standard QR codes for payments in Pakistan

    Banks directed to adopt standard QR codes for payments in Pakistan

    KARACHI: State Bank of Pakistan (SBP) has directed all commercial banks and other financial institutions to adopt EMVCo’s EMV QR Code Specifications for Payment Systems (QRCPS).

    The SBP said that Quick Response (QR) Codes have been emerging as low cost payment acceptance alternative to Point of Sale (POS) terminals in Pakistan, especially for small merchants.

    Although QR codes have been deployed in substantial numbers, the volume of transactions has not achieved desired levels primarily due to their lack of interoperability.

    Therefore, as a first step towards achieving interoperability of Payment QR Codes in Pakistan, SBP after extensive stakeholder consultations has decided that henceforth all Institutions issuing and/or acquiring QR codes for payments in Pakistan shall adopt EMVCo’s EMV QR Code Specifications for Payment Systems (QRCPS).

    Further, non-EMV QR Codes already deployed in Pakistan shall comply with this standard by 31st March, 2020.

    The SBP said that institutions issuing/acquiring QR Codes shall also ensure:

    Compliance with branding guidelines for QR Codes displayed at merchant locations (attached at Annexure-A).

    Data related to issuance and usage of QR codes, as per Annexure-B, is submitted on quarterly basis to Payment Systems Department (PSD) within a fortnight of quarter end.

    Compliance of SBP’s instructions, guidelines, rules and regulations on Consumer Protection and Dispute Resolution issued and amended from time to time.
    Further, institutions acquiring QR Codes are also encouraged to:

    Promote innovative uses of QR codes like invoice/challan based payments, branch based Inter-bank Fund Transfers (IBFT) etc.; and

    Plan for achieving inter scheme interoperability in due course of time.

  • Rupee gains one paisa amid higher dollar demand

    Rupee gains one paisa amid higher dollar demand

    KARACHI: The rupee gained one paisa against dollar on Friday amid higher demand for import and corporate payments.

    The rupee ended Rs156.18 to the dollar from previous day’s closing of Rs156.19 in interbank foreign exchange market.

    Currency dealers said that due to next weekly holidays the demand of dollar was higher for import and corporate payments. Higher demand depreciated the rupee value in earlier day trade. However, inflows of export receipts and remittances helped the local currency to recover value later in the day.

    The foreign currency market was initiated in the range of Rs156.18 and Rs156.23. The market recorded day high of Rs156.26 and low of Rs156.18 and closed at Rs156.18.

    The exchange rate in open market witnessed stable value of the local currency. The buying and selling of dollar was recorded at Rs155.80/Rs156.30, the same previous day’s level in cash ready market.

  • Rupee eases by two paisas on higher corporate payments

    Rupee eases by two paisas on higher corporate payments

    KARACHI: The Pak Rupee eased by two paisas against dollar on Thursday owing to higher demand for import and corporate payments.

    The rupee ended Rs156.19 to the dollar from previous day’s closing of Rs156.17 in interbank foreign exchange market.

    Currency experts said that due the quarter ending the foreign companies were repatriating profits to their parent organizations. Similarly, oil and other import payments have also escalated demand for dollar.

    The foreign currency market was opened in the range of Rs156.15 and Rs156.22. The market recorded day high of Rs156.26 and low of Rs156.18 and closed at Rs156.19.

    The exchange rate in open market also witnessed depreciation in local currency. The buying and selling of dollar was recorded at Rs155.80/Rs156.30 from previous day’s closing of Rs155.70/Rs156.20 in cash ready market.

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  • Banks to observe extended working hours on Sept 30 for tax collection: SBP

    Banks to observe extended working hours on Sept 30 for tax collection: SBP

    KARACHI: The State Bank of Pakistan (SBP) on Thursday said the banks will observe extended working hours on September 30, 2019 to facilitate collection of duty and taxes on the last day of first quarter of current fiscal year

    In order to facilitate the collection of Government receipts / duties / taxes, it has been decided that authorized branches of National Bank of Pakistan (NBP) as well as field offices of SBP Banking Services Corporation (SBP-BSC) shall observe extended banking hours upto 9:00 P.M. on September 30, 2019 (Monday), the SBP said.

    Accordingly, NBP branches will settle their transactions with respective SBP-BSC field offices on the same day i.e. September 30, 2019 for which purpose a special clearing has been arranged at 7:00 P.M. by the NIFT, it added.

    All banks are, therefore, advised to keep their concerned branches open on September 30, 2019 (Monday) till such time that is necessary to facilitate the special clearing for Government transactions.

  • Rupee ends flat in range bound activity

    Rupee ends flat in range bound activity

    KARACHI: The Pak Rupee ended flat against dollar on Wednesday in range bound trading activity.

    The rupee ended Rs156.17 to the dollar from previous day’s closing of Rs156.16 in interbank foreign exchange market.

    Currency experts said that the rupee was remained stable during the day as no significant demand was seen for the greenback by importers or corporate side.

    The foreign currency market was initiated in the range of Rs156.16 and Rs156.21. The market recorded day high of Rs156.19 and low of Rs156.12 in interbank foreign exchange market.

    The exchange rate witnessed stable rupee value in open market. The buying and selling of dollar was recorded at Rs155.70/Rs156.20, the same previous day’s level, in cash ready market.

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  • Complete record of destruction of banknotes available: SBP

    Complete record of destruction of banknotes available: SBP

    KARACHI: State Bank of Pakistan (SBP) on Tuesday said it has all the records related to destructed old design Rs500 banknotes. The central bank also denied media report about record missing of such banknotes.

    In a statement, the SBP said that apropos news item appearing in a section of media regarding unavailability of record pertaining to destruction of old design Rs.500 banknotes.

    “The SBP categorically denies and rejects the media reports regarding unavailability of the record of old design Rs.500 banknotes demonetized in Oct 2012.”

    The destruction of banknotes is an ongoing activity and is carried out across the country at field offices of SBPBSC, the record for the same is available in respective field offices.

    “The Audit team however, just visited SBPBSC Karachi and assumed that the record available at Karachi is the total record available with the SBP, which is factually incorrect,” the SBP said.

    “The complete record of banknote’s destruction is available at SBPBSC field offices located in 16 cities across the country,” it added.

  • Rupee gains one paisa amid dollar demand for import payment

    Rupee gains one paisa amid dollar demand for import payment

    KARACHI: The Pak Rupee gained one paisa against dollar on Tuesday amid demand for import and corporate payments.

    The rupee ended Rs156.16 to the dollar from previous day’s closing of Rs156.17 in interbank foreign exchange market.

    Currency dealers said that the supply of remittances and export receipts helped the rupee to gain earlier in the day. However, the local unit lost the gains due demand from import and corporate payments.

    The foreign currency market was opened in the range of Rs156.12 and Rs156.17. The market recorded day high of Rs156.20 and low of Rs156.10 and closed at Rs156.16.

    The exchange rate in open market however witnessed appreciation in local currency. The buying and selling of dollar was recorded at Rs155.70/Rs156.20 from previous day’s closing of Rs155.80/Rs156.30 in cash ready market.

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    Rupee falls by nine paisas on higher demand for import payment

  • Rupee falls by nine paisas on higher demand for import payment

    Rupee falls by nine paisas on higher demand for import payment

    KARACHI: The Pak Rupee fell by nine paisas against dollar on Monday owing to higher demand for import and corporate payments after weekly holidays.

    The rupee ended Rs156.17 to the dollar from last Friday’s close of Rs156.08 in interbank foreign exchange market.

    Currency dealers said that the demand for import and corporate payment was high because the market was opened after two weekly holidays.

    The foreign currency market was initiated in the range of Rs156.20 and Rs156.20. The market recorded day high of Rs156.23 and low of Rs156.16 and closed at Rs156.17.

    The exchange rate in open market witnessed stable rupee value. The buying and selling of dollar was recorded at Rs155.80 and Rs156.30, the same last Friday’s closing, in cash ready market.

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    Rupee gains 16 paisas on improved inflows