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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 gains six paisas amid higher dollar demand

    Rupee gains six paisas amid higher dollar demand

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

    The rupee ended Rs157.36 to the dollar from last Friday’s closing of Rs157.42 in interbank foreign exchange market.

    Currency dealers said that the local unit was under pressure earlier in the day due to higher demand for dollar in the foreign currency market. They said that the greenback demand was high because market was opened after weekly holidays.

    The foreign currency market was initiated in the range of Rs157.60 and Rs157.70. The market recorded day high of Rs157.65 and low of Rs159.30 and closed at Rs157.36.

    The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs157.10/Rs159.60 from last Friday’s closing of Rs157.30/Rs157.80 in cash ready market.

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  • SBP warns public against sale, purchase of foreign exchange with illegal money exchanges

    SBP warns public against sale, purchase of foreign exchange with illegal money exchanges

    KARACHI: State Bank of Pakistan (SBP) has warned general public against dealing of sale and purchase of foreign currency with illegal money exchanges.

    The central bank in an information to general public said that sale, purchase and transfer of foreign currency through Hawala/Hundi operators is illegal.

    The SBP said that people unknowingly may become part of money laundering and terrorism financing offence by dealing with illegal foreign exchange operators.

    The money laundering and terrorism financing offences are punishable under Anti Money Laundering (AML) Act, 2010 and Anti Terrorism Act (ATA), 1997.

    The SBP advised the general public to carry foreign currency sale, purchase and remittance transactions with only State Bank authorized banks and exchange companies.

    The central bank also advised to collect system generated official receipt of transactions. The general public has been urged to report any illegal foreign exchange sale/purchase and Hawala/Hundi Operators to Federal Investigation Agency (FIA).

    The SBP said that the business of foreign exchange in Pakistan is regulated under Foreign Exchange Regulations Act (FERA), 1947. The SBP issues authorization to banks and exchange companies to conduct foreign exchange business.

    Any person (individual or entity) other than those authorized by the SBP are doing illegal foreign exchange business which is punishable offence under FERA 1947 and AMLA 2010.

    All such operators are informed in their own interest not to indulge in illegal foreign exchange sale/purchase and hawala/hundi business.

    The SBP said that extensive action against illegal currency exchange and hawala/hundi operators is being carried out by relevant law enforcement agencies.

  • Rupee appreciates by 82 paisas in interbank market

    Rupee appreciates by 82 paisas in interbank market

    KARACHI: The Pak Rupee appreciated by 82 paisas against dollar on Friday owing to improved economic indicators.

    The rupee ended Rs157.42 to the dollar from previous day’s closing of Rs158.24 in interbank foreign exchange market.

    The rupee made significant gain earlier in the day and gained Re1 in its value owing to better economic indicators.

    The foreign currency market was initiated in the range of Rs157.45 and Rs157.55. The market recorded day high of Rs157.90 and low of Rs157.24 and closed at Rs157.42.

    Currency experts said that positive economic indicators and sharp recovery in the stock exchange boosted the confidence of the investors.

    Besides, contraction in current account deficit also helped the rupee to recover against the greenback.

    The rupee witnessed sharp decline against the dollar in the past two years. However, for the last few days the local unit was making recovery gradually.

    The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs157.30/Rs157.80 from previous day’s closing of Rs158.20/Rs158.70 in cash ready market.

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    Rupee gains 34 paisas on improved investors’ sentiments

  • Rupee makes significant gain of Re1 against dollar in early trade

    Rupee makes significant gain of Re1 against dollar in early trade

    KARACHI: The Pak Rupee witnessed massive recovery of Re1 against dollar in early trade on Friday, dealers said.

    The dollar is being traded at Rs157.24 in early trade on Friday as compared with last day’s closing of Rs158.24 in interbank foreign exchange market.

    Currency experts said that positive economic indicators and sharp recovery in the stock exchange boosted the confidence of the investors.

    Besides, contraction in current account deficit also helped the rupee to recover against the greenback.

    The rupee witnessed sharp decline against the dollar in the past two years. However, for the last few days the local unit was making recovery gradually.

  • Rupee gains 34 paisas on improved investors’ sentiments

    Rupee gains 34 paisas on improved investors’ sentiments

    KARACHI: The Pak Rupee gained 34 paisas against dollar on Thursday owing to improved confidence of investors on the country’s capital market and narrowed current account deficit.

    The rupee ended Rs158.24 to the dollar from previous day’s closing of Rs158.58 in interbank foreign exchange market.

    Currency experts said that the improved sentiments of investors in the stock market also impacted the currency market.

    Besides, the narrowed current account deficit in July 2019 also helped the rupee to improve levels.

    The foreign currency market was opened in the range of Rs 158.40 and Rs158.50. The market recorded day high of Rs158.40 and low of Rs158.15 and closed at Rs158.24.

    The exchange rate in open market also witnessed appreciation of the local unit. The buying and selling of dollar was recorded at Rs158.20/Rs158.70 from previous day’s close of Rs158.50/Rs159.00 in cash ready market.

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  • SBP issues Islamic financing scheme for renewable energy projects

    SBP issues Islamic financing scheme for renewable energy projects

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued a new scheme of Islamic financing for renewable energy power projects.

    The central bank said that it had issued IH&SMEFD Circular No. 01 dated February 22, 2019 introducing Mudarabah based ‘Islamic Financing Facility for Renewable Energy (IFRE)’ for Islamic Banking Institutions (IBIs) and DFIs having authorized Islamic financing operations.

    Now an updated Islamic Financing Facility for Renewable Energy (IFRE) is being issued. This updated IFRE shall supersede and replace the Facility issued vide above-mentioned Circular.

    The financing under IFRE is now available to the customers under three categories, as given below:

    Category I: Prospective sponsors desirous of setting up renewable energy power projects with a capacity ranging from more than 1 MW and up-to 50 MW for their own use, selling electricity to the national grid (including distribution companies) or combination of both.

    Category II: Prospective sponsors desirous of installing renewable energy source based projects/ solutions for generation of electricity up-to 1 MW.

    Category III: Vendors and suppliers certified under AEDB Certification Regulation 2018 for installation of wind and solar systems on lease basis or selling of electricity to ultimate owners/users.

    The SBP shall make Mudarabah investment in general pool of Participating Islamic Financial Institutions (PIFIs) under IFRE. Mudarabah investment of SBP in IFRE shall be available upto maximum financing limit of eligible projects as prescribed under each category of the Scheme.

    IFRE shall be effective immediately and financing shall be available for projects achieving financial close under Category I and new sanctions under Category II or III after date of issuance of this Circular and up-to June 30, 2022 only.

    The IBIs and DFIs having authorized Islamic financing operations under permission of SBP may submit their requests for the status of Participating Islamic Financial Institution (PIFI) keeping in view the criteria given in the facility.

    They may also apply for allocation / assignment of limit for the current financial year. These requests may be submitted latest by 15th May each year. For the financial year 2019-20, these requests may be submitted within 30 days from the date of issuance of this Circular.

    The IBIs and DFIs having authorized Islamic financing operations under permission of SBP which have already submitted their requests for status of PIFI and allocation of limit under earlier version, issued vide IH&SMEFD Circular No. 01 dated February 22, 2019, need not resubmit their requests unless they desire to revise amount of their requested limits.

    However, they will be required to submit their updated operations/process manual aligned with this Scheme.

  • Meezan Bank, CarFirst sign MoU for Islamic financing

    Meezan Bank, CarFirst sign MoU for Islamic financing

    KARACHI: Meezan Bank, Pakistan’s leading Islamic bank has signed a Memorandum of Understanding (MoU) with CarFirst to provide Shariah-compliant financing solutions to customers for the purchase of used cars.

    CarFirst’s online system is backed by network of inspection centers all over Pakistan for purchase and exchange of used vehicles.

    Arshad Majeed, Group Head Consumer Finance – Meezan Bank and Raja Murad Khan – Chief Executive Officer and Co-Founder of CarFirst signed the MOU between the two organizations.

    Under the MoU, Meezan Bank will provide Shariah-compliant financing solutions to customers for the purchase of used cars through CarFirst’s platform.

    CarFirst and Meezan Bank will also jointly work on developing innovative financing products for purchase of used vehicles, that will be offered through CarFirst’s platform.

    Speaking at the occasion, Arshad Majeed expressed his appreciation that this initiative will provide Meezan Bank’s Car Ijarah customers uniquely structured car financing solutions for certified used cars.

    He further added that this alliance will facilitate consumers by making the financing of used cars available to a larger number of customers.

    Commenting on the occasion Raja Murad Khan said, “CarFirst, Pakistan’s most trusted used car trading platform, looks forward to offering tailored solutions to Meezan Bank and its customers for their automotive needs.”

  • Rupee makes gain in interbank

    Rupee makes gain in interbank

    KARACHI: The Pak Rupee gained two paisas against dollar on Wednesday owing to lower demand for import payments and contraction in current account deficit.

    The rupee ended 158.58 to the dollar from previous day’s closing of Rs158.60 in interbank foreign exchange market.

    Currency experts said that contraction in current account deficit and lower demand for import payment help the rupee to maintain levels.

    The foreign currency market was initiated in the range of Rs158.73 and Rs158.78. The market recorded day high of Rs158.76 and low of Rs158.57 and closed at Rs158.58.

    The exchange rates in open market were remained stable, The buying and selling of dollar was recorded at Rs158.50/Rs159.00, the same previous day’s closing level, in cash ready market.

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  • Rupee gains two paisas in interbank market

    Rupee gains two paisas in interbank market

    KARACHI: The Pak Rupee gained two paisas against dollar in interbank foreign exchange market on Tuesday as inflows are providing support to the local currency.

    The rupee ended Rs158.60 to the dollar from previous day’s closing of Rs158.62 in interbank foreign exchange market.

    Currency experts said that inflows of home remittances and export receipts were providing support to the local currency. Besides, the measures taken in the budget also discourage imports of luxury and non-essential items.

    The foreign currency market was initiated in the range of Rs158.70 and Rs158.80. The market recorded day high of Rs158.75 and low of Rs158.58 and closed at Rs158.60.

    The exchange rate in open market was remained unchanged. The buying and selling of dollar was recorded at Rs158.50/Rs159.00, the same previous day’s level, in cash ready market.

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  • Banking system witnesses massive withdrawal of Rs711 billion in July

    Banking system witnesses massive withdrawal of Rs711 billion in July

    Pakistan’s banking system experienced a significant dip in deposits, with a massive withdrawal of approximately Rs711 billion in July 2019, following a record high in bank deposits by the end of June 2019.

    (more…)