Pkrevenue.com

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 21 paisas against dollar on improved economic indicators

    Rupee gains 21 paisas against dollar on improved economic indicators

    KARACHI: The Pak Rupee made a substantial gain of 21 paisas on Friday against dollar owing to improved economic indicators and increase in foreign exchange reserves.

    The rupee ended at Rs154.17 to the dollar as compared with previous day’s closing of Rs154.38 in interbank foreign exchange market.

    Currency dealers said that improved numbers of foreign inflows helped the rupee to make gain.

    Pakistan’s liquid foreign exchange reserves have increased by $91 million to $18.735 billion by week ended February 07, 2020, State Bank of Pakistan (SBP) said a day earlier.

    The foreign exchange reserves were at $18.644 billion by week ended January 31, 2020.

    The foreign exchange reserves of the central bank increased by $157 million to $12.431 billion by week ended February 07, 2020 as compared with $12.274 billion a week ago.

    However, the foreign exchange reserves held by commercial banks fell by $66 million to $6.304 billion by week ended February 07, 2020 as compared with $6.37 billion a week ago.

    The foreign currency market was initiated in the range of Rs154.32 and Rs154.38. The market recorded day high of Rs154.37 and low of Rs154.15 and closed at Rs154.38.

    The exchange rate in open market was remained unchanged. The buying and selling of the dollar was recorded at Rs154.20/Rs154.50, same previous day’s closing, in cash ready market.

  • Bank Alfalah declares 19.58% increase in annual profit

    Bank Alfalah declares 19.58% increase in annual profit

    KARACHI: Bank Alfalah Limited has reported a significant 19.58 percent increase in its annual profit for the calendar year 2019, driven by a substantial rise in mark-up income. According to the financial results released on Friday, the bank declared an after-tax profit of PKR 12.7 billion, compared to PKR 10.62 billion in the preceding year.

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  • Bank Alfalah CEO resigns

    Bank Alfalah CEO resigns

    KARACHI: Nauman Ansari has resigned from the post of Chief Executive Officer (CEO) and a director of Bank Alfalah Limited, a statement said on Friday.

    According to a notification submitted by the bank to Pakistan Stock Exchange (PSX) that Nauman Ansari, CEO Bank Alfalah Limited had tendered his resignation as a director and CEO of the bank due to personal reasons.

    “The board of directors of the bank in its meeting held on February 13, 2020 has resolved to accept the resignation of Nauman Ansari.”

    The vacancy of the post of CEO will be filled by the board of directors in due course, after completing all legal and regulatory formalities.

    “Until that time Nauman Ansari will continue performing his role as President/CEO of the bank,” it said.

  • Rupee ends flat in range bound trading

    Rupee ends flat in range bound trading

    KARACHI: The Pak Rupee ended flat against dollar on Thursday owing to a range bound trading activity, dealers said.

    The rupee ended 154.38 to the dollar from previous day’s closing of Rs154.37 in interbank foreign exchange market.

    The dealers said that the market witnessed lackluster demand for dollars from importers and corporate buyers. Further, the inflows of export receipts and workers’ remittances were not sufficient to help the rupee to make gain.

    The foreign currency market was initiated in the range of Rs154.38 and Rs154.42. The market recorded day high of Rs154.40 and low of Rs154.38 and closed at the same level.

    The exchange rate in open market was remained unchanged. The buying and selling of the dollar was recorded at Rs154.20/Rs154.50, the same previous day’s closing, in cash ready market.

  • SBP enhances payment limits to $25,000 against freelance services

    SBP enhances payment limits to $25,000 against freelance services

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday enhanced payment limits against freelance services from $5,000 per individual per month to $25,000 per individual per month.

    The central bank in a statement said that in order to broaden the scope of business-to-customer transactions through home remittance channel it had enhanced payment limits against freelance services in computer and information systems and other freelance services from $5,000 per individual per month to $25,000 per individual per month.

    The enhancement in limit will facilitate freelancers to route greater value of funds through a more economical and efficient channel of home remittances and help in receiving foreign exchange flows through formal banking channels in the country.
    This would also enable freelancers to expand their business/ operations and engage new freelancers to join the workforce.

    This is expected to create employment opportunities and increase foreign exchange earnings of the country.

    While Export of Services has been growing in double digits, (10.5 percent rise registered in January, 2020), this enhancement of limits for freelancers shall further accelerate growth in Export of Services in the months ahead, the SBP added.

  • Rupee gains five paisas on export receipts inflow

    Rupee gains five paisas on export receipts inflow

    KARACHI: The Pak Rupee gained five paisas against dollar on Wednesday owing to inflows of export receipts and workers’ remittances, dealers said.

    The rupee ended Rs154.37 to the dollar from previous day’s close of Rs154.42 in interbank foreign exchange market.

    The currency dealers said that the market witnessed inflows of exports and workers’ remittances during the day. On the other hand the importers were reluctant for fresh buying due to Coronavirus threat.

    The foreign currency market was initiated in the range of Rs154.35 and Rs154.40. The market recorded day high of Rs154.39 and low of Rs154.34 and closed at Rs154.37.

    The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of the dollar was recorded at Rs154.20/Rs154.50 as compared with last day’s closing of Rs154.30/Rs154.60 in cash ready market.

  • Meezan Bank announces 70% growth in annual profit

    Meezan Bank announces 70% growth in annual profit

    KARACHI: Meezan Bank Limited on Wednesday declared 70 percent growth in its annual net profit for the period December 31, 2019.

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  • Meezan Bank, Amreli Steels sign agreement for dealers collection

    Meezan Bank, Amreli Steels sign agreement for dealers collection

    KARACHI: Meezan Bank, the largest Islamic bank in Pakistan, and Amreli Steels Limited have joined hands to streamline dealers collections.

    Under this transaction banking agreement, Meezan Bank, through the provision of its state-of-the-art online banking solution, named eBiz+, will enable Amreli Steels to fully automate its dealer collections, a statement said on Tuesday.

    The partnership will further create value for Amreli Steels by serving as an end-to-end transaction banking solution delivering standardized reporting, greater safety and efficiency.

    The agreement was signed by M. Saqib Ashraf – Head of Transaction Banking, Meezan Bank and Taha Umer – Financial Controller, Amreli Steels Limited. Also present at the occasion were Senior Executives of both organizations including Abdullah Ahmed – Group Head, Corporate & Institutional Banking, Meezan Bank, Amanullah Shaikh – General Manager South, Corporate & Institutional Banking, Meezan Bank, Shayan Akberali – CEO, Amreli Steels Limited and Fazal Ahmed – CFO & COO, Amreli Steels Limited.

    Abdullah Ahmed, while speaking at the occasion said, “It is a pleasure to on-board Amreli Steels as a Transaction Banking customer.

    Meezan Bank has always been a futuristic institution that aims to create even more attractive offerings to facilitate its customers.

    At Meezan, we realize that corporations of all sizes need creative cash management strategies to support their operations and we are glad that Amreli Steels has taken this initiative.”

    Shayan Akberali also commended the Bank for successfully launching cash management services and bringing forth operational efficiency in their collections process.

  • Rupee makes slight gain amid high dollar demand

    Rupee makes slight gain amid high dollar demand

    The Pakistani Rupee made a slight gain against the US Dollar on Tuesday, closing at Rs154.42 compared to the previous day’s rate of Rs154.43 in the interbank foreign exchange market. This modest increase comes amid significant demand for the greenback for import and corporate payments, according to market dealers.

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  • MCB Bank submits SOQ for SME Bank privatization

    MCB Bank submits SOQ for SME Bank privatization

    KARACHI: MCB Bank Limited on Monday submitted a statement of qualification (SOQ) for participating in privatization of SME Bank Limited.

    In a notice to Pakistan Stock Exchange (PSX), the MCB Bank said that Privatization Commission, government of Pakistan advertized in December 2019 the privatization of SME Bank Limited via sale of 93.88 percent shares therein to strategic buyer.

    Accordingly, MCB Bank Limited submitted an expression of interest to the Privatization Commission on December 16, 2019, and consequently received a request for statement of qualification (RSOQ) issued by the Privatization Commission in respect of the proposed transaction.

    In response to the RSOQ, MCB Bank Limited is required to submit a Statement of Qualification (SOQ) to the Privatization Commission by February 10, 2020.

    As per the stated requirement, MCB Bank Limited has submitted the SOQ today (February 10, 2020). MCB Bank Limited said that it would keep updated the market participants about any further developments as and when they occur.