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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.

Import payments on open account allowed to facilitate commercial importers

KARACHI: State Bank of Pakistan (SBP) has allowed imports on open account for the import of raw materials and spare parts to facilitate small and medium manufacturing units and commercial importers.

The SBP in a circular issued on Tuesday said that F.E. Circular No. 07 dated July 20, 2018 whereby imports on open account basis was confined to industrial and manufacturing sector only for import of raw materials and spare parts for their own use.

These instructions were amended vide EPD Circular Letter No. 13 dated August 29, 2018 and EPD Circular Letter No. 15 dated September 14, 2018 to allow open account imports for specified sectors.

In order to facilitate small and medium manufacturing units and commercial importers, the above instructions have been further modified.

Henceforth, Authorized Dealers are allowed to effect import payments on open account basis on behalf of manufacturing and industrial users and commercial importers for import of raw materials and spare parts only to be used as input by the manufacturing/industrial concerns.

Authorized Dealers are advised to ensure meticulous compliance of above and other applicable regulatory instructions including those of Para 6, Chapter 2 of Foreign Exchange Manual which requires them, inter alia, to satisfy themselves that the transaction will not involve and is not designed for the purpose of contravention or evasion of any of the provisions of the Foreign Exchange Regulation Act, 1947 or of any rules, directions or orders issued thereunder.

January 29, 2020
Meezan Bank signs agreement for e-ticket payments

KARACHI: Meezan Bank, Pakistan’s leading Islamic bank has recently entered into a partnership with Bookme.pk – Pakistan’s first and largest online ticketing platform that helps customers buy bus, airline and event tickets online using the Bank’s state-of-the-art Internet & Mobile Banking channels.

The partnership will enable the Bank’s customers to simply log on to their Meezan Bank Internet and Mobile Banking Application portals to conduct secure online transactions and instantly buy tickets by directly checking out with their existing Meezan Bank accounts.

In addition, the customers will also get to avail best value fares and discounts from Bookme.pk’s large portfolio of digital tickets.

Commenting on this partnership, Meezan Bank’s Head of Alternate Distribution Channels, Shariq Mubeen said: “Meezan Bank is committed to facilitating advanced and innovative methods of payments that can offer greater convenience to its customers. This initiative with Bookme.pk will provide them with an instant and convenient way to purchase great value tickets through our seamless ADC Channels.”

“We strive to curate a seamless ticket booking experience for our customers as a leading disrupter in the e-ticketing space in Pakistan. We are very proud to announce the onboarding of Meezan Bank, the first and largest Islamic Bank in Pakistan, as our digital ticketing partner for the enablement of e-ticketing services across Pakistan. We look forward to a mutually beneficial strategic partnership with Meezan Bank and further disrupting the e-ticketing industry across Pakistan,” said Faizan Aslam – CEO, Bookme.pk.

January 29, 2020
Rupee ends unchanged

KARACHI: The Pak Rupee ended unchanged against dollar on Tuesday owing to lackluster demand for import payments, dealers said.

The rupee ended Rs154.57 to the dollar, the same previous day’s level, in interbank foreign exchange market.

The dealers said that importers were cautious in buying dollar due to decline in international oil prices and outbreak of coronavirus in China.

The foreign currency market was initiated in the range of Rs154.58 and Rs154.60. The market recorded day high of Rs154.59 and low of Rs154.54 and closed at Rs154.57.

The exchange rate in open market witnessed gain in rupee value. The buying and selling of dollar was recorded at Rs154.50/Rs154.80 from last day’s closing of Rs154.60/Rs154.90 in cash ready market.

January 28, 2020
SBP enhances borrowing limit under LTFF to Rs5 billion

KARACHI: The State Bank of Pakistan (SBP) has enhanced the maximum borrowing limit under Long Term Financing Facility (LTFF) to Rs5 billion from Rs2.5 billion.

In a statement on Tuesday, the central bank said that it had extended the scope of LTFF to cover all permissible export oriented sectors.

This step is aimed at setting up of diverse export oriented projects in Pakistan and to boost exports in multiple sectors.

Further, to accommodate enhanced financing requirements of exporters for setting up long term export oriented projects, maximum limit of Rs. 2.5 billion has been enhanced to Rs. 5 billion per project under LTFF.

In line with the above measure, SBP has also provided additional concessional financing of Rs.200 billion to banks including Rs. 100 billion under Long Term Financing Facility (LTFF) and Rs. 100 billion under Export Refinance Scheme (EFS), to be utilized by June 30, 2020.

Going forward, to further promote SME exporters, SBP in consultation with the relevant stakeholders, is in the process of devising an elaborate mechanism for the allocation of LTFF and EFS to SME exporters.

These changes are likely to be announced in March 2020.

January 28, 2020
SBP allows 100% advance payment for import

KARACHI: State Bank of Pakistan (SBP) has allowed 100 percent advance payment for import of various goods against letter credit.
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January 28, 2020
SBP keeps policy rate unchanged at 13.25%

KARACHI: The State Bank of Pakistan (SBP) announced on Tuesday that it has decided to maintain the policy rate at 13.25%. SBP Governor Dr. Raza Baqir conveyed this decision, which was made during the Monetary Policy Committee (MPC) meeting. The SBP emphasized that the outlook for inflation remains steady, prompting the committee to retain the current monetary policy stance.
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January 28, 2020
Murtaza Syed appointed as SBP deputy governor

KARACHI: The federal government has officially appointed Dr. Murtaza Syed as Deputy Governor of the State Bank of Pakistan (SBP), in accordance with Section 10(4) of the SBP Act of 1956 (as amended), the central bank announced on Tuesday. Dr. Syed assumed his responsibilities at the SBP on January 27, 2020, bringing with him a wealth of experience in macroeconomic policy and research.
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January 28, 2020
Rupee ends firmer amid dollar demand

KARACHI: The Pak Rupee ended firmer against dollar on Monday despite demand of the foreign currency for import and corporate payments.

The rupee ended Rs154.57 to the dollar, the same closing level of last Friday, in interbank foreign exchange market.

Currency dealers said that the market witnessed higher demand for the greenback for import and corporate payments on the first day trading after two weekly holidays.

They, however, said that the inflows of export receipts and workers’ remittances helped the rupee to maintain level.

The foreign currency market was initiated in the range of Rs154.58/Rs154.63. The market recorded day high of Rs154.58 and low of Rs154.54 and closed at Rs154.57.

The exchange rate in open market also witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.60/Rs154.90, the same closing level of last Friday, in cash ready market.

January 27, 2020
Rupee gains five paisas on inflows

KARACHI: The Pak Rupee made gain five paisas against dollar on Friday owing to inflows of export and remittances.

The rupee ended Rs154.57 to the dollar from previous day’s closing of Rs154.62 in interbank foreign exchange market.

Currency dealers said that the market witnessed supply of dollars during the day which helped the rupee to make gain.

The foreign currency market was initiated in the range of Rs154.65 and Rs154.68. The market recorded day high of Rs154.65 and low of Rs154.56 and closed at Rs154.57.

The exchange rate in open market witnessed stable rupee value. The buying and selling of dollar was recorded at Rs154.60/Rs154.90, the same previous day’s closing, in cash ready market.

January 24, 2020
Rupee depreciates by 9 paisas on import payment demand

KARACHI: The Pak Rupee depreciated by nine paisas on Wednesday owing to demand for import and corporate payments.

The rupee ended Rs154.62 to the dollar from previous day’s closing of Rs154.53 in interbank foreign exchange market.

Currency dealers said that the market witnessed buying activities in foreign currency from importers and corporate buyers.

The foreign currency market initiated in the range of Rs154.52 and Rs154.55. The market recorded day high of Rs154.63 and low of Rs154.55 and closed at Rs154.62.

The exchange rate in open market however witnessed appreciation in rupee value. The buying and selling of the dollar was recorded at Rs154.50/Rs154.80 from previous day’s closing of Rs154.60/Rs154.90 in cash ready market.

January 23, 2020