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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 advances five paisas against dollar

    Rupee advances five paisas against dollar

    KARACHI: The Pak Rupee further advanced by five paisas against dollar on Friday amid calm demand from importers and corporate.

    The rupee ended Rs155.29 to the dollar from previous day’s closing of Rs155.34 in interbank foreign exchange market.

    Currency experts said that the inflows of export receipts and remittances helped the rupee to make gain.

    The foreign currency market was initiated in the range of Rs155.31 and Rs155.33. The market recorded day high of Rs155.31 and low of Rs155.29 and closed at Rs155.29.

    The exchange rate in open market witnessed slight change in rupee value. The buying and selling of dollar was recorded at Rs155.20/Rs155.50 from previous day’s closing of Rs155.20/Rs155.40 in cash ready market.

  • Rupee gains three paisas against dollar

    Rupee gains three paisas against dollar

    KARACHI: The Pak Rupee gained three paisas against dollar on Thursday owing to supply of the foreign currency in the market.

    The rupee ended Rs155.34 to the dollar from previous day’s closing of Rs155.37 in interbank foreign exchange market.

    Currency experts said that the rupee made gain due to some supply of the greenback in the shape of remittances.

    The foreign currency market was initiated in the range of Rs155.34 and Rs155.36. The market recorded day high of Rs155.36 and low of Rs155.31 and closed at Rs155.34.

    The exchange rate in open market witnessed stable rupee value. The buying and selling of dollar was recorded at Rs155.20/Rs155.40, the same previous day’s level, in cash ready market.

  • SECP directs life insurers to provide details of window Takaful operations

    SECP directs life insurers to provide details of window Takaful operations

    ISLAMABAD: Securities and Exchange Commission (SECP) has directed life insurers to provide details of their Family Takaful operations.

    The SECP issued Circular No. 15 dated November 18, 2019 and amended rules for financial reporting of family window Takaful operations by life insurers.

    The regulator amended the rules and directed to insurance companies having window Takaful operations to:

    — report its assets, liabilities, revenues and expenses separately for each segment of its conventional business and Takaful business;

    — to comply with the provisions of these rules or such other conditions as may be imposed by the Commission from time to time.

    The SECP under Takaful Rules 2012 also imposed following conditions on life insurers related to financial reporting of their window Takaful operations:

    1. Life insurers authorized to carry on window takaful operations shall include the Family Takaful results in their published financial statements as follow:

    a. The assets and liabilities of the window family takaful operations shall be consolidated with the assets and liabilities of the conventional operations in the statement of financial position of the life insurer.

    b. The incomes and expenses of the window family takaful operations shall be consolidated with the incomes and expenses of the conventional operations in the profit and loss account of the life insurer.

    c. Supporting notes where considered necessary for understanding of the users of financial statements shall be included as part of the notes to the financial statements; and

    d. The segment disclosure for Family Takaful Operations in accordance with the requirements of IFRS 8- Operating Segments shall be included in the financial statements.

    The SECP further directed that in the financial statements the retained earnings of the Participant Takaful Fund (PTF) shall be classified as insurance liability and included in the total liabilities of the Window Family Takaful Operations. Balance of the Operator Sub-Funds under the Window Family Takaful operations, shall be classified as part of shareholders’ equity of the life insurer presented separately into (i) retained earnings attributable to shareholders – ledger account D; and (ii) other components.

    The regulator further directed that life insurers shall separately prepare financial statements for Family Takaful operations as if these are carried out by a standalone Takaful Operator and shall be annexed with the insurer’s annual/interim report (as applicable). Supporting notes where considered necessary for understanding of the users of separate financial statements shall be included as part of the notes to the separate financial statements.

    “Accordingly, all life insurers undertaking Family Takaful business through window operations are directed to ensure that the financial statements for the periods commencing January 01, 2020 with the SECP under the provisions of applicable laws are in compliance with the conditions placed above.”

  • Rupee eases in range bound trading

    Rupee eases in range bound trading

    KARACHI: The Pak Rupee ended down by one paisa against dollar on Wednesday in range bound trading activities.

    The rupee ended Rs155.37 to the dollar from previous day’s closing of Rs155.36 in interbank foreign exchange market.

    Currency dealers said that the market was remained calm as neither major demand seen from importers nor inflows of export receipts.

    The foreign currency market was opened in the range of Rs155.35 and Rs155.40. The market recorded day high of Rs155.37 and low of Rs155.35 and closed at Rs155.37.

    The exchange rate in open market witnessed slight change in rupee value. The buying and selling of dollar was recorded at Rs155.20/Rs155.40 from previous day’s closing of Rs155.20/Rs155.50 in cash ready market.

  • SBP asks banks to enhance efforts for achieving agri credit disbursement target

    SBP asks banks to enhance efforts for achieving agri credit disbursement target

    KARACHI: State Bank of Pakistan (SBP) has asked banks to enhance their efforts to achieve qualitative aspects of the assigned targets for agriculture financing.

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  • Rupee eases against dollar in lackluster trading

    Rupee eases against dollar in lackluster trading

    The Pakistani Rupee experienced a marginal decline against the US Dollar, closing at Rs155.36 in the interbank foreign exchange market, a slight drop from the previous day’s close of Rs155.35.

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  • SBP likely to keep policy rate unchanged: analysts

    SBP likely to keep policy rate unchanged: analysts

    KARACHI: State Bank of Pakistan (SBP) likely to keep policy rate unchanged in upcoming monetary policy, analysts said on Tuesday.

    The analysts at Arif Habib Limited said that the monetary policy committee of SBP will convene on Friday (22nd November 2019) to announce the monetary policy for the next two months.

    We expect the SBP to keep policy rates unchanged in the upcoming monetary policy statement. Despite significant reduction in yields of 10-yr PIB, T-Bills, and revision on National Savings Scheme (NSS) rates, we see a status quo stance due to the following reasons:

    i) Inflation is likely to remain elevated in upcoming months and expected to peak out in January 2020 at 12.50 percent which would reduce real interest rates to 75bps (compared to last 10 months average of ~290bps),

    ii) Government is expected to continue attracting foreign investment in T-Bills to increase foreign exchange reserves, and

    iii) Monetary easing might have negative repercussions on the current account and exchange rates.

    To recall, SBP kept policy rate unchanged in last monetary policy statement (held on 16th September 2019) on account of

    i) Inflation forecast which was broadly similar between new and old base (11-12 percent for FY20),

    ii) Higher core inflation, and iii) Regular adjustment in utility prices and increase in food prices could pose upside risk to inflation forecast.

  • SBP facilitates exports against advance payment

    SBP facilitates exports against advance payment

    KARACHI: State Bank of Pakistan (SBP) has amended framework related to trade based money laundering in order to facilitate receiving export payment.

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  • Rupee gains four paisas against dollar on inflows

    Rupee gains four paisas against dollar on inflows

    KARACHI: The Pak Rupee gained four paisas against dollar on Monday owing to sufficient inflows.

    The rupee ended Rs155.35 to the dollar from last Friday’s closing of Rs155.39 in interbank foreign exchange market.

    Currency experts said that the inflows of export receipts and remittances helped the rupee to gain values.

    The foreign currency market was initiated in the range of Rs155.38 and Rs155.42. The market recorded day high of Rs155.40 and low of Rs155.35 and closed at Rs155.35.

    The exchange rate in open market the rupee witnessed slight gain. The buying and selling of dollar was recorded at Rs155.20/Rs155.40 from previous level of last Friday’s of Rs155.20/Rs155.50.

  • SBP to announce monetary policy on Nov 22

    SBP to announce monetary policy on Nov 22

    KARACHI: State Bank of Pakistan (SBP) will announce monetary policy on Friday, November 22, 2019 for next two months, said a statement on Monday.

    The SBP kept the policy rate unchanged at 13.25 percent in its monetary policy announcement on September 16, 2019.

    In the previous monetary policy, the SBP noted two key developments since the last MPC meeting.

    First, the interbank foreign exchange market had adjusted relatively well to the introduction of the market-based exchange rate system.

    The initial volatility and associated uncertainty in the exchange market had subsided.

    Reflecting these improved sentiments and continued adjustment in the current account, the rupee had strengthened modestly against the US dollar since the last MPC, unlike its previous trend.

    Second, on the external front, the US Fed, as anticipated, reduced its policy rate by 25 basis points (bps), followed by policy rate cuts by other major central banks around the world.

    This would help in lowering pressures on emerging markets’ currencies and potentially increase financial inflows.