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.
The State Bank of Pakistan (SBP) has successfully facilitated three million customers in obtaining fresh currency notes for Eid-ul-Fitr through its e-branches of commercial banks, according to a statement released on Wednesday.
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KARACHI: The Pak Rupee gained 50 paisas against dollar on Wednesday on positive development on economic front.
The rupee ended Rs149.75 to the dollar as compared with last day’s closing of Rs150.25 in interbank foreign exchange market.
The interbank outright foreign exchange market was initiated in the range of Rs149.50 and Rs150.00.
The market recorded a high of Rs150.25 and low of Rs149.50 and closed at Rs149.75.
The exchange rate witnessed no change in the rupee value against dollar.
The buying and selling of dollar was recorded at Rs149.00/Rs150.00 in cash ready market.
ISLAMABAD: Dr. Abdul Hafeez Shaikh, adviser to Prime Minister on Finance and Revenue on Tuesday assured foreign exchange dealers of reducing limit for carrying foreign currency on traveling abroad.
Earlier, a delegation of foreign exchange companies informed the adviser that people traveling abroad were carrying around $6 million daily.
The delegation of Foreign Exchange Dealers, led by the President of Forex Association of Pakistan, Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, here today.
The delegation suggested various measures aiming at improving foreign exchange of the country.
In order to reduce the outflow of dollar, the delegation proposed that the foreign currency limit for people, who are travelling abroad, should be revised.
The representatives of the association mentioned that smuggling of dollar to Afghanistan and Iran is a serious issue and the government agencies should take strict action against such elements who are involved in foreign currency smuggling.
The delegation expressed concern over under invoicing by some importers and suggested that the custom authorities should take over the goods, by auctioning them, of the importers who are involved in under invoicing causing losses to national exchequer.
The delegation also offered its support to improve foreign exchange of the country.
The Adviser assured the delegation that their proposals would be considered positively.
The meeting was attended by Secretary Finance, Naveed Kamran Baloch, Governor State Bank of Pakistan, Dr. Reza Baqir, senior officials of Ministry of Finance and representatives of foreign exchange dealers.
KARACHI: State Bank of Pakistan (SBP) has renewed the status of two leading credit rating agencies.
In a circular issued on Tuesday, the central bank renewed the status of both credit rating agencies operating in Pakistan namely ‘VIS Credit Rating Company Limited (VIS)’ and ‘The Pakistan Credit Rating Agency Limited (PACRA)’ as eligible / recognized External Credit Assessment Institutions for the calendar year 2019.
Banks and DFIs using the standardized approach of Basel framework are allowed to use credit ratings assigned by VIS and PACRA for capital adequacy ratio (CAR) calculation purposes.
KARACHI: The rupee has lost 45 paisas against dollar on Wednesday owing to higher demand for import and corporate payments.
The rupee ended Rs150.25 to the dollar from previous day’s closing of Rs149.80 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs149.75 and Rs150.25.
The market recorded day high of Rs151.00 and low of Rs49.25 and closed at Rs150.25.
The exchange rate witnessed decline in rupee value in open market.
The buying and selling of dollar was recorded at Rs149.00/Rs150.00 from previous day’s closing of Rs148.50/Rs149.50 in cash ready market.
KARACHI: Dr. Abdul Hafeez Shaikh to chair an import meeting of a committee which will also be attended by members of exchange companies association today (Tuesday) to discuss the options for strengthening the local currency.
Prime Minister Imran Khan had constituted the committee suggestions submitted by Exchange Companies Association of Pakistan (ECAP).
The meeting will also be attended by officials of State Bank of Pakistan and other relevant authorities.
Malik Bostan, Chairman, ECAP will lead a five – member team at the meeting.
According to the ECAP chairman the association had submitted proposals for the strengthening the rupee value.
Malik Bostan said that the proposals had focused on improving foreign exchange reserves of the country.
He said that due to recent measures the local currency had strengthened by Rs3 against dollar during last few days.
Malik Bostan urged people not to pay heed on the rumors about shortage of dollar. He said that the greenback would further weaken in coming days.
He said that the exchange companies had given around $15 million to scheduled banks.
He said that inflows were coming from overseas Pakistan on the occasion of Eid-ul-Fitr. “The overseas Pakistanis are sending around $3-4 million daily,” he said.
Malik Bostan said that hopefully another $100 million would be given to scheduled bank by Eid-ul-Fitr.
KARACHI: The rupee made gain of Rs1.40 paisas against dollar on Monday in interbank foreign exchange market.
The rupee ended Rs149.80 to the dollar as compared with last Friday’s closing of Rs151.20 in interbank foreign exchange market.
The interbank foreign exchange market on Monday initiated in the range between Rs 150.60 and 150.90.
The market recorded day high of Rs 151.00 and low of Rs 149.25 and closed at Rs 149.80.
The exchange rate in open market also witnessed appreciation in rupee value.
The buying and selling of dollar was recorded at Rs151.20/Rs151.70 from last Friday’s closing of Rs151.80/Rs152.50 in the cash ready market.
KARACHI: United Bank Limited (UBL) has completed winding up of its New York Branch following the agreement was terminated by Federal Reserve Bank of New York (FRBNY), a statement said on Friday.
In a notices sent Pakistan Stock Exchange (PSX), the bank said that further to the disclosure made on January 29, 2019 regarding the voluntary liquidation by UBL of its New York Branch, and surrendering of the NY Branch’s License to the New York State Department of Financial Services (the “NYDFS”), in accordance with Section 605.11 (c) of the New York Banking Law and the procedures prescribed by the NYDFS.
The bank informed that consequent upon the liquidation of “NY Branch”, in an orderly manner, the Federal Reserve Bank of New York (“FRBNY”) has informed that the Written Agreement dated 02 July 2018 (WA-2018), signed by and among the FRBNY, UBL and NY Branch has been terminated.
This disclosure was made public by Federal Reserve Board on 23 May 2019 after the office hours in Pakistan. The termination of WA-2018 marks the completion of UBL NY Branch winding down process in an orderly manner under the guidance of both the Regulators i.e. NYDFS and FRBNY.
UBL deeply appreciates the assistance provided by the State Bank of Pakistan, the New York Department of Financial Services, and the Federal Reserve Bank of New York during the voluntary liquidation process and during the time that the NY Branch was in business.
KARACHI: The Pak Rupee gained another 25 paisas against dollar for second day on Friday after witnessing massive deterioration during past nine days.
The rupee ended Rs151.20 to the dollar from previous day’s closing of Rs151.45 in interbank foreign exchange market.
The foreign exchange market was initiated in the range of Rs151.30 and Rs151.50.
The market recorded day high o f Rs151.85 and low of Rs151.20 and closed at Rs151.20.
The rupee fell to record low of Rs152 during the current week from the level of Rs141.40 to the dollar on May 15, 2019.
The exchange rate in open market witnessed gain in rupee value.
The buying and selling of dollar was recorded at Rs151.00/Rs152.00 from previous day’s closing of Rs152.00/Rs153.25 in cash ready market.
KARACHI: The Pak Rupee gained 50 paisas against dollar on Thursday making adjustment after falling massively during the present week.
The rupee ended Rs151.45 to the dollar from previous day’s closing of Rs151.95 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs151.50 and Rs152.00.
The market recorded day high of Rs151.95 and low of Rs151.45 and closed at Rs151.45.
The exchange rate in the open market also witnessed gain in value of the local currency.
The buying and selling of dollar was recorded at Rs152.00/Rs153.25 from previous day’s closing of Rs152.50/Rs154.00.