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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.

  • SBP launches SMS service for issuance fresh currency notes for Eid-ul-Fitr

    SBP launches SMS service for issuance fresh currency notes for Eid-ul-Fitr

    KARACHI: State Bank of Pakistan (SBP) has launched SMS service for issuance of fresh currency notes to the general public for the celebration of Eid-ul-Fitr.

    The SBP on Friday said that the fresh currency notes will be available from designated commercial bank branches called “e-branches” and the sixteen field offices of SBP BSC.

    The booking of the service shall commence from 19th May, 2019, while issuance of fresh currency through mobile SMS service will start from 20th May and continue till May 31, 2019.

    The service will be provided through 1702 e-branches & 16 SBP BSC offices in 142 cities across Pakistan to ensure maximum geographical coverage. The charges for the service are Rs. 1.50/- plus tax, per SMS.

    The branch IDs of designated e-branches are available at SBP website http://www.sbp.org.pk, PBA website http://www.pakistanbanks.org, commercial banks websites and will also be displayed prominently outside designated e-branches. It may be noted that the branch ID for e-branch is different from the existing branch/SWIFT code of banks.

    Under this facility, a person may send an SMS message comprising his/her 13 digits CNIC/Smart card number along with the desired e-branch ID [e.g. 32453-3454432-1(space)KHI001] to short code 8877.

    In return, the person will receive an SMS containing redemption code, e-branch address and the code validity period. Redemption code received by the customer will be valid for two (02) working days as per the mentioned dates in the SMS.

    The customer may then approach the concerned e-branch along with his/her original CNIC/Smart card, a photocopy of the CNIC/Smart card and transaction code received from 8877 to obtain fresh currency notes. An individual can obtain three (03) packets of Rs.10/- and one (01) packet each of Rs. 50/- & Rs. 100/-.

    It is also notified that each CNIC/Smart card number or mobile phone number can only be used once.

    No transaction code will be issued to the sender in case he/she sends the same CNIC/Smart card number from different mobile numbers or sends different CNIC/Smart card numbers from same mobile number during the service.

    Further, the system shall provide the fresh currency notes on first come first serve basis and new bookings shall be closed once the system reaches its capacity. For any queries/complaints, the general public may contact the SBP BSC helpdesk at UAN (021) 111-008-877. The helpdesk facility will only be available during office hours.

  • Dollar makes record high at Rs150

    Dollar makes record high at Rs150

    KARACHI: The Pak Rupee deteriorated mercilessly on Friday to reach all time low at Rs 150 to the dollar in Interbank Foreign Exchange Market.

    The rupee fell around Rs3.50 to the dollar in intraday trading.

    The dollar is being traded at Rs 150 from last day closing of Rs146.50.

    Currency experts said that the government had left the local currency on market forces on the wishes of IMF.

  • Dollar touches record high of Rs146.52 to close in interbank

    Dollar touches record high of Rs146.52 to close in interbank

    KARACHI: The Pak Rupee depreciated massively against dollar to end at record low of Rs146.52 by shedding Rs5.12 in the single day trading.

    The exchange rate hit Rs148 for one dollar in midday trading. However, the local unit recovered slightly.

    The exchange rate in the Interbank market closed today at Rs146.52 per US$ from previous day’s close of Rs141.40 to the dollar: Chief Spokesman State Bank of Pakistan (SBP) said after sharp decline of local currency.

    “This movement reflects demand and supply conditions in the foreign exchange market,” Chief Spokesman State Bank.

    It will help in correcting market imbalances, he added.

    The exchange rate in open market was also witnessed massive decline in local currency value.

    The buying and selling of dollar was recorded at Rs146.00/Rs147.50 from previous day’s closing of Rs143.50/Rs144.00 in cash ready market.

  • SBP to announce monetary policy on May 20

    SBP to announce monetary policy on May 20

    KARACHI: State Bank of Pakistan (SBP) will announced monetary policy for next two months on Monday, May 20, 2019.

    A statement issued by the SBP on Thursday said that it would announce Monetary Policy on Monday, May 20, 2019.

    In the last monetary policy announcement on March 29, 2019, the central bank increased the policy rate by 50 basis points to 10.75 percent effective from April 01, 2019.

  • Rupee hit historict low against dollar in interbank market

    Rupee hit historict low against dollar in interbank market

    Karachi – The Pakistani Rupee experienced a significant downturn in mid-day trading on Thursday, reaching a historic low against the US Dollar at Rs 148 in the Interbank Foreign Exchange Market.

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  • Prime Minister takes notice of rupee depreciation

    Prime Minister takes notice of rupee depreciation

    KARACHI: Prime Minister Imran Khan took notice of recent depreciation of rupee in the open market. In this regard the prime minister met a delegation of Exchange Companies Association of Pakistan (ECAP) on Wednesday at Prime Minister House.

    The ECAP delegation was led by Sheikh Allaudin, Malik Bostan, and Sheikh Mureed. Director General FIA, Director General IB, Chairman Federal Board of Revenue and Governor State Bank of Pakistan (SBP) were also present at the meeting.

    The government made it crystal clear that it will take strict action against Exchange Companies, which involve in creating artificial shortage of the foreign currency, a member ECAP said.

    The meeting agreed on exchange rate and the government warned of serious consequences in case of deviation.

    Dollar rate agreed upon are Buying – 143.50 and selling 144.00

    Saudi Riyal buying and selling at 38.20 / 38.35

    UAE Dirham buying and selling 39.05 / 39.20

    Strict compliance has been insisted upon

    ECAP will not stand by any company diverging from these set rates, a statement said.

    ECAP will not stand with the companies running dual sets of rates or avoiding receipting, it added.

  • Rupee remains unchanged against dollar

    Rupee remains unchanged against dollar

    In Karachi on Wednesday, the Pakistani Rupee showcased resilience against the US Dollar, maintaining its stability in the interbank foreign exchange market. The exchange rate remained unchanged at Rs141.40, echoing the rate observed on the preceding day.

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  • Rupee maintains level against dollar

    Rupee maintains level against dollar

    KARACHI – The Pakistani Rupee demonstrated stability against the US Dollar in a day of range-bound trading activities on Tuesday.

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  • Rupee ends unchanged in interbank forex market

    Rupee ends unchanged in interbank forex market

    The Pakistani Rupee (PKR) remained stable against the US Dollar (USD) in the interbank market on Monday, closing at Rs141.40, the same level as last Friday, despite swirling rumors about a potential downturn following discussions between Pakistani authorities and the International Monetary Fund (IMF) regarding a new loan program.

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  • Rupee eases in interbank foreign exchange market

    Rupee eases in interbank foreign exchange market

    KARACHI: The Pak Rupee fell by one paisa against dollar on Friday amid sufficient inflows of export receipts and remittances.

    The rupee ended Rs141.40 to the dollar from previous day’s closing of Rs141.39 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.34 and Rs141.37.

    The market recorded day high of Rs141.40 and low of Rs141.35 and closed at Rs141.40.

    The rupee massively fell against dollar in the open market.

    The buying and selling of dollar was recorded at Rs142.00/Rs142.50 as compared with previous day’s closing of Rs141.30/Rs141.80 in cash ready market.

    Market experts said that the currency would see pressure due to upcoming IMF program and scheduled repayment for foreign debt by the country.