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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 facilitates manufacturers in import advance payment

    SBP facilitates manufacturers in import advance payment

    KARACHI: State Bank of Pakistan (SBP) has facilitated manufacturing sector in advance import payment by making changes to regulatory regime.

    The SBP on Tuesday invited attention of banks to instructions issued vide EPD Circular Letter No. 01 of 2019 dated January 01, 2019 whereby import advance payment up to USD 10,000 per invoice was allowed for importers cum exporters for import of raw materials and spare parts for their own use only.

    In order to facilitate the manufacturing sector, the above instructions have been modified.

    “Henceforth, Authorized Dealers are allowed to effect advance payment up to USD 10,000, or equivalent thereof, per invoice on behalf of manufacturing concerns for import of raw materials and spare parts for their own use only.”

    Authorized Dealers are advised to ensure meticulous compliance of above and other applicable regulatory instructions including those of Para 6 Chapter 2 of FE Manual, which require Authorized Dealers, among others, to satisfy themselves that the transactions will not involve and is not designed for the purpose of contravention or evasion of any of the provisions of the Foreign Exchange Regulations Act, 1947 or of any rules, directions or orders made thereunder.

  • Rupee gains three paisas amid higher import payment demand

    Rupee gains three paisas amid higher import payment demand

    KARACHI: The Pak Rupee gained three paisas against dollar on Monday despite higher demand for import and corporate payments.

    The rupee ended Rs155.44 to the dollar from last Friday’s closing of Rs155.47 in interbank foreign exchange market.

    Currency dealers said the market witnessed higher dollar demand earlier in the day because the market opened after two weekly holidays. They said that later in the day inflows from remittances and export receipts supported the local unit.

    The foreign currency market was opened in the range between Rs155.43 and Rs155.45. The market recorded day high of Rs155.60 and low of Rs155.34 and closed at Rs155.44.

    The exchange rate in open market however witnessed stable rupee value.

    The buying and selling of dollar was recorded at Rs155.20/Rs155.50, the same closing level on last Friday, in cash ready market.

  • Rupee gains eight paisas on increase in forex reserves

    Rupee gains eight paisas on increase in forex reserves

    KARACHI: The Pak Rupee gained another eight paisas against dollar on Friday owing to increase in foreign exchange reserves.

    The rupee ended at Rs155.47 to the dollar from previous day’s closing of Rs155.55 in interbank foreign exchange market.

    Currency experts said that increase in foreign exchange reserves had helped the rupee to appreciate.

    The liquid foreign exchange reserves of Pakistan have increased by $428 million to $15.518 billion by week ended November 01, 2019.

    The foreign exchange reserves were at $15.089 billion by week ended October 25, 2019.
    The reserves held by SBP increased by $443 million to $8.357 billion by week ended November 01, 2019 as compared with $7.914 billion in the preceding week.

    The reserves held by commercial banks decreased by $15 million to $7.16 billion by week ended November 01, 2019 as compared with $7.715 billion a week ago.

    The foreign currency market was initiated in the range of Rs155.53 and Rs155.56. The market recorded day high of Rs155.55 and low of Rs155.47 and ended at Rs155.47.

    The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs155.20/Rs155.50 from previous day’s closing of Rs155.30 and Rs155.60 in cash ready market.

  • Rupee gains four paisas against dollar on export receipts

    Rupee gains four paisas against dollar on export receipts

    KARACHI: The Pak Rupee maintained its gain against dollar on Thursday and further appreciated by four paisas in interbank foreign exchange market.

    The rupee ended Rs155.55 to the dollar from previous day’s closing of Rs155.59 in interbank foreign exchange market.

    Currency experts said that the lower demand for import payments and inflows of export receipts and remittances helped the rupee to appreciate.

    The foreign currency market was initiated in the range between Rs155.60 and Rs155.55. The market recorded day high of Rs155.65 and low of Rs155.55 in interbank foreign exchange market.

    The rupee gained 10 paisas against dollar so far this week started November 04, 2019.

    The exchange rate in open market witnessed stable value of the rupee. The buying and selling of dollar was recorded at Rs155.30/Rs155.60, the same previous day’s closing level, in cash ready market.

  • Rupee gains six paisas on inflows

    Rupee gains six paisas on inflows

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

    The rupee ended Rs155.59 to the dollar from previous day’s closing of Rs155.64 in interbank foreign exchange market.

    Currency experts said that the local unit gained values on back of remittances and export receipts. They said that the demand for import and corporate payments was remained lackluster.

    The foreign currency market was initiated in the range of Rs155.63 and Rs155.65. The market recorded day high of Rs155.65 and low of Rs155.59.

    The exchange rate in open market witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs155.30/Rs155.60, the same previous day’s level, in cash ready market.

  • Rupee ends firmer amid inflows

    Rupee ends firmer amid inflows

    KARACHI: The Pak Rupee ended firmer against the dollar on Tuesday amid inflows of foreign currency into the interbank market.

    The rupee ended Rs155.64 to the dollar from previous day’s closing of Rs155.65 in interbank foreign exchange market.

    Currency dealers said that the market witnessed sufficient supply of dollar into the market. However, demand for import and corporate payments were also higher.

    The foreign currency market was opened in the range of Rs155.60 and Rs155.65. The market recorded day high of Rs155.65 and low of Rs155.55 and closed and Rs155.64.

    The exchange rate in open market however witnessed appreciation in value of the local unit.

    The buying and selling of dollar was recorded at Rs155.30/Rs155.60 from previous day’s closing of Rs155.45/Rs155.65 in cash ready market.

  • UBL concludes asset sale transaction of Tanzania operation

    UBL concludes asset sale transaction of Tanzania operation

    KARACHI: United Bank Limited (UBL) has said that it has concluded transactions related to Asset Liabilities Sale of its operation in Tanzania.

    The bank on Monday informed the Pakistan Stock Exchange (PSX) that the transactions related to Assets Liabilities Sale of UBL Bank (Tanzania) Limited (UBTL), a wholly owned subsidiary of United Bank Limited, had been concluded with Exim Bank Tanzania Limited.

    Besides, the banking license, awarded by the Bank of Tanzania (The Central Bank of Tanzania) to UBTL, has been surrendered to Bank of Tanzania.

    Simultaneously, the orderly liquidation of the UBTL is in process, the bank said.

    It further said that the decision is part of UBL’s strategy for global repositioning and realignment based on purely commercial consideration.

    The bank said that it appreciated the support provided by the State Bank of Pakistan and Bank of Tanzania during the process of concluding the transaction of Assets and Liabilities Sale of UBTL.

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  • Rupee ends unchanged amid higher dollar demand

    Rupee ends unchanged amid higher dollar demand

    KARACHI: The Pak Rupee ended unchanged against dollar on Monday despite higher demand for import and corporate payments.

    The rupee ended Rs155.65 to the dollar, the same closing level on last Friday, in Interbank Foreign Exchange Market.

    Currency dealers said that the market was initiated with higher demand for the dollar due to two weekly holidays. However, later the rupee recovered to the previous level.

    The foreign currency market was initiated in the range of Rs155.65 and Rs155.75. The market recorded day high of Rs155.67 and low of Rs155.65 and closed at Rs155.65.

    The exchange rate in open market witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs155.45/Rs155.65 from last Friday’s closing of Rs155.50/Rs155.80 in cash ready market.

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    Rupee likely to maintain gaining momentum in next week

  • Rupee likely to maintain gaining momentum in next week

    Rupee likely to maintain gaining momentum in next week

    The Pakistani Rupee is anticipated to sustain its upward momentum in the coming week, buoyed by decreased import payment demands and improved inflows.

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