Pkrevenue.com

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 eases by three paisas on dollar demand

    Rupee eases by three paisas on dollar demand

    KARACHI: The Pak Rupee eased by three paisas against dollar on Wednesday owing to rise in demand for import payments.

    The rupee ended at Rs157.29 to the dollar from previous day’s closing of Rs157.26 in interbank foreign exchange market.

    Currency experts said that the dollar demand was remained higher during the day. However, the local unit managed the early day losses.

    The foreign currency market was initiated in the range of Rs159.40 and Rs157.48. The market recorded day high of Rs157.60 and low of Rs157.28 and close at Rs157.29.

    The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs157.10/Rs157.60 from previous day’s closing of Rs157.00/Rs157.50 in cash ready market.

    Related Stories

    Rupee gains 10 paisas on improved inflows

  • NBP declares 11.12pc decline in after tax profit to Rs11.1 billion

    NBP declares 11.12pc decline in after tax profit to Rs11.1 billion

    KARACHI: National Bank of Pakistan (NBP) on Wednesday declared decline in net profit by 11.12 percent to Rs11.1 billion for the first half ended June 30, 2019.

    According to financial results for the half yearly ended June 30, 2019 submitted to Pakistan Stock Exchange (PSX), the bank declared after tax profit of Rs11.101 billion as compared with Rs12.49 billion for the corresponding period of the last year.

    The public sector bank declared Rs5.22 earnings per share for the half year as compared with Rs5.87 EPs for the same period of the last year.

    The earning of the bank declined owing to higher amount of tax payment for the period under review. The bank discharged tax liability of Rs9.28 billion for the period January – June 2019 as compared with Rs4.66 billion in the corresponding period of the last year.

    Total income of the bank for the period under review increased by 18.45 percent to Rs53.76 billion as compared with Rs45.39 billion for the period ended June 30, 2018.

    Net mark-up/interest income of the bank increased to Rs35.56 billion for the period ended June 30, 2019 as compared with Rs30.14 billion in the same period of the last year.

    While total non-mark up / interest income of the banks increased to Rs18.2 billion as compared with Rs15.25 billion.

    Operating expenses of the bank increased to Rs27.8 billion from Rs25.41 billion.

    The provisions and write offs of the banks also increased to Rs5.49 billion for the first half ended June 30, 2019 as compared with Rs2.82 billion in the corresponding period of the last year.

    The profit before taxation of the bank came at Rs20.38 billion by June 30, 2019 as compared with Rs17.16 billion in the corresponding period of the last year.

  • Rupee gains 10 paisas on improved inflows

    Rupee gains 10 paisas on improved inflows

    KARACHI: The Pak Rupee gained 10 paisas against dollar on Tuesday owing to improved inflows of export receipts and workers remittances.

    The rupee ended Rs157.26 to the dollar from previous day’s closing of Rs157.36 in interbank foreign exchange market.

    Currency experts said that the inflows from export receipts and worker remittances kept the market sentiments high. They also said that the demand for import payment was also low due to higher duty and tax regime.

    The foreign currency market was initiated in the range of Rs157.30 and Rs157.35. The market recorded day high of Rs157.45 and low of Rs157.24 and closed at Rs157.26.

    The exchange rate in open market also witnessed appreciation in the rupee value. The buying and selling of dollar was recorded at Rs157.00/Rs157.50 from previous day’s closing of Rs157.10/Rs157.60 in cash ready market.

    Related Posts

    Rupee gains six paisas amid higher dollar demand

  • Rupee gains six paisas amid higher dollar demand

    Rupee gains six paisas amid higher dollar demand

    KARACHI: The Pak Rupee gained six paisas against dollar on Monday amid demand for corporate and import payments.

    (more…)
  • SBP warns public against sale, purchase of foreign exchange with illegal money exchanges

    SBP warns public against sale, purchase of foreign exchange with illegal money exchanges

    KARACHI: State Bank of Pakistan (SBP) has warned general public against dealing of sale and purchase of foreign currency with illegal money exchanges.

    The central bank in an information to general public said that sale, purchase and transfer of foreign currency through Hawala/Hundi operators is illegal.

    The SBP said that people unknowingly may become part of money laundering and terrorism financing offence by dealing with illegal foreign exchange operators.

    The money laundering and terrorism financing offences are punishable under Anti Money Laundering (AML) Act, 2010 and Anti Terrorism Act (ATA), 1997.

    The SBP advised the general public to carry foreign currency sale, purchase and remittance transactions with only State Bank authorized banks and exchange companies.

    The central bank also advised to collect system generated official receipt of transactions. The general public has been urged to report any illegal foreign exchange sale/purchase and Hawala/Hundi Operators to Federal Investigation Agency (FIA).

    The SBP said that the business of foreign exchange in Pakistan is regulated under Foreign Exchange Regulations Act (FERA), 1947. The SBP issues authorization to banks and exchange companies to conduct foreign exchange business.

    Any person (individual or entity) other than those authorized by the SBP are doing illegal foreign exchange business which is punishable offence under FERA 1947 and AMLA 2010.

    All such operators are informed in their own interest not to indulge in illegal foreign exchange sale/purchase and hawala/hundi business.

    The SBP said that extensive action against illegal currency exchange and hawala/hundi operators is being carried out by relevant law enforcement agencies.

  • Rupee appreciates by 82 paisas in interbank market

    Rupee appreciates by 82 paisas in interbank market

    KARACHI: The Pak Rupee appreciated by 82 paisas against dollar on Friday owing to improved economic indicators.

    The rupee ended Rs157.42 to the dollar from previous day’s closing of Rs158.24 in interbank foreign exchange market.

    The rupee made significant gain earlier in the day and gained Re1 in its value owing to better economic indicators.

    The foreign currency market was initiated in the range of Rs157.45 and Rs157.55. The market recorded day high of Rs157.90 and low of Rs157.24 and closed at Rs157.42.

    Currency experts said that positive economic indicators and sharp recovery in the stock exchange boosted the confidence of the investors.

    Besides, contraction in current account deficit also helped the rupee to recover against the greenback.

    The rupee witnessed sharp decline against the dollar in the past two years. However, for the last few days the local unit was making recovery gradually.

    The exchange rate in open market also witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs157.30/Rs157.80 from previous day’s closing of Rs158.20/Rs158.70 in cash ready market.

    Related Posts

    Rupee gains 34 paisas on improved investors’ sentiments

  • Rupee makes significant gain of Re1 against dollar in early trade

    Rupee makes significant gain of Re1 against dollar in early trade

    KARACHI: The Pak Rupee witnessed massive recovery of Re1 against dollar in early trade on Friday, dealers said.

    The dollar is being traded at Rs157.24 in early trade on Friday as compared with last day’s closing of Rs158.24 in interbank foreign exchange market.

    Currency experts said that positive economic indicators and sharp recovery in the stock exchange boosted the confidence of the investors.

    Besides, contraction in current account deficit also helped the rupee to recover against the greenback.

    The rupee witnessed sharp decline against the dollar in the past two years. However, for the last few days the local unit was making recovery gradually.

  • Rupee gains 34 paisas on improved investors’ sentiments

    Rupee gains 34 paisas on improved investors’ sentiments

    KARACHI: The Pak Rupee gained 34 paisas against dollar on Thursday owing to improved confidence of investors on the country’s capital market and narrowed current account deficit.

    The rupee ended Rs158.24 to the dollar from previous day’s closing of Rs158.58 in interbank foreign exchange market.

    Currency experts said that the improved sentiments of investors in the stock market also impacted the currency market.

    Besides, the narrowed current account deficit in July 2019 also helped the rupee to improve levels.

    The foreign currency market was opened in the range of Rs 158.40 and Rs158.50. The market recorded day high of Rs158.40 and low of Rs158.15 and closed at Rs158.24.

    The exchange rate in open market also witnessed appreciation of the local unit. The buying and selling of dollar was recorded at Rs158.20/Rs158.70 from previous day’s close of Rs158.50/Rs159.00 in cash ready market.

    Related Stories

    Rupee makes gain in interbank

  • SBP issues Islamic financing scheme for renewable energy projects

    SBP issues Islamic financing scheme for renewable energy projects

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued a new scheme of Islamic financing for renewable energy power projects.

    The central bank said that it had issued IH&SMEFD Circular No. 01 dated February 22, 2019 introducing Mudarabah based ‘Islamic Financing Facility for Renewable Energy (IFRE)’ for Islamic Banking Institutions (IBIs) and DFIs having authorized Islamic financing operations.

    Now an updated Islamic Financing Facility for Renewable Energy (IFRE) is being issued. This updated IFRE shall supersede and replace the Facility issued vide above-mentioned Circular.

    The financing under IFRE is now available to the customers under three categories, as given below:

    Category I: Prospective sponsors desirous of setting up renewable energy power projects with a capacity ranging from more than 1 MW and up-to 50 MW for their own use, selling electricity to the national grid (including distribution companies) or combination of both.

    Category II: Prospective sponsors desirous of installing renewable energy source based projects/ solutions for generation of electricity up-to 1 MW.

    Category III: Vendors and suppliers certified under AEDB Certification Regulation 2018 for installation of wind and solar systems on lease basis or selling of electricity to ultimate owners/users.

    The SBP shall make Mudarabah investment in general pool of Participating Islamic Financial Institutions (PIFIs) under IFRE. Mudarabah investment of SBP in IFRE shall be available upto maximum financing limit of eligible projects as prescribed under each category of the Scheme.

    IFRE shall be effective immediately and financing shall be available for projects achieving financial close under Category I and new sanctions under Category II or III after date of issuance of this Circular and up-to June 30, 2022 only.

    The IBIs and DFIs having authorized Islamic financing operations under permission of SBP may submit their requests for the status of Participating Islamic Financial Institution (PIFI) keeping in view the criteria given in the facility.

    They may also apply for allocation / assignment of limit for the current financial year. These requests may be submitted latest by 15th May each year. For the financial year 2019-20, these requests may be submitted within 30 days from the date of issuance of this Circular.

    The IBIs and DFIs having authorized Islamic financing operations under permission of SBP which have already submitted their requests for status of PIFI and allocation of limit under earlier version, issued vide IH&SMEFD Circular No. 01 dated February 22, 2019, need not resubmit their requests unless they desire to revise amount of their requested limits.

    However, they will be required to submit their updated operations/process manual aligned with this Scheme.

  • Meezan Bank, CarFirst sign MoU for Islamic financing

    Meezan Bank, CarFirst sign MoU for Islamic financing

    KARACHI: Meezan Bank, Pakistan’s leading Islamic bank has signed a Memorandum of Understanding (MoU) with CarFirst to provide Shariah-compliant financing solutions to customers for the purchase of used cars.

    CarFirst’s online system is backed by network of inspection centers all over Pakistan for purchase and exchange of used vehicles.

    Arshad Majeed, Group Head Consumer Finance – Meezan Bank and Raja Murad Khan – Chief Executive Officer and Co-Founder of CarFirst signed the MOU between the two organizations.

    Under the MoU, Meezan Bank will provide Shariah-compliant financing solutions to customers for the purchase of used cars through CarFirst’s platform.

    CarFirst and Meezan Bank will also jointly work on developing innovative financing products for purchase of used vehicles, that will be offered through CarFirst’s platform.

    Speaking at the occasion, Arshad Majeed expressed his appreciation that this initiative will provide Meezan Bank’s Car Ijarah customers uniquely structured car financing solutions for certified used cars.

    He further added that this alliance will facilitate consumers by making the financing of used cars available to a larger number of customers.

    Commenting on the occasion Raja Murad Khan said, “CarFirst, Pakistan’s most trusted used car trading platform, looks forward to offering tailored solutions to Meezan Bank and its customers for their automotive needs.”