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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.

  • Bill to amend foreign exchange regulations presented

    Bill to amend foreign exchange regulations presented

    ISLAMABAD: The finance ministry has presented a bill in the parliament to amend foreign exchange regulations to stop illegal transactions.

    A statement on Thursday said that in order to prevent illegal foreign exchange transactions, The ministry of finance has proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill “FER (Amendment) Act 2019”, in the National Assembly to empower the State Bank of Pakistan (SBP) to regulate foreign exchange regime in the country more effectively.

    The proposed amendment has been approved by the Federal Cabinet and transmitted to Parliament for enactment.

    The amendments would substantially strengthen the SBP’s powers to issue necessary regulations/instructions relating to inland movement of foreign currency and enable it to monitor such movement.

    The measure is a part of government of Pakistan’s efforts to enhance the transparency of financial transactions.

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  • Rupee value to strengthen in coming days, SBP tells FAP members

    Rupee value to strengthen in coming days, SBP tells FAP members

    KARACHI: State Bank of Pakistan (SBP) has said that the rupee value to stabilize as large payment was made last week.

    Talking to representatives of Forex Association of Pakistan (FAP) on Thursday, Executive Director of SBP Syed Irfan Ali Shah said that last week large payments made last week and now the local currency would not devalue further, said a FAP press release.

    He further said that the government had no intention to devalue the local currency.

    He said that the local currency would depreciate with rising demand in interbank foreign exchange market but it would stabilize on easing demand.

    “It has been seen today the rupee value strengthen in the interbank bank,” he said and added that the rupee value would further strengthen in coming days.

    He said that the trade deficit would reduce to $12 billion from previous year’s $18 billion. He also hoped that the exports would grow to $28 billion from $23 billion.

    The SBP executive director said that friendly countries including Saudi Arabia, Dubai, Malaysia, Singapore, Australia and China would make investment of around $20 – 30 billion next year. This will increase foreign direct investment, he added.

    The government is also making all efforts to send skilled laborers abroad to increase workers remittances. These efforts will help increasing workers remittances from $18 billion to $25 billion, he added.

    Earlier, FAP President Malik Bostan expressed reservations on the shortage of dollar in free market.

    Bostan attributed the rising dollar rate to interbank because before the visit of IMF delegation on March 05 the interbank rate was Rs138.50 to the dollar and since than the dollar value increased by Rs3 to Rs141.50. This trend also prevailed in free market, he added.

    He said that the government had admitted the IMF conditionalities on exchange rate policy that should be based on market forces.

    Due to these conditions there are 80 percent buyers and 20 percent sellers in the cash free market, he added.

    Malik Bostan said that the dollar demand was also higher due to Hajj season.

    He also pointed out to a comment by Dr. Ashfaque Hassan, Member Advisor Council, who said that the dollar would reach Rs150. Such statements send negative message to the public, he added.

    Malik Bostan said that the dollar demand was also rising due to conditions imposed on non-filer of income tax returns by the government as people had investment option in dollar, gold and prize bonds.

  • Rupee ends stable against dollar

    Rupee ends stable against dollar

    KARACHI: The rupee ended stable against dollar on Thursday after government assurance of no link of rupee value with IMF deal.

    The rupee ended at Rs141.40 to the dollar, the same previous day’s level, in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.

    The market recorded day high of Rs141.40 and low of Rs141.399 and closed at Rs141.40.

    The exchange rates in open market were also ended stable.

    The buying and selling of dollar was recorded at Rs142.50/Rs143.00, the same previous day’s level, in cash ready market.

  • Rupee maintains level in early trade

    Rupee maintains level in early trade

    KARACHI – In the early hours of Wednesday, the Pakistani Rupee demonstrated resilience, maintaining its level against the US Dollar in the interbank foreign exchange market.

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  • SBP to raise Rs3,600 billion through sale of securities

    SBP to raise Rs3,600 billion through sale of securities

    KARACHI: The State Bank of Pakistan (SBP) will raise Rs3,600 billion through sale of bonds during next three months for repayment against matured securities.

    According to auction target calendar issued by State Bank of Pakistan (SBP) on Wednesday, around Rs3,600 billion would be raised through auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs).

    The SBP to conduct six auctions of MTBs during April to June 2019 to raise Rs3,300 billion. The amount of maturity is Rs3,100 billion.

    The central bank will also conduct three auctions of PIBs for generating Rs300 billion. The amount of repayment against matured PIBs during the period is Rs434.45 billion.

  • Rupee ends down by 30 paisas against dollar

    Rupee ends down by 30 paisas against dollar

    KARACHI: The Pak Rupee depreciated by 30 paisas against dollar on Wednesday owing to reports of IMF conditionalities for new loan program.

    The rupee ended down by 30 paisas to close at Rs141.40 to the dollar from previous day’s close of Rs141.10 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.20 and Rs141.40.

    The market recorded day high of Rs141.40 and low of Rs141.39 and closed at Rs141.40.

    The exchange rate in open market also witnessed devaluation of local currency.

    The buying and selling of dollar was recorded at Rs142.50/Rs143.00 from previous day’s close of Rs142.00/Rs142.50 in cash ready market.

  • Rupee falls by 26 paisas in mid-day trading

    Rupee falls by 26 paisas in mid-day trading

    KARACHI: The rupee depreciated by 26 paisas against dollar on Wednesday owing to hike in policy rate and petroleum products.

    The dollar is being traded at Rs 141.36 in mid-day trade in interbank foreign exchange market. The foreign currency market ended last day at Rs 141.10 to the dollar.

  • Rupee ends down by 21 paisas in interbank

    Rupee ends down by 21 paisas in interbank

    KARACHI: The rupee depreciated by 21 paisas against dollar on Tuesday owing to hike in policy rate and petroleum products.

    The rupee ended Rs141.10 to the dollar from last Friday’s close of Rs140.89 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs140.90 and Rs140.95.

    The market recorded day high of Rs141.10 and low of Rs140.95 and closed at Rs141.10.

    The exchange rate in open market was moved in favour of the local unit.

    The buying and selling of dollar was recorded at Rs142.00/Rs142.50 to the dollar from last day’s closing of Rs142.00/Rs142.70 in cash ready market.

  • UBL decides sale of its Tanzania operation for $3.96 million

    UBL decides sale of its Tanzania operation for $3.96 million

    KARACHI: United Bank Limited (UBL) has decided to sale of its Tanzania operation at the sale price of $3.96 million to Exim Bank Tanzania Limited.

    It was decided at the the Annual General Meeting of UBL, which has approved winding up UBL Bank (Tanzania) Limited after accepting letter of intent from Exim Bank Tanzania Limited at sale price of $3.96 million, a notification said on Tuesday.

    A special resolution for the approval of the transaction of asset and liability sale of UBL (Tanzania) Limited was discussed at the AGM.

    It was resolved that the binding letter of intent received from Exim Bank Tanzania Limited for an asset and liability sale of UBL Bank (Tanzania) Limited for TZs 9.1 billion (equal to $3.96 million) be and is hereby accepted. The said price is subject to adjustment on the closing date of the transaction, the notification said.

    The board of directors of UBL has been authorized to complete all the related regulatory, legal and other formalities of the transactions and to further authorize persons to deal and negotiate, execute and implement the transaction with the parties involved.

    The AGM further resolved that the board of directors be authorized to initiate and complete the process for the winding up of UBL Bank (Tanzania) Limited subsequent to the consummation of this transaction.

  • Rupee falls to Rs141.05 against dollar in interbank early trade

    Rupee falls to Rs141.05 against dollar in interbank early trade

    KARACHI: The Pak Rupee depreciates by 16 paisas against US dollar in early trade on Tuesday owing to reports of IMF conditionalities for new loan program.

    The dollar is being traded at Rs141.05in interbank foreign exchange market. The foreign currency market was closed yesterday at Rs140.89 to the dollar.

    The local currency was showing declining trend since last week due to increase in key policy rate, high inflation, rise in petroleum prices and the government negotiations to enter new IMF loan program.

    Reportedly the IMF had asked Pakistan to introduce new exchange rate regime which should be based on market forces.