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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.

  • Rupee continues to gain against dollar in early trade

    Rupee continues to gain against dollar in early trade

    KARACHI: The Pak Rupee maintained its recovery against dollar in early trade on Friday owing to positive sentiments.
    The rupee gained 17 paisas to the dollar in the early trade as dollar is being traded at Rs138.65 in interbank foreign exchange market.
    Currency dealers said that good-will gesture shown by Pakistan for releasing captured Indian pilot for normalization the situation resulted in prevalence of positive sentiments in the market.
    The rupee also made a sharp recovery of 44 paisas against dollar on Thursday.
    The rupee ended Rs138.82 to the dollar as compared with last day’s closing of Rs139.25 in interbank foreign exchange market.
    The rupee was depreciated massively last day against dollar.
    However, yesterday Pakistan shot down two Indian fighter jets in response to Indian violation of Pakistan airspace a day earlier.
    Dealers said that the sentiments were positive in foreign currency market as economic indictors showing improvement.

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  • SBP issues instructions for opening bank accounts of Afghan refugees

    SBP issues instructions for opening bank accounts of Afghan refugees

    KARACHI: State Bank of Pakistan (SBP) has issued instructions for banks regarding opening of bank accounts by Afghan refugees.

    In a circular issued on Thursday, the SBP said that National Database and Registration Authority (NADRA) had informed that biometric verification for opening bank accounts of Afghan refugees holding Proof of Registration (PoR) Card has been made live w.e.f February 26, 2019 over the existing established linkage of CNIC verification.

    The biometric verification service for Afghan refugees holding PoR Card would work similar to the CNIC biometric verification system.

    Accordingly, for opening accounts of Afghan refugees holding PoR Card, banks/DFIs may accept the valid Proof of Registration (PoR) Card issued by NADRA as identity document. In this regard, banks/DFIs shall verify the identity of the Afghan refugees holding PoR Card through NADRA biometric verification system for opening of account.

    Moreover, for services offered by banks to their account holders, where CNIC and biometric verification is required under AML/CFT Regulations, valid biometrically verified PoR Card is acceptable as identity document.

    However, banks/DFIs are advised to ensure compliance of all relevant legal and regulatory requirements including AML / CFT preventive measures instructed by SBP for account opening from time to time.

  • SBP approval mandatory for opening currency exchange outlets at airports

    SBP approval mandatory for opening currency exchange outlets at airports

    KARACHI: State Bank of Pakistan (SBP) on Thursday directed exchange companies to take approval from the central bank before opening outlets at any airport in the country.

    In a circular, the SBP said that in order to facilitate the Exchange Companies and Exchange Companies of ‘B’ category in timely opening of their outlets (Currency Exchange Booths / Branches) at Pakistani airports under Pakistan Civil Aviation Authority (CAA) license, the following procedure will be applicable with immediate effect:

    a. Exchange Companies and Exchange Companies of ‘B’ category desirous of participating in CAA tender(s) for award / renewal of license of currency exchange booth(s) / branch(es) at any Pakistani airport(s) shall obtain in-principle approval from SBP before participating in each CAA tender.

    b. Application(s) complete in all respects by Exchange Companies and Exchange Companies of ‘B’ category for obtaining in principal approval to participate in CAA tender(s) must reach Exchange Policy Department at least 7 working days prior to the last date of application submission in CAA tender(s).

    Exchange Companies

    c. In principle approval for participation in CAA tender(s) shall be given by SBP to those Exchange Companies which have better compliance ratings, financial health, corporate governance etc. as mentioned in Para 3(iii) and (iv) of Chapter 4 of Exchange Companies Manual.

    d. Application(s) of Exchange Companies for in-principle approval for participation in CAA tender(s) for opening of currency exchange booth(s) / branch(es) at airports shall be treated independent of their Annual Network Expansion Plan and may be submitted to the Director, Exchange Policy Department any time during the year as per CAA tender timelines.

    Exchange Companies of ‘B’ category

    e. Exchange Companies of ‘B’ Category are not allowed to participate in CAA tender(s) for award of new license of currency exchange booth(s) / branch(es) as at present they are not allowed expansion of their branch network.

    f. Exchange Companies of ‘B’ category holding valid CAA license of currency exchange booth(s) / branch(es) shall apply for permission to participate in fresh tenders at airports/locations where they already operate after expiry of CAA license subject to compliance as applicable to Exchange Companies with requirement of Para 3(iii) and (iv) of Chapter 4 of Exchange Companies Manual.

    The SBP said that while submitting the application for participation in CAA tender, Exchange Companies and Exchange Companies of ‘B’ category shall deposit non-refundable fee of Rs.50,000/- per outlet in RTGS Clearing account number 427516 of the State Bank and submit the payment receipt as evidence of having paid the applicable fee.

    The central bank warned that failure to comply with the above instructions shall attract regulatory action against the concerned Exchange Company / Exchange Company of ‘B’ Category under the relevant provisions of the Foreign Exchange Regulation Act, 1947.

  • Rupee makes sharp recovery of 44 paisas against dollar

    Rupee makes sharp recovery of 44 paisas against dollar

    KARACHI: The Pak Rupee made a sharp recovery of 44 paisas against dollar on Thursday on peace message sent by Pakistan after giving strong response to Indian aggression.

    The rupee ended Rs138.82 to the dollar as compared with last day’s closing of Rs139.25 in interbank foreign exchange market.

    The rupee was depreciated massively last day against dollar.

    However, yesterday Pakistan shot down two Indian fighter jets in response to Indian violation of Pakistan airspace a day earlier.

    Dealers said that the sentiments were positive in foreign currency market as economic indictors showing improvement.

    The interbank foreign exchange market was initiated in the range of Rs139.20 and Rs139.25.

    The market recorded a high of Rs139.20 and low of Rs138.80 and closed at Rs138.82.

    The exchange rate however has shown some negative trend.

    The buying and selling of dollar was recorded at Rs139.00/Rs139.50 from previous day’s closing of Rs138.70/Rs139.20 in cash ready market.

  • Rupee recovers 10 paisas in early trade

    Rupee recovers 10 paisas in early trade

    KARACHI: The Pak Rupee recovered 10 paisas against the US dollar in early trade on Thursday owing to strong response by Pakistan to Indian aggression.

    The dollar is being traded at Rs138.16 in interbank foreign exchange market. The foreign currency market was ended on Wednesday at Rs138.26 as exchange rate lost 38 paisas.

    Currency experts said that the shooting down two Indian fighter jets a day earlier by Pakistani Air Force boosted the confidence of market.

    The rupee had maintained levels during the last week owing to investment prospects and shrinking current account deficit.

    However, latest conflict between Pakistan and India dragged down the value of the local unit.

  • SBP sells T-Bills worth Rs461.37 billion in auction

    SBP sells T-Bills worth Rs461.37 billion in auction

    KARACHI: The government has raised Rs461.37 billion for budget financing through auction of market treasury bills in an auction held on Wednesday.

    State Bank of Pakistan (SBP) said that it had offered treasury bills in three-, six- and 12 months maturities. However, the central bank only received bids in only three months securities.

    The central bank received bids of Rs516.38 billion at face value of Rs528.928 billion. The SBP accepted bids worth Rs461.37 billion at face value of Rs472.578 billion for three months treasury bills.

    The SBP accepted the bids at 10.55 percent cut-off yield, which was unchanged when compared with the auction held on February 13, 2019.

    The central bank has set the target for auction to sell securities worth Rs650 billion.

  • Rupee ends down by 38 paisas against dollar

    Rupee ends down by 38 paisas against dollar

    KARACHI: The Pak Rupee ended down by 38 paisas against the US dollar on Wednesday owing to growing border tension.

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  • Rupee falls 23 paisas in mid-day trade on border tension

    Rupee falls 23 paisas in mid-day trade on border tension

    KARACHI: The Pak Rupee declined further against the US dollar in mid-day trade on Wednesday owing to growing border tension.

    The dollar is being traded at Rs 139.11 in interbank foreign exchange market. The rupee went down by 23 paisas so far when compared with Rs 138.88 to the dollar in foreign currency market

    Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector, Director-General Inter-Services Public Relations Major-General Asif Ghafoor said on his official Twitter account early on Tuesday.

    Following the mounting tension at borders the currency markets witnessed deterioration.

    Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

    Last Friday the rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

  • Rupee falls by 30 paisas on rising border tension

    Rupee falls by 30 paisas on rising border tension

    KARACHI: The Pak Rupee ended sharply down by 30 paisas against US dollar on Tuesday owing to latest border violation by Indian air force.

    Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector, Director-General Inter-Services Public Relations Major-General Asif Ghafoor said on his official Twitter account early on Tuesday.

    Following the mounting tension at borders the currency markets witnessed deterioration.

    The rupee ended Rs138.88 to the dollar as compared with previous day’s close of Rs138.88 in interbank foreign exchange market.

    Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

    Last Friday the rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    The exchange rate also changed in open market and local unit lost 20 paisas.

    The buying and selling of dollar was recorded at Rs138.50/Rs139.00 from previous day’s closing of Rs138.30/Rs138.80.

  • Banks to remain open on Saturday, Sunday for receiving Hajj applications

    Banks to remain open on Saturday, Sunday for receiving Hajj applications

    KARACHI: State Bank of Pakistan (SBP) on Tuesday said that the commercial banks will remain open on March 2-3 (Saturday – Sunday) to facilitate pilgrims in depositing Hajj applications along with dues.

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