KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced that the central bank would remain closed on December 25, 2020 (Friday) due to Quaid-e-Azam Day and Christmas.
The SBP said that it will remain closed on December 25, 2020 (Friday) being a public holiday on the occasions of Quaid-e-Azam Day and Christmas, as declared by the Government of Pakistan.
The commercial banks shall also observe the public holiday.
KARACHI: State Bank of Pakistan (SBP) has issued updated list of panel of audit firms, which are allowed to conduct audit of banking companies.
The central bank updated the list up to December 21, 2020.
State Bank of Pakistan’s Panel of Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962
Following is the list of chartered accountant firms with their categories to conduct audit:
| Category Description Category ‘A’ Audit Firms in Category “A” are eligible to conduct audit of all Banks and DFIs Category ‘B’ Audit Firms in Category “B” are eligible to conduct audit of Banks and DFIs having assets up to Rupees 100 billion or branches up to 160. Category ‘C’ Audit Firms in Category “C” are eligible to conduct audit of banks and DFIs having assets up to Rupees 15 billion or branches up to 30. |
Category ‘A’
A1. A.F. Ferguson & Co. State Life Building No. 1/C, I.I. Chundrigar Road, Karachi. Tel: +92 (021) 32426711-15 Fax: +92 (021) 32415007 Web: www.affco.com.pk
A2. Baker Tilly Mehmood Idrees Qamar, 4th Floor, Central Hotel Building, Civil Lines, Mereweather Road, Karachi. Tel: +92 (021) 35644872-77 Fax: +92 (021) 35694573 Email: [email protected] Web: www.bakertillymiq.com
A3. BDO Ebrahim & Co. 2nd Floor, Block ‘C’ Lakson Square, Building No. 1, Sarwar Shaheed Road, Karachi. Tel: +92 (021) 35683030 Fax: +92 (021) 35684239 Email: [email protected] Web: www.bdo.com.pk
A4. Crowe Hussain Chaudhury & Co. 25-E, Main Market, Gulberg II, Lahore. Tel: +92 (042) 37759223-5 Fax: +92 (042) 35759226 Email: [email protected] Web: www.crowe.pk
A5. EY Ford Rhodes, 6th Floor, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 111-113-937 Fax: +92 (021) 35681965 E. mail: [email protected] Web: www.ey.com
A6. Grant Thornton Anjum Rahman, 1st & 3rd Floor, Modern Motors House, Beaumont Road, Karachi. Tel: +92 (021) 35672951-56 Fax: +92 (021) 35688834 Email: [email protected] Web: www.gtpak.com
A7. Ilyas Saeed & Co. A-4, Sea Breeze Homes, Shershah Block, New Garden Town, Lahore. Tel: +92 (042) 35861852, 35868849 Fax: +92 (042) 35856145 Email: [email protected] Web: www.ilyassaeed.com
A8. KPMG Taseer Hadi & Co. 1st Floor, Sheikh Sultan Trust Building No. 2, Beaumount Road, Karachi. Tel: +92 (021) 35685847 Fax: +92 (021) 35685095 Email: [email protected] Web: www.kpmg.com.pk
A9. Kreston Hyder Bhimji & Co. Suite No. 1601, 16th Floor, Kashif Centre, Main Shahrah-e-Faisal, Karachi. Tel: +92 (021) 35640050-52 Fax: +92 (021) 35640053 Email: [email protected] Web: www.krestonhb.com
A10. Muniff Ziauddin & Co. F/17/3, Business Executive Centre, Block No. 8, Clifton, Karachi. Tel: +92 (021) 35375127-28, 35872283 Fax: +92 (021) 35820325 Email: [email protected] Web: www.mzco.com.pk
A11. Naveed Zafar Ashfaq Jaffery & Co. 1st Floor, Modern Motors House, Beaumount Road, Karachi. Tel: +92 (021) 111-774-422, 35671909 Fax: (021) 5210626 Email: [email protected] Web: www.nzaj.com.pk
A12. Rahman Sarfaraz Rahim Iqbal Rafiq, Rahman Sarfaraz House, 54-P, Gulberg II, Lahore. Tel: +92 (042) 35875965-67 Fax: +92 (042) 35758621 Email: [email protected] Web: www.rsrir.com
A13. Riaz Ahmad & Co. 10-B, Saint Mary Park, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35718137-39 Fax: +92 (042) 35718136 Email: [email protected] Web: www.racopk.com
A14. Yousuf Adil, Cavish Court, A-35, Block 7 & 8, K.C.H.S.U. Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34546494-97 Fax: +92(021) 34541314 Email: [email protected] Web: www.yousufadil.com
Category ‘B’
B1. Amin Mudassar & Co. 4th Floor, IEP Building, 97-B/D-1, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35717261-62 Fax: +92 (042) 35717263 Email: [email protected]
B2. HLB Ijaz Tabussum & Co. 303, Sawan Road, G-10/1, Islamabad. Tel: +92 (051) 32354801-03 Fax: +92 (051) 32354800 Email: [email protected]; [email protected]; Web: www.hlbitc.com
B3. IECnet S.K.S.S.S. Suite No. 209, Parsa Tower, PECHS Block 6, Main Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34150811-13 Fax: +92 (021) 34150814 Email: [email protected] Web: www.iecnet.com.pk
B4. Mudassar Ehtisham & Co. 50/2, Lawrence Road, Lahore. Tel: +92 (042) 36370215, 35466618 Fax: +92 (042) 36363614 Email: [email protected] Web: www.mudassarehtisham.com
B5. Mushtaq & Co. 407, Commerce Centre, Maulana Hasrat Mohani Road, Karachi. Tel: +92 (021) 32638521-24 Email: [email protected]
B6. Nasir Javaid Maqsood Imran, Office No. 807, 8th Floor, Plot No. 11/2, Q.M. House, Ellander Road, Opp. Shaheen Complex, Off. I.I. Chundrigar Road, Karachi Tel: +92 (021) 32212382-83, 32211515-16 Fax: +92 (021) 32211515 Email: [email protected] Website: www.njmi.net
B7. Parker Randall – A.J.S. 6-C, 2nd Floor, ST Plaza, Kohinoor Town, College Road, Faisalabad. Tel: +92 (021) 32621703-04 Fax: +92 (021) 32621701 Email: [email protected] Web: www.parkerrandallajs.pk
B8. PKF F.R.A.N.T.S. 16/II, ‘N’ Lane, Commercial Avenue, Phase IV, D.H.A, Karachi. Tel: +92 (021) 35315275 Fax: +92 (021) 35315276 Email: [email protected] Website: www.pkf.com.pk
B9. Reanda Haroon Zakaria & Co. M1-M4, Mezzanine Floor, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 35674741-44 Fax: +92 (021) 35674745 Email: [email protected] Web: www.hzco.com.pk
B10. Riaz Ahmad Saqib Gohar & Co. 5-Nasim, C.H.S. Major Nazir Bhatti Road, Off Shaheed-e-Millat Road, Karachi. Tel: +92 (021) 34945427, 34946112 Fax: +92 (021) 34932629 Email: [email protected] Web: www.rasgco.com
B11. RSM Avais Hyder Liaquat Nauman, Suite No. 407, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 35655975-76 Fax: +92 (021) 35655977 Email: [email protected] Web: www.rsm.global/pakistan
B12. ShineWing Hameed Chaudhri & Co. H.M. House No. 07, Bank Square, Off Shahrah-e-Quaid-e-Azam, Lahore. Tel: +92 (042) 37235084-87 Fax: +92 (042) 37235083 Email: [email protected] Website: www.hccpk.com
B13. Suriya Nauman Rehan & Co. House No. 02, Street No. 02, F-7/3, Islamabad. Tel: +92 (051) 32610931-32 Fax: +92 (051) 32610954 Email: [email protected] Web: www.nrcca.pk
B14. Tariq Abdul Ghani Maqbool & Co. 173-W, Block-2, P.E.C.H.S, Karachi Phone: +92 (021) 34322582-83, (021) 34322606-07 Fax: +92 (021) 34522492 Email: [email protected] Website: www.tagm.co
B15. UHY Hassan Naeem & Co. 193-A, Shah Jamal, Lahore. Tel: +92 (042) 35403550-51, 35403588 Fax: +92 (042) 35403599 Email: [email protected] Web: www.uhy-hnco.com
B16. Zahid Jamil & Co. 1st Floor, Al-Jamil, 7-Madina Town Ext, Kohinoor Chowk, Off. Jaranwala Road, Faisalabad. Tel: +92 (041) 38725065-68 Fax: +92 (041) 38725070 Email: [email protected] Web: www.zahidjamilco.com
Category ‘C’
C1. Fazal Mahmood & Co. 147 – Shadman I, Lahore. Tel: +92 (042) 37426771-73 Fax: +92 (042) 37426774 Email: [email protected] Web: www.fmc.com.pk
C2. Feroze Sharif Tariq & Co. 4-N/4, Block No. 06, P.E.C.H.S. Karachi. Tel: +92 (021) 34540891, 34542607 Fax: +92 (021) 34540891 Email: [email protected]
C3. H.A.M.D & Co. 302, Land Mark Plaza, Mohammed Bin Qasim Road, Off I.I Chundrigar Road, Karachi. Tel: +92 (021) 32630651 Fax: +92 (021) 35872521 Email: [email protected]; [email protected]
C4. Ibrahim Shaikh & Co. 259-260 Panorama Centre, Fatima Jinnah Road, Saddar, Karachi. Tel: +92 (021) 35210577, 35671853 Fax: +92 (021) 35676591 Email: [email protected]
C5. Junaidy Shoaib Asad 1/6-P, Block No. 06, P.E.C.H.S, Mohtarma Laeeq Begum Road, Off Shahra-e-Faisal. Karachi. Tel: +92 (021) 34371910-13 Fax: +92 (021) 34371916 Email: [email protected] Web: www.jsa.com.pk
C6. H.Y.K & Co. SKP House, 321 Upper Mall, Lahore. Tel: +92 (042) 111-772-000, 35789330-1 Fax: +92 (042) 35789182 Email: [email protected] Web: www.hyk.com.pk
C7. Khalid Majid Rehman & Co. 7-A, Street No. 65, F-8/3, Islamabad. Tel: +92 (051) 32287713-17 Fax: +92 (051) 32287710 Email: [email protected] Web: www.kmr.com.pk
C8. Qavi & Co. Suites No. 717 & 718, Caesars Tower, Shahrah-e-Faisal, Karachi. Tel: +92 (021) 32791966-68 Fax: +92 (021) 32791969 Email: [email protected] Web: www.qaviandco.com
C9. Rafaqat Mansha Mohsin Dossani Masoom & Co. Suite No. 113, 3rd Floor, Hafeez Centre, A/34, K.C.H.S, Block No. 07 & 08, Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34392361-62 Fax: +92 (021) 34320693 Email: [email protected] Web: www.mmdk.com.pk
C10. Sarwars, Office No. 12 & 14, 2nd Floor, Lahore Centre, 77-D, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35782920-22 Fax: +92 (042) 35773825 Email: [email protected] Web: www.saewarsca.com
C11. S. M. Suhail & Co. Suite No. 1001-1014, 10th Floor, Uni Centre, I.I. Chundrigar Road, Karachi Tel: +92 (021) 32414057, 32414163 Fax: +92 (021) 32416288 Email: [email protected], Web: www.smsco.pk
C12. Uzair Hammad Faisal & Co. 37- Main Gulberg, Lahore. Tel: +92 (042) 35877470, 35879310 Email: [email protected] Web: www.uhf.com.pk
KARACHI: The Balance of Payment (BOP) of the country has posted $1.64 billion as current account surplus during the first five months of the current fiscal year, according to data released by State Bank of Pakistan (SBP) on Tuesday.
The BOP of the country posted a current account deficit of $1.74 billion in the same months of the last fiscal year.
The surplus in current account is mainly attributed to strong growth in inflows of workers remittances and export receipts.
During the first five months of FY21, workers’ remittances have reached an unprecedented level of US$ 11.77 billion, 26.9 percent higher than the same period last year. On average, workers’ remittances have been about half a billion (US$ 499 million) higher in each month of FY21 as compared to the same period last year.
On the other hand the exports registered 2.21 percent growth to $9.74 billion during July – November of the current fiscal year as compared with $9.535 billion in the corresponding period of the last fiscal year.
The current account posted a surplus of $447 million in November 2020 as compared with a surplus of $415 million October 2020 and a deficit of $326 million in November 2019.
KARACHI: The State Bank of Pakistan (SBP) has set a target of 20 million women bank accounts by year 2023 in order to reduce the gender gap in financial inclusion, a statement said on Saturday.
The SBP said that women’s access to financial and economic opportunities is essential for sustainable and inclusive economic growth.
However, women in Pakistan are disproportionately under-served by the financial system.
Only 18 percent of adult women in Pakistan have an active bank account compared with 51 percent men.
“In order to address the gender disparities, the central bank has adopted a medium-term national target of 20 million active women bank accounts by 2023 under National Financial Inclusion Strategy.”
The target will be achieved through the launch of a policy to reduce the gender gap in financial inclusion, titled Banking on Equality, which aims to promote women financial inclusion in Pakistan.
“Banking on Equality: Reducing the Gender Gap in Financial Inclusion”, is a flagship policy initiative of State Bank of Pakistan for promoting women financial inclusion. The policy will introduce a gender lens within the financial sector through specific measures to bring a shift towards gender friendly business practices.
To initiate a national dialogue on women financial inclusion, SBP has organized a webinar titled “Consultative Launch of Banking on Equality policy: Reducing the Gender Gap in Financial Inclusion” on Monday, December 21, 2020 at 1730 PKT (Pakistan Standard Time).
The webinar, that will be shown live on State Bank’s Facebook page [https://www.facebook.com/StateBankPakistan] aims to promote awareness of the significance of women financial inclusion and hold discussions among distinguished international thought leaders to discuss practical ways to give a boost to women financial inclusion in Pakistan.
SBP Governor, Dr. Reza Baqir will host the consultative launch of the Banking on Equality policy with introductory presentation on the policy by SBP Deputy Governor Ms. Sima Kamil, and followed bya high level panel discussion around women’s financial inclusion. The panel members would include PrincessZahra Aga Khan Director Aga Khan Development Network (AKDN), Ms. CeylaPazarbasioglu from IMF and Dr. Reza Baqir Governor, State Bank of Pakistan while Dr. Anita Zaidi from Bill and Melinda Gates Foundation (BMGF) will moderate the panel discussion.
Princess Zahra Aga Khan is a Member of the Board of Directors of the Aga Khan Development Network (AKDN). Princess Zahra serves in various leadership roles within the Aga Khan Development Network, including as Trustee of the Aga Khan University and the University of Central Asia.
Ms. CeylaPazarbasioglu is Director of the Strategy, Policy, and Review Department (SPR) of the IMF. In this capacity, she leads the work on the IMF’s strategic direction and the design, implementation, and evaluation of Fund policies. Ms. Pazarbasioglupreviously served as Vice President at the World Bank Group.
The panel moderator, Dr. Anita Zaidi, is the President of Gender Equality at Bill and Melinda Gates Foundation. Dr. Zaidi is overseeing a division comprised of the Foundation’s Gender Equality program team and Gender Program Advocacy and Communications team.
KARACHI: Pakistan’s foreign exchange reserves eased by $22 million to $20.38 billion by week ended December 11, 2020, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $20.402 billion by week ended December 04, 2020.
The foreign exchange reserves of the SBP were remained flat at $13.299 billion by week ended December 11, 2020 as compared with $13.298 billion a week ago.
The foreign exchange reserves held by commercial banks fell by $23 million to $7.081 billion by week ended December 11, 2020 as compared with $7.104 billion a week ago.
KARACHI: The inflow of total foreign investment fell by around 81 percent during first five months of the current fiscal year due to outflow of investment from debt securities.
According to data released by State Bank of Pakistan (SBP) on Wednesday the foreign public investment fell by 112.5 percent mainly due to outflow in debt securities.
The investment in debt securities witnessed outflow of $142 million during first five months of the current fiscal year as compared with inflows of $1.13 billion in the same period of the last fiscal year.
The other segment of total investment i.e. foreign private investment witnessed a decline of 40 percent during the period under review.
The foreign private investment fell to $531.6 million during July – November of the current fiscal year as compared with $884 million in the corresponding period of the last fiscal year.
Under the head of foreign private investment, the inflow of direct investment witnessed 17 percent to $717 million during first five months of the current fiscal year as compared with $864.4 million in the same period of the last fiscal year.
The investment in capital market witnessed massive outflow during the period. The portfolio investment during first five months of the current fiscal year witnessed outflow of $185.8 million as compared with inflow of $19.5 million in the same period of the last fiscal year.
KARACHI: Deposits of the banking system have increased by 18 percent to Rs16.84 trillion by end of November 2020 as compared with same month of the last year, according to details released by the State Bank of Pakistan (SBP).
The banking deposits were at Rs14.31 trillion by November 2019.
The deposits of the banking system have increased by 1.1 percent in November 2020 as compared with Rs16.66 billion in October 2020.
The banking deposits hit all time high of Rs16.88 trillion in September 2020.
Banking experts said that the deposits were increasing due to second phase of coronavirus. In the first phase the deposits witnessed significant increase due to shrinking investment avenues.
KARACHI: State Bank of Pakistan (SBP) on Monday issued guidelines for banks to ensure disclosure of key information for deposit accounts.
In a circular, the central bank said that effective disclosure is considered a fundamental component of the Financial Consumer Protection regime.
Standardized disclosures as Key Fact Statements (KFS) increase consumer comprehension about a banking product’s affordability and risks, leading to better decision-making.
Similarly, KFS also minimizes the risks of ineffective disclosures on part of the banks by standardizing the information provided to the consumer.
The SBP in its endeavor to promote Responsible Banking Conduct and Fair Treatment of Consumers (FTC) recognizes the importance of standardized disclosures.
Accordingly, KFS for consumer credit products and Most Important Document (MID) for third party products have already been issued vide CPD Circular No.3 of 2014, BC & CPD Circular No. 2 of 2016, and CPD Circular No. 2 of 2012.
KFS for deposit products have now been developed and are being issued through this circular for adoption as per the requirements listed below:
Banks/MFBs/DFIs are required to provide KFS to all their prospective customers from April 1, 2021, for comparison and decision making. Banks/MFBs/DFIs will ensure the availability of KFS in branches, on the website, e-banking interfaces, etc.
At the time of account opening, the KFS duly signed by the Banks/MFBs/DFIs, and the customer will be retained with the account opening form and its duplicate copy will be provided to the customer for record and information.
Banks/MFBs/DFIs are required to make necessary changes in their related SOPs and Policies for the seamless adoption of KFS to incorporate the requirement of KFS. Further, the provision of KFS as mentioned above in para 1 and the accuracy of the information contained therein will be checked by the Internal Audit during the regular audit.
Adequate consumer awareness initiatives and staff training may also be undertaken by Banks/MFBs/DFIs regarding the use of KFS and its vitality.
KARACHI – The State Bank of Pakistan (SBP) reported a significant 27% growth in workers’ remittances during the first five months (July-November) of the current fiscal year (FY21), underscoring a resilient trend in foreign inflows facilitated through formal channels.
(more…)KARACHI: State Bank of Pakistan (SBP) on Friday allowed commercial banks to open foreign currency accounts by entities operating under newly established Special Technology Zones (STZs)
The SBP in a notification said that in order to further the objectives of establishing the Special Technology Zones under the Special Technology Zones Authority Ordinance, 2020, it has been decided to issue special foreign exchange regulations for entities operating in Special Technology Zones in Pakistan, in terms of sub-section 5 of Section 19 of the Ordinance and in exercise of powers conferred under the Foreign Exchange Regulation Act, 1947.
Accordingly, the following new paragraph 9A has been inserted after paragraph 9 of Chapter 6 of Foreign Exchange Manual:
9A – Special Foreign Exchange Regulations for Special Technology Zones (STZs)
Authorized Dealers may open Special Foreign Currency Accounts of entities licensed by Special Technology Zones Authority (STZA) under the Special Technology Zones Authority Ordinance, 2020.
Such foreign currency accounts can be fed with any proceeds, in favor of the entity, originating from abroad including foreign borrowing, proceeds from exports of goods and services, foreign equity, earnings / profits of overseas offices / subsidiaries / associates established through funds from these accounts, without the requirement of conversion into PKR. However, these accounts cannot be fed with cash foreign currency or any foreign exchange purchased from an Authorized Dealer or an Exchange Company in Pakistan for any purpose.
The funds available in such foreign currency accounts may be used by the account holders for making all types of business related legitimate payments abroad without any limitation and without any approval from SBP, subject to completion of applicable documentary/reporting requirements under relevant foreign exchange regulations.
In case sufficient funds are not available in Special Foreign Currency Accounts of such entities, with any Authorized Dealer in Pakistan, for making any legitimate payment abroad in foreign exchange, these entities may be allowed to make entire payment of the underlying transaction by purchasing foreign exchange from interbank market, subject to compliance with applicable foreign exchange regulations. However, Authorized Dealers shall obtain an undertaking from such entities to the above effect.
In case any local payment is required to be made from Special Foreign Currency Accounts by such entities, the same shall be allowed by Authorized Dealers after converting the funds, available in such accounts, into PKR through inter-bank market. However, no cash withdrawal will be allowed in the shape of FCY notes.