07252016Mon
Last update: Mon, 25 Jul 2016 05am

Money and Banking: Pakistan

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The rupee fell in relation to the dollar on the open market, while, the domestic currency moved in tight-range during the week, ended on July 23, 2016. In the interbank market, the rupee held the present levels against the dollar for buying and selling at Rs 104.84 and Rs 104.85.
The State Bank of Pakistan (SBP) has issued Exchange Companies Manual 2016 in order to update/compile related regulations for the convenience of exchange companies. According to the SBP-FE Circular No 04, Exchange Companies Manual has been compiled by incorporating the related SBP Circulars and Circular Letters issued up to June 30, 2016 by relevant SBP departments. Some of the existing instructions contained in SBP Circulars/Circular Letters have been slightly amended in order to make more clarity, it added. Further, prescribed reporting forms have been made a part of the Exchange Companies Manual, it added.
A Spokesperson of Ministry of Finance Sunday contradicted a news item appeared in a section of press stating that the present government had waived off bank loans during last three years. He said the statistics of State Bank of Pakistan were presented during Senate session of Friday regarding the bank loans waived off by the commercial banks during the last thirty years, said a press release issued here.
A downward trend prevailed on the money market on Saturday as the rupee shed modestly against the dollar in the process of trading, dealers said. The rupee fell by 10 paisas in terms of the dollar for buying and selling at Rs 105.50 and Rs 105.70 respectively; however it gained 45 paisas against the euro for buying and selling at Rs 115.50 and Rs 116.70, they added.
Finance Minister Ishaq Dar will hold a meeting in the context of 12th International Monetary Fund (IMF) Review at the State Bank of Pakistan (SBP), on Monday. The minister on Friday chaired a meeting at the State Bank to review the macroeconomic situation with special reference to the monetary side for the year ending 30th June 2016. In the context of upcoming 12th IMF Review, the meeting noted that the performance on the monetary side during the quarter that ended June 2016 remained satisfactory. The forex reserves reached highest-ever level of $23 billion.
The Ministry of Finance has informed the Senate that different commercial banks waived off loans worth Rs 280 billion during the tenure of present government from 2013-15. In a written reply to a question asked by Senator Azam Khan Swati about the written-off loans during the last thirty years, the Finance Ministry submitted that Rs 430.975 billion were written off from 1990 to 2015.
The rupee managed to sustain overnight levels against the dollar in process of trading, dealers said. The rupee was unchanged versus the dollar for buying and selling at Rs 104.84 and Rs 104.85, dealers said.