Business

Biometric verification to be made mandatory for purchase of $500 and above

Published

3 months ago

Farwa

SIFC briefed on SBP’s proposed reforms on January 3.
FIA to be tasked to launch crackdown against illegal forex operators.
Reforms to be made public when SIFC meeting approves them.

ISLAMABAD: In a bid to stop hoarding of the greenback, the State Bank of Pakistan devised a plan under which biometric verification will be made mandatory for anyone purchasing $500 and above from exchange companies, reported The News on Friday.

“The top notches of the central bank informed the meeting of the SIFC (Special Investment Facilitation Council) Apex Committee’s participants on January 3, 2024, that this is part of the comprehensive reforms in the exchange companies sector,” an official at SIFC Secretariat told the publication on the condition of anonymity.

Pakistan faces a dollar crisis as exports and remittances are not up to the mark and major chunks of greenback are utilised to finance the imports. Furthermore, unscrupulous elements take advantage of the situation and hoard US dollars to make windfall profits.

SIFC was also told that the SBP has also reduced the US dollar purchase limit for travel purposes from $10,000 to $5,000 and annual from $60,000 to $30,000.

Any customer purchasing $2000 or above from exchange companies has to pay from their Pak Rupee account.

For an individual, the central bank has fixed the US dollar purchase limit of $10,000 per day and annual purchase of $100,000.

Under the reforms, the Federal Investigation Agency will be tasked to launch an effective crackdown against illegal foreign exchange operators in coordination with the State Bank of Pakistan and relevant stakeholders.

“These reforms will be made public when the next SIFC meeting approves them,” the official said.

Last year, when the dollar crossed the 300 mark the government launched a crackdown against dollar smuggling, hoarding.

The Ministry of Interior had developed a list of the groups involved in the crimes after the identification of facilitators of the government officials and their patrons.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

1 day ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

1 day ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

1 day ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.