Pakistan eases statutory liquidity reserve requirement for exchange companies
It will help them address cash flow issues SAMAA | Bilal Hussain - Posted: May 20, 2021 | Last Updated: 4 hours ago SAMAA | Bilal Hussain Posted: May 20, 2021 | Last Updated: 4 hours ago
A currency trader counts Pakistani Rupee notes as he prepares an exchange of U.S dollars in Islamabad, Pakistan December 11, 2017. REUTERS/Caren Firouz
The State Bank of Pakistan has revised the Statutory Liquidity Reserve requirement for exchange companies, reducing it from 25% to 15% of their capital.
It was mandatory for exchange companies to put a quarter of the paid-up capital, the worth of their business, with the central bank to settle things smoothly in case they defaulted.
Forex firms supply $4b to inter-bank market tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
LAHORE: Remittance flow into Pakistan increased by about 17 per cent in 2020, defying the gloomy projections and in spite of the global Covid-19 pandemic.
The growth in the home remittances from Pakistanis working abroad last year was much faster than 5.2pc increase in flows to the South Asian countries, according to the latest Migration and Development Brief published by the World Bank.
Previously, the bank had forecast significant decline in remittances to Pakistan and the rest of the countries in the region because of the coronavirus pandemic that forced nations across the world lock down their economies and send migrant workers back home to their countries of origin.
Rupee shoots to 23-month high
Closes at Rs152.6 against dollar as remittances rise in Ramazan
KARACHI:
Pakistani rupee maintained its uptrend for the seventh successive working day and hit a 23-month high of Rs152.6 against the US dollar in the inter-bank market on Thursday following an increase in supply of foreign currencies compared to demand in the domestic market.
With fresh appreciation of Rs0.44, the rupee has cumulatively gained Rs1.9 (or 1.23%) in the past seven working days and closed at Rs152.6 against the US dollar. Such a closing level was last seen in June 2019, according to the State Bank of Pakistan’s (SBP) data.