Trends - exchange companies - Business Recorder

Business & Finance

SBP revokes licences of 2 errant ECs

KARACHI: The State Bank of Pakistan (SBP) Thursday revoked the licenses of two exchange companies for non-compliance...

Published 31 Mar, 2023 06:45am

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Forex buyers, sellers: Senate panel urged to remove CNIC-video condition

ISLAMABAD: Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan Wednesday suggested to the Senate...

Updated 30 Mar, 2023 08:27am

Markets

FCY: how did open market behave after Exchange Companies lifted the price cap

All eyes were on the open market of foreign currency on Wednesday after the Exchange Companies (ECs) lifted what...

Updated 26 Jan, 2023 03:57am

Business & Finance

SBP suspends authorisation of 11 outlets of 8 ECs

KARACHI: The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorisation of 11 outlets of...

Published 24 Jan, 2023 07:05am

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Remittances, export proceeds: ECAP seeks special exchange rate

KARACHI: In order to enhance the foreign inflows, the Exchange Companies Association of Pakistan (ECAP) has...

Updated 17 Jan, 2023 11:22am

Markets

Bostan says Pakistan hemorrhaging dollars owing to smuggling and trade with Afghanistan

KARACHI: Malik Muhammad Bostan, president of the Forex Association of Pakistan, claimed on Monday that the country...

Published 26 Dec, 2022 10:01pm

Markets

As Pakistan reels from dollar shortage, customers lured towards 'grey' market premiums

Inter-bank and open-market rates have only become wider in recent days

Published 16 Dec, 2022 07:06pm

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ECs: SBP further tightening data reporting mechanism

KARACHI: The State Bank of Pakistan (SBP) is further tightening the data reporting mechanism for Exchange Companies...

Updated 10 Dec, 2022 09:58am

Business & Finance

Two exchange firms: SBP suspends authorisation

KARACHI: The State Bank of Pakistan (SBP) on Friday announced to suspend the Authorization of two Exchange Companies...

Published 19 Nov, 2022 06:00am

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ECs can sell 20pc inward remittances to customers: SBP

KARACHI: The State Bank of Pakistan (SBP) has allowed Exchange Companies to sell 20 percent of their inward workers’...

Updated 04 Nov, 2022 09:42am

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PKR consideration of CE transactions thru bank accounts made mandatory

KARACHI: In order to promote documentation and transparency in the foreign exchange transactions, the State Bank of...

Updated 01 Oct, 2022 11:04am

Markets

Rupee’s rather stable ride

KARACHI: The rupee closed the previous week with a marginal gain of 0.4%, settling at 214.65 against the US dollar ...

Published 22 Aug, 2022 06:33am

Business & Finance

Remittance disbursement: SBP allows ECs to become sub-agents of ADs

KARACHI: The State Bank of Pakistan (SBP) has allowed Exchange Companies (ECs) to become sub-agent of banks...

Updated 19 Aug, 2022 09:43am

Business & Finance

SBP initiates strict monitoring of forex operations

KARACHI: In order to control the volatility in the exchange rate, the State Bank of Pakistan (SBP) has initiated...

Updated 04 Aug, 2022 10:36am

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Inward home remittances: ECs can maintain separate forex accounts for each MTO: SBP

KARACHI: The State Bank of Pakistan (SBP) has allowed the Exchange Companies (ECs) to maintain separate foreign...

Updated 01 May, 2022 09:05am

Markets

SBP allows Exchange Cos to maintain separate foreign currency account for MTOs

In its bid to promote remittances, the State Bank of Pakistan (SBP) has decided to allow Exchange Companies (ECs) to...

Updated 30 Apr, 2022 09:13pm

Markets

Surrender 100% forex: SBP introduces Re1 incentive for Exchange Companies

Move aimed at improving 'liquidity in inter-bank market'

Updated 04 Feb, 2022 08:02pm

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FBR set to regulate movement of foreign currencies

ISLAMABAD: The Federal Board of Revenue (FBR) is introducing steps to regulate movement of foreign currencies...

Updated 31 Jan, 2022 10:00am

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Purchase of forex by individuals: SBP fixes $100,000 per person per year maximum limit

KARACHI: The State Bank Pakistan (SBP) has fixed a maximum limit of $100,000 (or equivalent in other foreign...

Updated 20 Dec, 2021 10:14am

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SBP acts to curb ‘undesirable’ forex outflows

Exchange Companies required to conduct biometric verification for all foreign currency sale transactions equivalent to USD500/- and above and outward remittances

Updated 07 Oct, 2021 11:24am

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Tax Laws (Third Amend) Ord: Remittances via MCBs, ECs and MTOs given legal cover

ISLAMABAD: The government has given legal cover to the foreign remittances through Money Service Bureaus (MCBs),...

Updated 19 Sep, 2021 12:06pm

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Foreign remittances: FBR accepts SBP’s stance

ISLAMABAD: The Federal Board of Revenue (FBR), Monday, accepted the stance of the State Bank of Pakistan (SBP) on...

Updated 31 Aug, 2021 09:27am

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Individual-based export of foreign currencies discontinued

KARACHI: The State Bank of Pakistan (SBP) has discontinued individual-based export of foreign currencies and asked...

Published 25 May, 2021 04:40am

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ECs’ SLR requirement reduced

KARACHI: In order to facilitate Exchange Companies in managing their liquidity and enhance business profitability,...

Published 21 May, 2021 05:04am

Business & Finance

SBP reduces Exchange Companies SLR requirement

The amount of SLR may be kept in current account maintained with SBP as well as invested in unencumbered approved government securities through SBP’s Subsidiary General Ledger Account (SGLA) facility.

Updated 20 May, 2021 03:56pm

Markets

USD to decline further against PKR; Expert anticipates record Remittances in Eid season

“Each month $300 to $400 million dollars are coming into interbank market through exchange companies which have led to the rise in foreign exchange reserves and strengthen the local currency,” he said.
Malik Bostan informed that Pakistan has become the fourth largest in terms of remittance inflows, with India at the top followed by China and the Philippines.

Published 13 Apr, 2021 02:11pm

Business & Finance

SBP grants Exchange Companies Five days forward sale facility

As per the SBP, forward sale facility may be availed up to maximum five working days (including both transaction and settlement days).

Published 25 Feb, 2021 10:12am