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‘Raast’ – SBP launches Pakistan’s first instant payment system

06:36 PM | 3 Feb, 2022
‘Raast’ – SBP launches Pakistan’s first instant payment system

ISLAMABAD – Pakistan has launched its first instant payment system, Raast, offering free, fast, and reliable digital person-to-person (P2P) payments service to people of the country.  

The system has been introduced by the State Bank of Pakistan (SBP) believes that the launch of Raast P2P service will not only provide a convenient and hassle-free digital fund transfer service to customers but will also provide an efficient and enabling payments infrastructure that would pave the way for digitization of the economy and promotion of digital financial services in the country.

Under Raast Person-to-Person (P2P) fund transfers and settlement services, bank customers would be able to send and receive funds in their accounts using their bank’s mobile application, internet banking or over-the-counter services.

“For customers’ facilitation, they can set their registered mobile phone number as their Raast ID and link it to their preferred International Bank Account Number (IBAN) using the bank’s mobile application, internet banking, or visiting their bank branch. Once a customer has set her/his mobile phone number as the Raast ID, others can send money to her/him using her/his mobile phone number without the need to know the account number or any other details,” read the press release.

Bank customers can still use Raast service for sending or receiving funds using their IBANs even if they do not have a Raast ID or prefer to use their IBAN.

SBP has directed all banks to make Raast Person-to-Person fund transfer service available on at least three customer channels including mobile application, internet banking and branch counters.

The central bank has directed banks to ensure that funds successfully transferred through Raast should be credited into the recipients’ accounts within 20 seconds of receiving the credit advice from Raast system. In order to promote the use of digital financial services in the country, banks have been advised not to levy any charges on Raast related services and all transactions conducted through Raast would be free for end customers. 

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 28, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 28, 2023 (Tuesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 284.1 287.15
Euro EUR 304.5 307.5
UK Pound Sterling GBP 345.5 349
U.A.E Dirham AED 77.3 78.1
Saudi Riyal SAR 76 76.7
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 753.18 761.18
Canadian Dollar CAD 205.5 207.7
China Yuan CNY 41.44 41.84
Danish Krone DKK 41.30 41.73
Hong Kong Dollar HKD 35.92 36.27
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 2.06 2.11
Kuwaiti Dinar KWD 924.09 933.09
Malaysian Ringgit MYR 62.84 63.45
New Zealand Dollar NZD 178 180
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 735.91 743
Qatari Riyal ‎QAR 77.43 78.13
Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.97 311.47
Thai Bhat THB 8.3 8.45

Today's gold rates in Pakistan – 28 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 204,300 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs175,160.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 204,300 PKR 2,465
Karachi PKR 204,300 PKR 2,465
Islamabad PKR 204,300 PKR 2,465
Peshawar PKR 204,300 PKR 2,465
Quetta PKR 204,300 PKR 2,465
Sialkot PKR 204,300 PKR 2,465
Attock PKR 204,300 PKR 2,465
Gujranwala PKR 204,300 PKR 2,465
Jehlum PKR 204,300 PKR 2,465
Multan PKR 204,300 PKR 2,465
Bahawalpur PKR 204,300 PKR 2,465
Gujrat PKR 204,300 PKR 2,465
Nawabshah PKR 204,300 PKR 2,465
Chakwal PKR 204,300 PKR 2,465
Hyderabad PKR 204,300 PKR 2,465
Nowshehra PKR 204,300 PKR 2,465
Sargodha PKR 204,300 PKR 2,465
Faisalabad PKR 204,300 PKR 2,465
Mirpur PKR 204,300 PKR 2,465

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