Search

x
Join our whatsapp channel for News Updates

Bank of China starts Pakistan operations from Karachi

06:15 PM | 7 Nov, 2017
Bank of China starts Pakistan operations from Karachi

ISLAMABAD - The Bank of China formally launched its operations in Pakistan with the inauguration of its first branch in Karachi on Tuesday.

State Bank of Pakistan (SBP) Governor Tariq Bajwa has welcomed the bank to Pakistan, saying that the increased diversity of foreign banks would increase the country’s economic resilience. He also expressed hopes that Pakistan would learn from the Bank of China's expertise in the small and medium enterprises sector.

Speaking to the inauguration ceremony in Islamabad, Bank of China Chairman Chen Siqing said it was "a great honour" for the bank to be launching in Pakistan, observing that the Karachi branch was its first in South Asia.

He said the bank would strengthen the "brotherly relations" between the two countries in the financial sector.

Siqing said China’s progressive and fast-paced economy was ready to enter an era of high-grade standards, and emphasised that the Bank of China could help Pakistan effectively reap the benefits of China’s economic prosperity.


President Mamnoon Hussain, speaking at the inauguration ceremony, remarked that the Bank of China's arrival indicated that the benefits of the China-Pakistan Economic Corridor (CPEC) would soon start trickling down to the masses.

The president termed the Bank of China's arrival to Pakistan a "memorable event in the everlasting friendship between Pakistan and China" and expressed hope that the start of operations by the bank would speed up the pace of trade and economic cooperation between the two countries.

"With the initiation of CPEC, the infrastructure sector in Pakistan is witnessing splendid growth with projects — including dams, atomic reactors, coal mining, textile parks, road and railway lines and oil and gas pipelines — being constructed at a brisk pace," the president said.

He assured the Bank of China of the continued support of the government and State Bank of Pakistan in expanding its operations in the country.

The writer is a member of the staff.

Advertisement

Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 20 April forex rates

Pakistani currency remains marginally same against US Dollar and other currencies on April 20, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 20 April 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter