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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.

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Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

On Saturday, Euro stands at 302  for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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