ISLAMABAD – The State Bank of Pakistan Wednesday announced to limit free interbank fund transfers to Rs25,000 a month.
According to the announcement made by the country’s central bank, the decision will take effect July 1. The rule was imposed back in March last year, and now the SBP allowed banks and other service providers to charge a minimal fee on high-value transactions while the low-income segments of the population will continue to use digital transactions free of cost.
2/2 For transactions above Rs25000 in a month, banks may charge, a transaction fee of 0.1% of the transaction amount or Rs200, whichever is lower. This will enable service providers to recover part of their costs and help them in building sustainable innovative business models.
— SBP (@StateBank_Pak) June 16, 2021
During the first wave of pandemic last year, State Bank took a number of measures to stem the spread of the deadly virus and advised banks to offer free of cost Inter Bank Fund Transfer services to all their customers regardless of the size of the transaction.
‘For transactions above the aggregate limit, banks may charge individual customers a transaction fee of no more than 0.1% of the transaction amount or Rs200, whichever is lower,’ the State Bank said.
Adding that, this will enable service providers to recover part of costs and build sustainable business models. Further, incoming interbank fund transfer transactions shall also remain free.”
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.
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 |
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