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Has SBP stopped transaction to Google, Facebook through credit cards?

03:40 PM | 24 Aug, 2023
sbp
Source: File Photo

LAHORE – A social media post claiming about Pakistan's central bank imposing restriction on payments to international tech giants, Google and Facebook has stirred anxiety among people linked to the IT industry and freelancing.

The post with the shocking information was first shared by an “X” user named Fatir Siddiqui, who claims to be a Karachi-based social media influencer.

“No Facebook and Google payments through credit card,” reads his original post wherein it has attributed for it to the State Bank of Pakistan (SBP).

A number of users perturbed by his post reached the comment section with one asking as: “Seriously? How do we pay for our Google accounts?”.

However, some stayed away from believing it and asked him to tell the source for this information. However, Fatir Siddique kept mum, leaving the social media users in unsettled situation.

Amid this uncertainty, Daily Pakistan contacted various banks to check the veracity of the information. Sources in different banks denied receiving any such instructions from the State Bank of Pakistan.

They said currently there were no changes in credit card operations across the country as the people can use them as per the existing guidelines.

Also last year, reports had emerged about stopping certain payments to Google by SBP – only to be later dismissed by the central bank as “baseless and misleading”.

Responding to reports claiming that "Google Play Store services would no longer be available to Pakistani users from December 2022 as the SBP had suspended the direct carrier billing (DCB) mechanism", the central bank in a statement dated November 26, 2022, said: “The fact is that in order to facilitate the domestic entities, the SBP specified certain Information Technology (IT) related services, which such entities can acquire from abroad for their own use and make foreign exchange payments there against up to USD 100,000 per invoice. Such services include, Satellite Transponder, International Bandwidth/ Internet/ Private Line Services, Software License/ Maintenance/ Support, and service to use electronic media and databases.”

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 3, 2024

Pakistani rupee remains largely stable against USD and other currencies in the open market on March 3, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.3 for buying and 282.45 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan – March 3, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.3 282.45
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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