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Punjab IT minister urges SBP to reverse its decision to suspend DCB mechanism

Web Desk 10:42 PM | 26 Nov, 2022
Punjab IT minister urges SBP to reverse its decision to suspend DCB mechanism

LAHORE – Punjab Information Technology (IT) Minister Dr. Arslan Khalid has urged the State Bank of Pakistan (SBP) to revisit its decision to revoke the payment of $34 Million to international service providers.

In a statement on Saturday, Dr. Arslan Khalid stated that the Pakistan’s IT industry has tremendous potential to increase our exports, contribute to economic growth, create employment opportunities, earn foreign exchange and catapult Pakistan to the forefront of the world. SBP’s decision could be a serious blow to the nascent IT industry already struggling to take off. This is likely to jeopardise the future prospects of IT in Pakistan and the damage maybe devastating and long term.

“If SBP’s decision to revoke the $34 Million payment to international service providers isn’t revised, the international companies will put Pakistan off their radars in making IT investments in Pakistan leading to job loss and a severe trust deficit that will take a very long time to heal ,” stated the minister.

“Pakistan is struggling to embrace IT as part of the vision of Digital Pakistan and the IT sector will be needing tremendous support from all the stakeholders especially the State to allow it to benefit all the social and economic sectors,” Dr Arslan Khalid maintained.

The IT minister further added that the non-payment of outstanding dues to the major service providers will seriously impact the users in Pakistan as they will be unable to access digital banking, e-Commerce, e-Education, e-Health etc which will be a massive blow to the e-Governance.

“In this age of social media, any outage of digital services in the country would tarnish the image of Pakistan on the international level, hence such a situation must be avoided at all costs,” Dr Arslan Khalid added.

It is pertinent to mention here that the State Bank of Pakistan (SBP) has suspended the Direct Carrier Billing (DCB) mechanism, due to which the annual payment of $34 Million from mobile companies to the international service providers remains suspended.

This unfortunate development will force the consumers to add Credit Card/Debit Card details in order to download/upload international Apps from the Google Play store. A majority of cell phone users will be deprived of Google services as the credit/debit card facility is limited to a relatively small number of customers. "I request the senior management of State Bank of Pakistan to immediately reverse their decision in the larger interest of Pakistan and the nascent IT industry", Minister stated.

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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 February 03, 2023 (Friday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 272.25 273.25
Euro EUR 297.32 297.65
UK Pound Sterling GBP 333.31 333.61
U.A.E Dirham AED 73.03 73.33
Saudi Riyal SAR 71.49 71.80
Australian Dollar AUD 188.9 191.3
Bahrain Dinar BHD 712.73 720.73
Canadian Dollar CAD 200.95 203.15
China Yuan CNY 39.67 40.07
Danish Krone DKK 39.11 39.51
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 877.76 886.76
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.76 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.3

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 212,900 on Friday. The price of 10 grams of 24k gold was recorded at Rs182,530.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

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 212,900 PKR 2,420
Karachi PKR 212,900 PKR 2,420
Islamabad PKR 212,900 PKR 2,420
Peshawar PKR 212,900 PKR 2,420
Quetta PKR 212,900 PKR 2,420
Sialkot PKR 212,900 PKR 2,420
Attock PKR 212,900 PKR 2,420
Gujranwala PKR 212,900 PKR 2,420
Jehlum PKR 212,900 PKR 2,420
Multan PKR 212,900 PKR 2,420
Bahawalpur PKR 212,900 PKR 2,420
Gujrat PKR 212,900 PKR 2,420
Nawabshah PKR 212,900 PKR 2,420
Chakwal PKR 212,900 PKR 2,420
Hyderabad PKR 212,900 PKR 2,420
Nowshehra PKR 212,900 PKR 2,420
Sargodha PKR 212,900 PKR 2,420
Faisalabad PKR 212,900 PKR 2,420
Mirpur PKR 212,900 PKR 2,420

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