KARACHI – Pakistan’s central bank has imposed fines amounting to over Rs290 million on six banks for violating several regulatory laws.
The action comes as several irregularities were found in major banks amid an unprecedented increase in the US dollar rate.
The highest fine of Rs140.03 million was imposed on Bank Al Habib for violating regulatory instructions pertaining. Meezan Bank Limited was fined more than Rs80 million. National Bank of Pakistan was also fined over Rs25 million for violating rules related to asset quality.
Another private bank MCB has also been slapped with a fine of Rs19.223 million while JS Bank Limited and Faysal Bank Limited have been penalised Rs13.490 million and Rs10.025 million, respectively.
Earlier this month, the State Bank of Pakistan found the involvement of eight Pakistani banks in an unprecedented increase in the US dollar rate while authorities also sent the names of these banks to the National Assembly Standing Committee for further action.
Reports suggest that these banks along with some money exchange added fuel to fire when the US dollar started flying out of Pakistan soon after a successful regime change operation in the country.
A report said Allied Bank made 79.55% more income from the foreign exchange than it did in all of 2021. During the same three-month period, HBL made 94.55% of the income from the foreign exchange than it did in the entire year of 2021.
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 April 01 , 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||350.5||354|
|Hong Kong Dollar||HKD||36.11||36.46|
|New Zealand Dollar||NZD||176.37||178.38|
|Qatari Riyal||QAR|| |
|Swiss Franc||CHF||310.26|| |
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 209,000 on Saturday.The price of 10 grams of 24k gold was recorded at Rs179,190.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
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.
|Lahore||PKR 209,000||PKR 2,525|
|Karachi||PKR 209,000||PKR 2,525|
|Islamabad||PKR 209,000||PKR 2,525|
|Peshawar||PKR 209,000||PKR 2,525|
|Quetta||PKR 209,000||PKR 2,525|
|Sialkot||PKR 209,000||PKR 2,525|
|Attock||PKR 209,000||PKR 2,525|
|Gujranwala||PKR 209,000||PKR 2,525|
|Jehlum||PKR 209,000||PKR 2,525|
|Multan||PKR 209,000||PKR 2,525|
|Bahawalpur||PKR 209,000||PKR 2,525|
|Gujrat||PKR 209,000||PKR 2,525|
|Nawabshah||PKR 209,000||PKR 2,525|
|Chakwal||PKR 209,000||PKR 2,525|
|Hyderabad||PKR 209,000||PKR 2,525|
|Nowshehra||PKR 209,000||PKR 2,525|
|Sargodha||PKR 209,000||PKR 2,525|
|Faisalabad||PKR 209,000||PKR 2,525|
|Mirpur||PKR 209,000||PKR 2,525|
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