SBP imposes Rs290 million in fines on six banks

Web Desk 12:24 PM | 29 Oct, 2022
SBP imposes Rs290 million in fines on six banks
Source: File Photo

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.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


USD to PKR: Pakistani rupee remains stable against dollar amid ongoing talks with IMF

KARACHI – Pakistani rupee, which is facing blows in the open market, remained stable against the US dollar, in the inter-bank market on Wednesday.

The local currency moved slightly upward during the opening hours of trading in the inter-bank market. Before noon, PKR was hovering around 285.22, with a slight increase of Rs0.13.

As the situation remained under control in the interbank market, the rupee hits a fresh record low in the open market and was selling at 315 per dollar.

In a recent development, the IMF mission chief shared positive news, confirming that talks are underway with Pakistani authorities. The resumption of the IMF programme remains important for the crisis-hit country.

Today's gold rates in Pakistan – May 31 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,300 on Wednesday.The price of 10 grams of 24k gold was recorded at Rs199,160.   

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.

City Gold Silver
Lahore PKR 232,300 PKR 2,485
Karachi PKR 232,300 PKR 2,485
Islamabad PKR 232,300 PKR 2,485
Peshawar PKR 232,300 PKR 2,485
Quetta PKR 232,300 PKR 2,485
Sialkot PKR 232,300 PKR 2,485
Attock PKR 232,300 PKR 2,485
Gujranwala PKR 232,300 PKR 2,485
Jehlum PKR 232,300 PKR 2,485
Multan PKR 232,300 PKR 2,485
Bahawalpur PKR 232,300 PKR 2,485
Gujrat PKR 232,300 PKR 2,485
Nawabshah PKR 232,300 PKR 2,485
Chakwal PKR 232,300 PKR 2,485
Hyderabad PKR 232,300 PKR 2,485
Nowshehra PKR 232,300 PKR 2,485
Sargodha PKR 232,300 PKR 2,485
Faisalabad PKR 232,300 PKR 2,485
Mirpur PKR 232,300 PKR 2,485


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