Achi news desk-
Domestic foreign exchange reserves increased by 3.69 million dollars.
According to the State Bank of Pakistan (SBP), domestic foreign exchange reserves stood at $13.42 billion for the week ending March 22.
Reserves of the State Bank increased by 4 million dollars to 8 billion 20 million dollars until March 22.
Commercial bank deposits stood at 5 billion 40 million dollars until March 22 with an increase of 32.9 million dollars.
Governor State Bank established Al Habib Exchange Company
It should be noted that Al Habib Exchange Company (Pvt) Limited has officially started operations with ten branches in 4 cities in Pakistan, Karachi, Lahore, Islamabad and Peshawar.
Following the announcement of Al Habib Bank in September last year, the board of directors unanimously approved the establishment of an exchange company as a wholly owned subsidiary with a capital of 1 billion Pakistani rupees.
After issuing a license from the State Bank of Pakistan and a Certificate of Incorporation from the Securities and Exchange Commission of Pakistan (SECP), Al Habib Exchange has received a positive signal to start its operations.
Al-Habib Exchange is an initiative of Bank Al-Habib in line with structural reforms in the field of exchange companies of the State Bank of Pakistan and aims to meet the foreign exchange needs of its customers.
The main branch of Al Habib Exchange was inaugurated by Hon’ble Governor State Bank of Pakistan Mr. Jameel Ahmed Mr. Abbas D. Habib Founder Member and Chairman of Al Habib Bank, Mr. Mansoor Ali Khan, Chief Executive, Al Habib Bank, Mr. Syed Furqan, CEO, Al Habib Exchange, In the presence of senior officials of State Bank, Bank Al Habib and Al Habib Exchange.
The external debt of 2 billion dollars is expected to be rescheduled in two weeks, according to the Governor of the State Bank
Al Habib Exchange has always strived to set new standards of excellence and reliability in the industry, so this opening marks the beginning of a new era of foreign exchange services.
