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Customers irked as Standard Chartered’s services face disruption in Pakistan

  • Digital banking, money transfer and online transactions suffer outage
BR Web Desk
April 7, 2023

The services of Standard Chartered Pakistan faced a disruption on Friday as digital banking, money transfer and online transactions could not be conducted.

Several users took to social media to express their disappointment with the bank. They were vexed over their inability to reach the customer care representatives of the bank as well. As per reports, the waiting queues for call centres were huge.

Recounting his experience, one user stated that he was unable to reach customer care representatives despite being on hold for 17 minutes. Another user spent 40 minutes in the queue to access a call centre official.

On January 1961, the decimal system of coins was introduced in Pakistan, thus Pakistan joined the list of 106 countries where the system of decimal coins was in use. These countries also included Russia, France, Germany, China and India. Due to this change, there was no impact on the value of the Pakistani rupee.

In this system, instead of sixteen annas or sixty-four paisas or one hundred and twenty paisas, the rupee was divided into only one hundred paisas. Fifty, twenty five, ten and five paisa coins were kept between rupees and paisas.

At that time all the existing coins were also continued along with the new coins. 25 paisa, 50 paisa and 100 paisa respectively. "Ana" was thus changed to the new coins.
Half anna 3 paise 'One anna 6 paise' Two anna 12 paise 'Three anna 19 paise' Four anna 25 paise 'Five anna 31 paise' Six anna 37 paise 'Seven anna 43 paise' Eight anna 50 paise 'Nine anna 56 paise' 'Twelve anna 75 paise' Thirteen anna 81 paise 'Fourteen anna 87 paise' Fifteen anna 94 paise and one rupee 100 paise.

The period of transaction of old coins was fixed for three years and after three years the process of withdrawing the old coins started. You must have seen the one paisa, five paisa and ten paisa coins on social media.
Wall Street of Pakistan, I I Chundrigar road, Karachi. ...


SBP chief says Pakistan not considering bilateral debt restructuring: Reuters

  • Development comes after Finance Minister Ishaq Dar's statement on possibility of restructuring bilateral debt
June 12, 2023

KARACHI: State Bank of Pakistan (SBP) governor Jameel Ahmad said the country is not considering a bilateral debt restructuring, sources that attended an analyst briefing following the monetary policy decision told Reuters.

“As of now there is no plan to enter into any debt restructuring,” the sources cited central bank governor Jameel Ahmad as saying.

“Absolutely no doubt about it. We are not considering any such plan, so there is no question of what will be the haircut,” he added.

In his post-budget press conference, Finance Minister Ishaq Dar had said that the government is working on the possibility of restructuring its bilateral debt.

“There is no plan to go to multilateral development institutions, requesting them to reschedule our debt,” he said.

“However, we could negotiate bilateral loans and will talk to our bilateral partners after the budget process is over,” he said.

New note marks 75 years of SBP’s founding

Kazim Alam
July 5, 2023


KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad unveiled on Tuesday a commemorative banknote of Rs75 to mark the 75 years of the central bank’s founding.

The banknote is predominantly blue, which has been chosen to impart a sense of stability associated with a central bank. A distinctive feature of this new banknote is the inclusion of a stylised sketch of the SBP building by renowned calligrapher and artist Syed Sadequain Ahmed Naqvi. The sketch shares space with the traditional portrait of the Quaid-i-Azam on the front of the banknote.

The reverse of the banknote is dedicated to the SBP’s drive of “banking on equality” represented by the portrait of Fatima Jinnah. The reverse also highlights the national commitment to address climate change through the depiction of alternative and sustainable energy sources like wind turbines and solar panels.

China’s leading mobile payment apps to accept int’l credit and debit cards​

By Fatima Javed
Jul 7, 2023

ISLAMABAD - Starting from July, Alipay and WeChat, China's two leading mobile payment apps, will start accepting foreign credit and debit cards to purchase things inside the country without using cash.

According to the official statement, users can now link their international credit or debit card to both payment apps, enabling hassle-free payments and unlocking a convenient and secure way to navigate the Chinese market.

"Visitors will have access to a new universe of merchants and services, including shopping, dining, hotel accommodation, transportation, and more, spanning both online and offline experiences and covering all aspects of life in China."

The step will provide a great opportunity for international travelers to tap into the vast potential of digital payment solutions and connect with a global audience.

Previously, foreigners had to open a Chinese bank account to use local payment platforms, making transactions in China difficult since many stores don't accept cash.

Pakistani visitors and businessmen visiting China for the short term have admired the initiative and termed it highly significant for international travelers and global commerce.

"This is greatly significant given the fact that China is generally a cashless country these days," said Khalid Abbas, a businessman from Yiwu, China. He said the development has opened up a world of possibilities for seamless transactions, whether you're a tourist exploring China or an international business owner engaging in cross-border commerce.

"Foreigners can now look forward to exploring and shopping with just a scan of their phone," he added.

Since 2010, mobile payments have become incredibly popular and widespread throughout China, offering a convenient payment method for Chinese residents.

However, international tourists often face challenges when attempting to make payments in China, as mobile payments have largely replaced credit cards and even cash in both online and offline settings.
The State Bank of Pakistan (SBP) is preparing to launch the pilot of the country's first digital currency within the next two months, according to the deputy governor of the central bank.
Central bank digital currencies (CBDCs) are being considered as a potential replacement for physical cash, and they are regulated and issued by state-owned banks

SECP allows Chinese credit rating company to enter Pakistan market​

By Khalid Aziz
Oct 27, 2023

ISLAMABAD - The Security and Exchange Commission of Pakistan (SECP) has notified China Chengxin (Asia Pacific) Credit Ratings Co. (CCXAP) as an internationally-recognised credit rating institution.

This was disclosed by Pakistan’s corporate and capital markets regulator in an update on Thursday (Oct 26). The notification to this effect was issued on October 19.

CCXAP is a reputable credit rating company providing rating services in Hong Kong. The notification will allow CCXAP and domestic credit rating companies to execute technical collaborative agreements for knowledge sharing and the development of the credit rating industry in Pakistan, SECP said.

“SECP is pleased to notify CCXAP as internationally-recognised credit rating institution for the purpose of entering into joint venture or technical collaboration arrangement with a credit rating company in Pakistan”, the notification reads.

CCXAP, a member of China Chengxin Credit Rating Group, is wholly owned by China Chengxin International Credit Rating Co. (CCXI). CCXI is a joint venture of Beijing Zhixiang Information Management Consulting Co. and Moody’s Investors Service.

It is the first Chinese credit rating company from China operating in the international market, according to the company’s website.

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