Tag: transaction

  • Pakistan places first order for discounted Russian crude oil

    Pakistan places first order for discounted Russian crude oil

    Pakistan has placed its first order for discounted Russian crude oil under a new deal negotiated between Pakistan and Russia, following months of discussions.

    State Minister for Petroleum, Musadik Malik, confirmed that one cargo will dock at Karachi port in May.

    Pakistan will only purchase crude oil, not refined oil, and imports are expected to reach 100,000 barrels per day if the initial transaction goes smoothly. Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude, with other refineries to be included after a trial run.

    A delegation from Russia arrived in Pakistan earlier this month to discuss the payment mode. During these talks, the Russian side requested that the deal with Moscow be kept secret as they do not want the disclosure to other Russian crude buyer countries.

    Consequently, Pakistan’s top officials decided not to disclose the mode of payment and the exact discount. Russian Energy Minister Nikolay Shulginov led a delegation to Islamabad in January to hold talks on the deal, after which he said oil exports to Pakistan could begin after March.

  • Banks increase charges for ATM withdrawals from other banks

    Banks increase charges for ATM withdrawals from other banks

    For cash withdrawals at ATMs from banks other than the account’s host bank, some commercial banks have increased the per transaction cost from Rs18.50 to Rs23.44.

    Some banks have already begun charging their clients, while others are expected to do so within the coming weeks.

    The details indicate that commercial banks, including United Bank Limited (UBL), Askari Bank, Bank Al Habib, Meezan Bank, Bank of Punjab (BOP), Telenor Microfinance Bank, and National Bank of Pakistan (NBP), updated their schedule of charges and increased the fees on cash withdrawals made by customers of various banks through their ATMs.

    Banks like Bank Alfalah, MCB Bank, and Habib Bank Limited did not change the fees for cash withdrawals made through the Link 1 changeover. On the same account, these banks charge between Rs18.50 and Rs18.75 every transaction.

    These fees make up a substantial portion of 1-Link Switch as well as a small portion of a bank that operates an ATM that is utilised by clients of other banks to conduct transactions.

    Not all banks will necessarily use the same strategy. However, the majority of banks, are expected to gradually impose or increase the fees.

  • Banks to remain closed for public dealing on 4 April

    The State Bank of Pakistan (SBP) and all other banks will be closed for public business on Monday, 4 April, to observe a ‘Bank Holiday’ for Zakat deduction.

    Development Finance Institutions (DFIs), Microfinance banks (MFBs), and all other banks will be closed to the public on Monday.

    On the Bank Holiday, which will be observed as a working day, all of these institutions’ employees will carry out their official tasks except client dealing, in-office, or through work-from-home (WFH), as per the official instructions.

    According to the central bank’s announcement, it will be closed for public trading on Monday, “which shall be observed as Bank Holiday for the purpose of Zakat deduction”.

    “However, all staff of banks, DFIs, and MFBs will report to work on Bank Holiday as a normal working day (except for public trading),” the statement continued.