KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on August 15, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.87 | 15.37 |
| 2 – Week | 14.91 | 15.41 |
| 1 – Month | 14.96 | 15.46 |
| 3 – Month | 15.63 | 15.88 |
| 6 – Month | 15.72 | 15.97 |
| 9 – Month | 15.77 | 16.27 |
| 1 – Year | 15.81 | 16.31 |
KARACHI: The State Bank of Pakistan (SBP) on Monday directed banks to complete the development of Mobile Phone applications incorporating account opening facility for all types of Roshan Digital Accounts (RDAs).
The SBP in a statement said that a circular was issued on September 09, 2020 regarding the Service Standards for Roshan Digital Accounts for Non-Resident Pakistanis (NRPs) in terms of which RDA participating banks were advised to provide an exceptional and seamless digital experience to their customers via their web portals, mobile apps and other digital channels.
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In this regard, Banks are advised to complete the development of their Mobile Applications incorporating the following minimum features pertaining to the Roshan Digital Account (RDA) within 3 months from the date of issuance of this Circular Letter i.e. November 15, 2022:
Full-fledged account opening facility for all types of RDA accounts and customer segments that the bank is offering
Investment in NPCs (both conventional & Islamic)
Requests for Redemption/encashment of NPCs
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Requests for repatriation of funds from RDA
Fund transfer services including interbank fund transfers via Raast and other platforms
Bill Payment services including utility and 1Bill payments
Online application/request and related processes for various RDA products including Roshan Apni Car and Roshan Apna Ghar showing updated status of the application
Online access to Roshan Samaaji Khidmat services
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Option to Invest in Roshan Equity and Bank’s own products, if available and offered
Online option of currency conversion transaction, with live visibility of exchange rate
Online request for Cheque Books, debit cards, credit cards (if offered) etc.
Request for account statement, withholding tax certificate, account maintenance certificate, etc.
Instant confirmation of transactional activity
Complaint lodging and its resolution status
Live chat option and any other option that would facilitate RDA customers
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In addition, option for investments in Mutual Funds, Insurance, Government Securities such as T-Bills, PIBs, etc. shall also be offered to customers, when available.
In case the banks are offering services that redirects the banks’ customers to a third-party interface, then the banks shall mandatorily conduct third-party security assessments of the mobile apps and the channels providing connectivity to these third-party interfaces.
Banks shall ensure compliance with all other relevant SBP’s instructions on mobile applications’ operations and security, etc. issued from time to time.
KARACHI: The State Bank of Pakistan (SBP) has assured the business community of allowing to release all the containers with consignments of banned imported goods.
In a statement issued on Monday, President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Idrees said that the State Bank of Pakistan (SBP) has agreed to release all the containers which arrived at the Ports until July 5, 2022 but remained stuck up awaiting approval from SBP.
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While referring to a message received from Deputy Governor SBP Dr. Inayat Hussain, President KCCI said that Deputy Governor SBP has assured that all the cases wherein the Bill of Lading is prior to issuance of SBP’s instructions on July 5, 2022 which have been submitted by KCCI will be released within the next 2 to 3 days whereas any other pending request for release of similar stuck-up consignment may also be referred to SBP for timely release.
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Muhammad Idrees said that thanks to the untiring efforts made the leadership of Karachi Chamber, particularly Chairman Businessmen Group Zubair Motiwala who constantly remained in touch with Finance Minister Miftah Ismail and kept convincing him to resolve this matter, relief has finally been provided to perturbed importers which the business community warmly welcomes.
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He thanked Finance Minister Miftah Ismail for taking keen interest in all the issues being raised by KCCI and issuing prompt directives for resolving the same on top priority which has help in restoring the confidence of the entire business and industrial community.
“This particular step to release stuck up containers along with some other pro-business measures and the government seriousness towards resolving the pressing issues suffered by the economy would ensure that the wheels of the industry keep on spinning without any interruption,” he added.
KARACHI: The US dollar continued to fall against the Pakistani Rupee (PKR) for ten straight trading days on Monday to end at Rs213.98 in the interbank foreign exchange market.
The exchange rate recorded a gain of Rs1.51 to end at Rs213.98 against the dollar from last Friday’s closing of Rs215.49 in the interbank foreign exchange market.
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The local units gained about Rs25.96 or 10.82 per cent during past nine trading days. The rupee is continuously making recovery against the green back since making a historic low of Rs239.94 to the dollar on July 28, 2022.
Currency experts said that reports of renewal of Saudi financial assistance helped to improve sentiments in the currency market.
Further, Pakistani authorities are confident about release of $1.2 billion tranche by the International Monetary Fund (IMF) in next few days.
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Besides, they said that the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.
It is worth mentioning that the foreign exchange reserves of the country depleted massively.
Pakistan’s foreign exchange reserves have declined 43-month low at $13.56 billion by week ended August 05, 2022. The foreign exchange reserves of country fell by $648 million as those were $14.21 billion a week ago i.e. July 29, 2022.
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Pakistan’s foreign exchange reserves were seen at $13.597 billion on January 2019. The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.668 billion.
However, the recent recovery in rupee value may be attributed to the efforts of the central bank.
The State Bank of Pakistan (SBP) initiated inspection against the exchange companies on August 01, 2022. On August 2, 2022, the SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.
The central bank also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.
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The dealers said that after assurance from the International Monetary Fund (IMF) that Pakistan had met all the requirement for the disbursement of $1.2 billion tranche under Extended Fund Facility (EFF).
The currency experts said that the rupee was also supported by reduction in trade deficit during the first month of the current fiscal year.
The trade deficit narrowed by 18.33 per cent to $2.62 billion for the month of July 2022 as compared with the deficit of $3.23 billion in the same month of the last year.
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The trade deficit was mainly contracted due to 12.8 per cent decline in import bill during the month under review. The import bill of the country was reduced to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.
KARACHI, August 15, 2022 — The State Bank of Pakistan (SBP) has released the foreign exchange rates for customers on this Monday, based on the weighted average rates of commercial banks.
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KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs5,372,032.87 on August 15, 2022 at 09:40 AM Pakistan Standard Time (PST), in the open exchange market.
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KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs82.59 on August 15, 2022 at 09:40 AM Pakistan Standard Time (PST), in the open exchange market.
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KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs17.32 on August 15, 2022 at 09:40 AM Pakistan Standard Time (PST), in the open exchange market.
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KARACHI: The Australian High Commissioner to Pakistan, Neil Hawkins wished Pakistan on its 75th Independence Day.
In his message, he said that, “Happy Birthday Pakistan. Just 75 years young and much to be proud of and much to celebrate: Your ethnic diversity, rich cultural heritage, fabulous food and spectacular scenery. But the most striking element for me is the warm and welcoming people – always ready with a smile and a salaam aleikum.”
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Australia was one of the first countries to recognise Pakistan in 1947, though our people to people ties go back to the 1800s.
Camel traders from Balochistan were critical in transporting goods across our deserts. Today almost 100,000 Pakistanis call Australia home and make a critical contribution to our multicultural society.
We are also proud to host thousands of Pakistani students enjoying our great cities and world class universities.
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Looking ahead, Pakistan and Australia both face challenges that require us and all nations to cooperate, particularly that of climate change.
Australian expertise in science and technology, especially water management and agricultural research will play a key role.
And who can overlook our common passion for cricket where we look forward to hosting the T20 later this year and Pakistan’s women’s XI early 2023.
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We were heartened by the typically warm reception given to our cricket team during its Pakistan tour earlier this year.
Finally, we sincerely wish all our Pakistani brothers and sisters increased prosperity and harmony in order to fulfil the vision of the Quaid-i-Azam.
He also said that, “my message to you all is of hope, courage and confidence. Let us mobilise all our resources in a systematic and organised way and tackle the grave issues that confront us with the grim determination and discipline worthy of a great nation.”
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KARACHI: Faysal Bank Limited (FBL) celebrated Pakistan’s 75th Independence Day by organizing flag hoisting ceremony on Sunday.
The heartwarming ceremony took place on the bank’s iconic branch located at Abdullah Haroon Road.
The celebrations of the 75th anniversary required a platinum edge, therefore FBL decided to showcase Pakistan’s inclusivity by inviting the Special Olympic athletes to grace the occasion.
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Athletes from Pakistan chapter of Special Olympics were invited to join FBL in this grand celebration of Pakistan’s Independence Day.
FBL is enthusiastic to have these special champions shine with equal resonance. The reverberation of their achievements becomes equally treasurable.
Sports in Pakistan may have carried a national Flag, but their emotional impact far outweighs any other effect.
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40 members of the athletic team joined the FBL families on Sunday morning to be part of flag hoisting ceremony along with cake cutting ceremony and Prizes were also distributed among special athletes to recognize their efforts in the field of sports despite having challenges. Each person held on to a mini flag to flutter and add cheer to an already vibrant environment.
The President and CEO of FBL said, “Faysal Islami strongly believes in inclusion from all segments of the society.”
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He also added that, “on this special day of 75th year of our independence it is important to remember that we have to work towards the shining Pakistan, FBL plays its role by providing economic opportunities in a Shariah Compliant manner.’’
He further elaborated on the importance for society to endorse this need for inclusion and allow youth to aim for their dreams irrespective of their challenges.
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