KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on April 14, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 12.23 | 12.73 |
| 2 – Week | 12.26 | 12.76 |
| 1 – Month | 12.31 | 12.81 |
| 3 – Month | 12.46 | 12.71 |
| 6 – Month | 12.86 | 13.11 |
| 9 – Month | 12.87 | 13.37 |
| 1 – Year | 12.90 | 13.40 |
Source: State Bank of Pakistan
KARACHI, April 14, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Thursday, April 14, 2022.
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KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,492,511.83 on April 14, 2022 at 5:23 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,312,697.58 at closing on April 13, 2022.
The rate of Bitcoin in US Dollar (USD) is $41,266.46 on April 14, 2022 at 5:23 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $40,175.67 at closing on April 13, 2022.
Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs131.57 on April 14, 2022 at 5:18 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs130.50 at closing on April 13, 2022.
The rate of Ripple in US Dollar (USD) is $0.72 on April 14, 2022 at 5:18 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.72 at closing on April 13, 2022.
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs25.42 on April 14, 2022 at 5:09 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs25.08 at closing on April 13, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.14 on April 14, 2022 at 5:09 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 at closing on April 13, 2022.
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
KARACHI: Supernet Limited has raised Rs475 million through book-building at GEM Board of PSX. The process has concluded with an oversubscription of 1.4 times, the company said on Wednesday.
The total bids received are worth Rs659 million while the strike price clocked in at Rs22.50.
READ MORE: Supernet scrip receives overwhelming response
The first ever GEM Board listing of an IT company received an overwhelming response from institutional investors and, Roshan Digital Accounts holders and high-net worth individuals as Supernet has raised Rs 475 million in total, making it the largest IT listing at GEM Board of PSX.
Apart from local investors, foreign financial institutions also took keen interest in the initial offering of first IT Company on GEM Board of PSX.
The issue consists of 21,111,121 Ordinary Shares, representing 18.81 per cent of the total post-offering paid up capital of Supernet of face value of Rs10 each.
READ MORE: Supernet awarded Shariah screening certificate
The entire issue was offered through Book Building on April 12-13 at a Floor Price of Rs22.50 per share, including premium of Rs12.50 per share.
Super Net has been offered at FY22 PE of 6.7 against Avg. IT sector PE of 22X, offering significant value to the investors.
This offering will help revive new listings at PSX once again. There is lot of demand for tech related stocks and that is why we saw higher than anticipated bids in the book building of SuperNet says Mohammed Sohail CEO of Topline Securities who acted as Advisor and Book Runner to the issue.
READ MORE: Supernet set to raise Rs475 million through initial offering
Jamal Nasir, CEO Supernet Limited, in his statement thanked the institutions and individual investors for showing interest and trust in Supernet and hopes that their investment in the company would yield great returns. “We have offered great value to our investors and their trust and investment would grow with Supernet.”
Recently, Supernet Group is aggressively expanding into Cyber Security, Power Solution and IT & Infrastructure Solutions business. The proceeds from listing will be utilized to finance the expansion plan.
READ MORE: Supernet wins ZTBL projects worth Rs450 million
For expansion into new business segments, SNL has set up two new subsidiaries: Supernet Secure Solutions Private Limited and Supernet Infrastructure Solutions Private Limited . Another subsidiary, Phoenix Global (Supernet Global Solutions), is a UAE based company that offers a wide range of IT & Communication solutions to its international clients. Supernet’s clientele include major banks, mobile operators, leading MNCs, government and defence institutions, etc.
Founded in 1995, it is one of the country’s leading telecommunications service provider and systems integrator. The company offers a full portfolio of local-to-global integrated communications infrastructure solutions to telecoms, defense, private firms and government sectors/customers and has a pool of highly trained and experienced human resource in wide range of communication and IT technologies spread across Pakistan in more than 200 cities and towns.
KARACHI: The State Bank of Pakistan (SBP) on Wednesday enhanced transaction limits for Assan accounts to further expand outreach of low risk accounts.
As per the new limits for Assan Account, total debit per month shall be Rs 1 million and total credit balance limit has also been increased to Rs1 million.
Previously this limit was Rs500,000
The SBP while referring to BPRD Circular No. 11 of 2015 and BPRD Circular Letter No. 32 of 2017 regarding the captioned subject, wherein accounts namely Asaan Account and Asaan Remittance Account were introduced to extend benefits of financial services to unbanked/ under-banked segments of population.
READ MORE: SBP issues list to impose 100% cash margin on import
The transaction limits for Asaan Remittance Account are:
• Maximum Credit Balance Limit: Rs. 3,000,000
• Cash withdrawal Limit: Rs. 500,000 per day
• Fund Transfer Limit: Rs. 500,000 per day to any other account
• Local Credit allowed: Rs. 1,000,000 per month
• No commercial remittance allowed
Following guidelines issued through Circular No. 32 of 2017
READ MORE: SBP raises mark-up rate for export financing scheme
Asaan Remittance Account
State Bank of Pakistan (SBP) has been actively pursuing the goal of financial inclusion in the country by expanding the outreach of banking services to all segments of society especially to the unbanked or under banked population. The strategy helps to increase documentation of economy, create saving habits among the masses for returns/profits on their savings and generates opportunities to access credit and insurance facilities through the formal financial sector.
With the view to promote use of bank accounts by home remittance recipients (beneficiaries), SBP has decided that banks may open ‘Asaan Remittance Account’ of prospective beneficiaries of home remittances on the pattern of Asaan Account introduced by SBP vide BPRD Circular No. 11 dated June 22, 2015. This will facilitate opening of bank accounts by low risk customers to receive home remittances through proper accounts instead of resorting to traditional cash over the counter transactions.
In this regard, due diligence and other controls specified for Asaan Account shall also be applicable for Asaan Remittance Account. However, following additional features shall apply while opening and maintaining these accounts:
READ MORE: SBP allows commission payment to foreign brokers
Account Opening Form: In addition to the requirements specified under Asaan Account Guidelines, account opening form should have IBAN of the Asaan Remittance Account and names of prospective remitter(s) stating relationship with the account holder as well.
Limited mandate: This account shall be fed through Home Remittances from abroad only and no local credit shall be allowed in the account. Further, no commercial remittances shall be deposited in the account.
Transaction Limits/Turnover: There will be (i) maximum credit balance limit of Rs. 2,000,000 (ii) cash withdrawal limit of Rs. 50,000 per day and (iii) fund transfer limit from Asaan Remittance Account to any other account of Rs. 50,000 per day.
Banks/MFBs should launch awareness campaign to sensitize general public about the benefits of this product i.e. security, issuance of Proceeds Realization Certificate (PRC), timely credit and complaint resolution. Banks/MFBs may also coordinate with overseas employment promoters to reach potential remittance niche for opening of these accounts for self and family members.
READ MORE: SBP increases policy rate sharply by 250bps to 12.25%
The SBP issued following guidelines on June 22 2015:
State Bank of Pakistan (SBP) has been actively promoting financial inclusion in the country by expanding outreach of banking services to all segments of the society through conventional and innovative channels. However, despite SBP’s efforts, a large portion of population still remains excluded from financial services. In order to enhance the financial inclusion in Pakistan, SBP has formulated a National Financial Inclusion Strategy (NFIS) wherein a target of 50% growth in bank accounts by adult population by the year 2020 has been set out.
2. To facilitate the banking industry to achieve the aforesaid objective, SBP has decided to simplify account opening requirements/procedures and introduce a new account category namely “Asaan Account” for low risk customers. Accordingly, the comprehensive Guidelines with simplified account opening procedures have been developed. The simplified approach for opening of these accounts by banks is designed to extend benefits of financial services to common people especially unbanked/under banked segments of population.
3. The banks may convert existing Basic Banking Accounts (BBAs) to Asaan Accounts provided prior consent of customers is obtained and Terms and Conditions of Asaan Account are conveyed to them. However, banks shall not recover any charges for conversion of BBAs to these accounts. Further, in case the Asaan Account holder requires financial services for higher than the specified transaction limits, the Asaan Account may be converted to regular account subject to completion of Customer Due Diligence as per ‘AML/CFT Regulations’ and ‘Guidelines on Risk Based Approach’ for Banks/DFIs and other applicable requirements.
4. To achieve the targets set out in NFIS, banks shall develop quarterly & yearly plans to open Asaan Accounts and submit quarterly reports to SBP as per the attached Annexure ‘A’ within seven days of close of each quarter. The first quarterly report as of September 30, 2015 should be submitted to this Department by October 07, 2015. The banks shall also launch public awareness/media campaigns to sensitize general public about the benefits of banking services and features of Asaan Account as per the Guidelines.
5. The Guidelines for the Asaan Accounts are attached for compliance in letter and spirit which shall take immediate effect. Banks shall upgrade their systems, controls and procedures in accordance with these Guidelines to incorporate the requirements of Asaan Account latest by July 31, 2015.
KARACHI: Pakistan Stocks fell by 242 points on Wednesday as investors opted for profit taking during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,165 points from previous day’s closing of 46,407 points, showing an increase of 242 points.
READ MORE: Stocks gain 262 points on political stability
Analysts at Arif Habib Limited said that volatile session was observed at PSX today.
Market opened on a bleak note but value buying was witnessed in the first trading hour.
Main board activity remained dull but market witnessed hefty volumes in the 3rd tier stocks.
In the last trading hour, investor opted for profit taking across the board which led the index to close in red zone.
READ MORE: Stocks up 1700 points, highest ever single day gain
Analysts at Topline Securities said that Pakistan equities closed on a negative note where benchmark KSE100 Index settled at 46,166 level (down 0.52 per cent).
Market witnessed a range bound trading session where market make an intraday high of 235 points and low of 344 points. Profit taking has been witnessed across the board where major decliner were Cements, Banks and Technology sectors, as LUCK, UBL, MLCF , and TRG closed lower.
READ MORE: Weekly Review: stock market likely trade in green
Sectors contributing to the performance include Cement (-93.0 points), Banks (-62.9 points), Inv. Banks (-15.7 points), Engineering (-15.5 points) and Textile (-15.5 points)
Volumes decreased from 493.6 million shares to 474.6 million shares (-3.9 per cent DoD). Average traded value also decreased by 10.9 per cent to reach US$ 67.9 million as against US$ 76.2 million.
Stocks that contributed significantly to the volumes are Flying, WTL, GGL, TELE and TPLP.
READ MORE: Stocks jump up 658 points on Supreme Court decision
KARACHI, April 13, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Wednesday, April 13, 2022.
(more…)KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued new banking timings after federal government’s announcement of six days working in a week.
The SBP in a statement said that as per decision of the Federal Government the State Bank of Pakistan (SBP) will observe six days working week with the following office hours during the month of Ramadan-ul-Mubarak, which shall also be followed by all banks, Development Finance Institutions and Microfinance Banks:
READ MORE: SBP issues bank timing during Ramadan 2022
Monday to Thursday and Saturday from 8:00 am to 3:00 pm with prayer break from 1:00 pm to 1:30 pm whereas on Fridays office hours will be from 8.00 am to 1:00 pm without break.
Banks / Microfinance banks are further advised to observe the following minimum business (banking) hours for public dealing:
Monday to Thursday and Saturday from 8:00 am to 1:00 pm without prayer break whereas on Fridays office hours will be from 8.00 am to 12:00 pm without break.