KARACHI, March 18, 2022 – The State Bank of Pakistan (SBP) has issued the exchange rates for Friday, March 18, 2022. These rates are based on the weighted average rates of commercial banks and are provided for informational purposes only, according to the SBP.
(more…)Author: Faisal Shahnawaz
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Foreign investment into Pakistan surges by 131%
KARACHI: The total inflows of foreign investment into Pakistan has increased by 131 per cent to $1.85 billion during first eight months (July – February) 2021/2022, State Bank of Pakistan (SBP) said on Friday.
The net inflow of the foreign investment into Pakistan was $799 million in the same months of the last fiscal year.
READ MORE: Foreign investment surges by 176% during July – January
The foreign public investment increased around eight times during the period under review due proceeds received under Sukuks. The inflows under debt securities jumped up to $905 million during July – February 2021/2022 as against outflow of $132 million in the same period of the last fiscal year.
READ MORE: Pakistan’s foreign investment surges by 73% in 5 months
Total foreign private investment is flat at 1.2 per cent to $943 million during first eight months of the current fiscal year as compared with $931 million in the corresponding months of the last fiscal year.
Total foreign direct investment (FDI) into Pakistan has posted an increase of 6.1 per cent to $1.26 billion during first eight months (July – February) 2021/2022. The flow of FDI was $1.19 billion in the corresponding period of the last fiscal year.
READ MORE: Carrefour enhances Pakistan investment to Rs10.5 billion
The portfolio investment recorded a 24 per cent increase in outflows to $315 million during first eight months of the current fiscal year as compared with the outflow of $254 million in the corresponding period of the last fiscal year.
READ MORE: Jazz’s investment in Pakistan crosses $10 billion
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Bitcoin to Pak Rupee on March 18, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,264,753.39 on March 18, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,371,093.25 on March 17, 2022.
The rate of Bitcoin in US Dollar (USD) is $40,544.07 on March 18, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $41,116.55 on March 17, 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.
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Ripple to Pak Rupee on March 18, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs141.11 on March 18, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs141.69 on March 17, 2022.
The rate of Ripple in US Dollar (USD) is $0.79 on March 18, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.79 on March 17, 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.
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Dogecoin to Pak Rupee on March 18, 2022
KARACHI – As of March 18, 2022, the exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) stands at PKR 20.55 in the open market. This marks a slight decrease compared to the PKR 21.07 recorded on March 17, 2022, reflecting ongoing volatility in the cryptocurrency market.
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Pakistan’s forex reserves dip to $22.283 billion
KARACHI: Pakistan’s liquid foreign exchange reserves fell by $386 million to $22.283 billion by week ended March 11, 2022 as compared with $22.669 billion a week ago i.e. March 04, 2022, State Bank of Pakistan (SBP) said on Thursday.
The official reserves of the State Bank fell by $381 million to $15.831 billion by week ended March 11, 2022 as compared with $16.212 billion a week ago.
The foreign exchange reserves held by commercial banks also eased by $5 million to $6.452 billion by week ended March 11, 2022 as compared with $6.457 billion a week ago.
READ MORE: SBP’s reserves slip by $250 million on foreign payments
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Equities slip by 168 points in range bound trading
Pakistan equities experienced a dip of 168 points in a day marked by range-bound trading activities, reflecting the prevailing volatility in the market.
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SBP issues KIBOR rates on March 17, 2022
KARACHI, March 17, 2022 – The State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of March 17, 2022. These rates are crucial for financial institutions and businesses as they reflect the cost of borrowing and lending in the interbank market, influencing various financial transactions and interest rates in the country.
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Dollar climbs new peak PKR 180.07 at interbank closing
KARACHI: The US dollar climbed to new peak against Pakistan Rupee (PKR) to close at Rs180.07 at interbank foreign exchange market on Thursday.
The rupee plunged by 63 paisas to end at Rs180.07 to the dollar from previous day’s closing of Rs179.44.
Rupee depreciated for the fourth consecutive day and lost Rs1.56 against the dollar.
READ MORE: Dollar advances to fresh high at Rs179.44
The rupee was declining due political uncertainty and high commodity prices in the international markets.
Currency experts said that a no-confidence motion moved against the prime minister by the opposition parties had resulted in negative sentiments in the market.
They said that the dollar demand was also mounting due to import of commodities related to the holy month of Ramzan.
READ MORE: Dollar makes new record high at PKR 179.22
The local forex market is also uncertain due to volatile oil prices in the international markets.
The oil prices have seen continuous fluctuation since the Russia-Ukraine war began on February 24, 2022.
Pakistan is a net importer of petroleum products and changes in the prices directly affects the oil import bill.
READ MORE: Dollar jumps to historic high at PKR 178.98
The import of petroleum products recorded over 100 per cent increase to $12.94 billion during the first eight months (July – February) 2021/2022 as compared with Rs6.44 billion in the corresponding months of the last fiscal year.
Furthermore, the fall in foreign exchange reserves also put pressure on the rupee value. The liquid foreign exchange reserves of the country slipped by $206 million to $22.669 billion by the week ended March 04, 2022 as against $22.875 billion a week ago.
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SBP’s event to provide house financing information
KARACHI: The State Bank of Pakistan (SBP), in collaboration with banks, is organizing a two-day exhibition in Faisalabad on March 19, 2022 to provide information on house financing.
The State Bank of Pakistan is organizing a two-day Mera Pakistan Mera Ghar (MPMG) Mela at Circle Club Faisalabad on March 19 and 20, 2022, a statement said on Thursday.
READ MORE: SBP relaxes financing for under construction houses
The Mela will remain open for public from 11:00 am to 08:00 pm on both days. SBP is organizing this event in collaboration with banks and NAPHDA.
READ MORE: Bank Alfalah tops in house financing under MPMG
In the Mela banks will provide information on the MPMG financing facility whereas builders, developers and real estate agents will showcase the various projects in which the people could purchase housing units or apartments using the financing facility.
The residents of Faisalabad who want to purchase/construct their own house will have an opportunity to obtain information about their eligibility for availing the subsidized housing finance, their monthly installments based on amount of financing and monthly income.
READ MORE: SBP launches webpage for promoting house financing
They will also be able to apply for financing from the banks, which may give an in-principal approval then and there provided the required information is provided to them.
The Mela offers free entry and parking for the families besides other attractions including opportunities to win valuable prizes through open draw, daily live music concert by renowned singers, food stalls, and an activity packed fun-area for kids and young ones.
READ MORE: SBP launches electronic warehouse receipt financing