KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of January 13, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.74 | 10.24 |
| 2 – Week | 9.78 | 10.28 |
| 1 – Month | 9.84 | 10.34 |
| 3 – Month | 10.16 | 10.41 |
| 6 – Month | 11.15 | 11.40 |
| 9 – Month | 11.18 | 11.68 |
| 1 – Year | 11.26 | 11.76 |
KARACHI: The State Bank of Pakistan (SBP) has won the best bank award for promoting Islamic finance announced by Islamic Finance News (IFN), an arm of RED money Group, Malaysia.
The IFN announced the SBP as the best Central Bank of 2021 across the world in promoting Islamic finance. The results of global voting were disclosed today. IFN Best Banks Poll is regarded as one of the prestigious accolades in the global Islamic finance space. Bank Negara Malaysia stood second while the Saudi Central Bank secured third position.
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The category of the Best Central Bank in promoting Islamic Finance is one of the closely fought contests among regulators competing for supremacy through exceptional advances made during the year. SBP is honored to have won this award for the 5th time during last seven years.
Previously, SBP was bestowed with this coveted award for the year 2015, 2017, 2018, and 2020. IFN in its cover story while congratulating State Bank of Pakistan for yet another win as the Best Central Bank in Promoting Islamic Finance stated that they welcome back a leading light of the industry. In a closely fought contest, 2020’s victor came roaring back to take the crown, said the IFN.
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IFN while announcing the poll result also stated that with its Governor, Dr Reza Baqir, recently promoted to be the new chairman of the Council of the IFSB, from his role as the Deputy Chairman in 2021, they can hopefully look forward to even stronger support and leadership from the central bank over the coming year.
The IFN Award to SBP as the best central bank is the global endorsement of its initiatives for promotion of Islamic banking in the country. The award reflects an international recognition of the strategic measures undertaken by SBP to put in place a robust policy environment for Islamic banking to prosper.
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The State Bank of Pakistan has consistently promoted and encouraged Islamic finance within Pakistan, and has taken several significant steps. These include launch of 3rd five year Strategic Plan for Islamic banking 2021-25, Shariah compliant standing ceiling facility and open market operations, strengthening of Shariah governance mechanism, Shariah compliant regulations for the lender of the last resort (LOLR) facility and licensing regime for digital banking covering the Islamic segment; besides taking initiatives for promoting better awareness amongst the masses, and strengthening international linkages. The Strategic plan 2021-25 envisages to take Islamic banking share of 30% in terms of assets and 35% in terms of deposits in the overall banking system.
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Amidst the COVID-19 chaos throwing unforeseen challenges to the global financial market, Islamic banking industry in Pakistan continued to maintain its impressive growth trajectory and assets and deposits of Islamic banking industry grew on year-on-year basis by 28.2% and 26% respectively by September 30, 2021. The market share of Islamic banking assets and deposits stood at 17% and 18.6% respectively of the overall banking system in the country as of September 30, 2021. The industry operates through a huge network of 3,651 branches and 1,579 Islamic banking windows (dedicated counters at conventional branches) steered by twenty-two (22) Islamic Banking Institutions (IBIs) which include 5 full-fledged Islamic banks and 17 conventional banks having dedicated Islamic Banking Branches and windows. The industry is growing on the back of continued support by the Government of Pakistan which remains committed to provide an enabling platform for this industry to operate.
KARACHI: The Pak Rupee (PKR) fell by 15 paisas against the dollar on Thursday owing to foreign currency demand for import payments.
The rupee ended at Rs176.38 to the dollar from previous day’s closing of Rs176.23 in the interbank foreign exchange market.
Currency experts attributed to rise in global oil prices behind increase in dollar demand in the local market.
The prices in the international market recorded two-month high a day earlier.
The experts said that since Pakistan was net importer of petroleum products therefore import bill would increase as well.
The oil import bill of the country increased by 112 per cent to $8.38 billion during first five months (July – November) of 2021/2022 as compared with $3.94 billion in the corresponding months of the last fiscal year.
KARACHI: The State Bank of Pakistan (SBP) on Thursday issued customers’ exchange rates for January 13, 2022. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
| CURRENCY | BUYING | SELLING |
| AED | 4 7.9899 | 4 8.1007 |
| AUD | 1 28.3554 | 1 28.6464 |
| CAD | 1 40.9363 | 1 41.2606 |
| CHF | 1 92.6223 | 1 93.0582 |
| CNY | 2 7.7208 | 2 7.7809 |
| EUR | 2 01.5940 | 2 02.0628 |
| GBP | 2 41.4968 | 2 42.0780 |
| JPY | 1 .5371 | 1 .5407 |
| SAR | 4 6.9350 | 4 7.0427 |
| USD | 1 76.1456 | 1 76.5684 |
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,726,379.33 on January 13, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,550,820.36 on January 12, 2022.
The rate of Bitcoin in US Dollar (USD) is $43,860.80 on January 13, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $42,744.53 on January 12, 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 Rs139.81 on January 13, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs135.74 on January 12, 2022.
The rate of Ripple in US Dollar (USD) is $0.79 on January 13, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.76 on January 12, 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 Rs30.43 on January 13, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs27.30 on January 12, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.17 on January 13, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.15 on January 12, 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: A committee set up by a higher court of Pakistan has recommended complete ban on activities of cryptocurrencies in the country.
The Sindh High Court in a petition constituted a committee on 20th October, 2021 for submitting recommendation on regulating cryptocurrencies in Pakistan. The petition was filed before the higher court seeking regulatory environment for the digital currency in the country.
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The committee submitted its recommendations on Wednesday January 12, 2022. According to the committee, the only use of crypto currency in Pakistan seems to be speculative in nature where people are being enticed to invest in such coins for the purpose of short-term capital gains. The committee further noted that this may result in the flight of precious foreign exchange as well as transfer of illicit funds from the country.
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The court committee further recommended that exchanges like Binance, OctaFX etc. should be banned for their unauthorized operations in the country and proportionate and dissuasive penalties be imposed by the federal government as some other countries have done.
READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan
KARACHI: The stocks gained 35 points on Wednesday amid across the board profit taking observed during the day.
(more…)KARACHI: The Pak Rupee (PKR) strengthened by 40 paisas against the dollar on Wednesday in interbank foreign exchange market. The rupee ended Rs176.23 to the dollar from previous day’s closing of Rs176.63 in the interbank foreign exchange market.
It was second consecutive day when the rupee made gain. The local currency recovered around 45 paisas during the past two days.
Currency experts said that positive sentiments were prevailed during the day that helped the local unit to make gain. They said that the mandatory requirement of realizing export receipts helped inflows in the market.
The State Bank of Pakistan (SBP) on January 05, 2022 issued directives to realize their export receipts within 120 days from date of shipment instead 150 days.
The experts however said that the falling foreign exchange reserves big challenge for the rupee stability in coming days.
The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $170 million to $17.686 billion by week ended December 31, 2021 as compared with $17.856 billion a week ago.