Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.
Karachi, November 22, 2021 – The State Bank of Pakistan (SBP) has announced the official exchange rates for customers, effective as of November 22, 2021.
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KARACHI: The Pak Rupee (PKR) on Monday appreciated by 46 paisas against the dollar on Monday following tightening in monetary policy by the central bank.
The rupee ended Rs174.77 to the dollar as compared with last Friday’s closing of Rs175.23 in the interbank foreign exchange market.
The State Bank of Pakistan (SBP) on November 19, 2021 enhanced the key policy rate by 150 basis points to 8.75 per cent.
The appreciation in the rupee value was also supported by a statement issued by the IMF on Monday morning related to the next tranche to Pakistan under Extended Fund Facility (EFF).
The IMF announced that it had reached an agreement with the Pakistani authorities release of next tranche, which would be subject to completing conditions and approval of the IMF executive board.
The PKR hit all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 22, 2021 (The rates are updated at 10:30 AM Pakistan Standard Time):
| Currency | Buying | Selling |
| Australian Dollar (AUD) | 125.00 | 126.50 |
| Bahrain Dinar (BHD) | 386.75 | 388.50 |
| Canadian Dollar (CAD) | 138.50 | 140.50 |
| China Yuan (CNY) | 23.75 | 23.90 |
| Danish Krone (DNK) | 23.45 | 23.75 |
| Euro (EUR) | 198.00 | 200.00 |
| Hong Kong Dollar (HKD) | 16.70 | 16.95 |
| Indian Rupee (INR) | 2.03 | 2.10 |
| Japanese Yen (JPY) | 1.41 | 1.44 |
| Kuwaiti Dinar (KWD) | 481.70 | 484.20 |
| Malaysian Ringgit (MYR) | 36.45 | 36.80 |
| NewZealand $ (NZD) | 96.45 | 97.15 |
| Norwegians Krone (NOK) | 17.50 | 17.75 |
| Omani Riyal (OMR) | 392.70 | 394.70 |
| Qatari Riyal (QAR) | 39.90 | 40.50 |
| Saudi Riyal (SAR) | 46.30 | 46.80 |
| Singapore Dollar (SGD) | 127.00 | 128.50 |
| Swedish Korona (SEK) | 18.50 | 18.75 |
| Swiss Franc (CHF) | 159.90 | 160.80 |
| Thai Bhat (THB) | 4.80 | 4.90 |
| U.A.E Dirham (AED) | 48.20 | 48.50 |
| UK Pound Sterling (GBP) | 234.00 | 236.50 |
| US Dollar (USD) | 176.00 | 177.50 |
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
KARACHI: State Bank of Pakistan (SBP) on Monday said that comparing inflation target or average inflation forecast with the other countries is not correct.
The SBP said that in some sections of the media, SBP’s average inflation forecast of 7-9 per cent in FY22 is being interpreted as the ‘inflation target’ and being compared to the inflation targets of other countries. This is incorrect.
SBP’s inflation forecast represents our projections for the current fiscal year. On the other hand, Pakistan’s inflation target is set by the Government and is 5 – 7 per cent. This target is to be achieved over the medium term.
Monetary policy is anchored on achieving the government’s inflation target over the medium term, i.e. over the next 18-24 months,” the SBP added.
KARACHI: The US dollar witnessed a significant fall of Pak Rupee (PKR) 1.63 at the start of the foreign currency market on Monday.
The dollar is being traded at Rs173.61 in the interbank foreign exchange market. The rupee ended at Rs175.24 to the dollar on Friday.
Currency analysts said that the rise in interest rates and IMF statements regarding the release next tranche helped the rupee to make gains.
The State Bank of Pakistan (SBP) on November 19, 2021, increased the interest rate by 150 basis points to 8.75 per cent to help the local currency and arrest surging inflation.
Furthermore, the IMF issued said that subject to approval from the executive board it would release an amount of $1.059 billion as the next tranche under Extended Fund Facility (EFF) for Pakistan.
The IMF said that it had reached a staff-level agreement with Pakistani authorities. It, however, said that the release of funds will be subject to completing prior actions.
The rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021.
KARACHI: Dr. Reza Baqir, governor, State Bank of Pakistan (SBP) on Saturday held talks with Federal Investigation Agency (FIA) and banks to fight money laundering, cyber attacks, and online bank frauds.
Governor State Bank of Pakistan, Dr. Reza Baqir, chaired a meeting today with Director General FIA Sanaullah Abbasi to strengthen and coordinate efforts of SBP, banks and Federal Investigation Agency (FIA) to fight money laundering, cyber-attacks and online frauds. The meeting was also attended by the Presidents of Banks and senior officers of FIA and SBP.
Governor SBP emphasized the need for close cooperation amongst banks, SBP, and FIA so those white-collar crimes are expeditiously investigated and fraudsters are apprehended and prosecuted.
SBP has taken several measures in the recent past to strengthen its work on Anti-money Laundering (AML) as well as taken regulatory and supervisory measures to improve banks’ controls to prevent digital and social engineering frauds.
In addition to better controls at the level of Financial Institutions and enhanced customers awareness, effective investigation and prosecution of criminals is needed to substantially reduce incidences of money laundering, digital frauds and cyber-attacks.
FIA team offered support in strengthening cyber security at banks and suggested banks carry out an Information Security (IS) audit of their systems. Welcoming the suggestion SBP informed that as per existing regulations banks are required to regularly carry out their information system audit and penetration testing, however, it would be reemphasized to the industry through PBA.
The meeting identified key follow-up areas and associated timelines for strengthening cooperation between SBP, FIA, and banks in these areas.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 20, 2021 (The rates are updated at 10:12 AM Pakistan Standard Time):
| Currency | Buying | Selling |
| Australian Dollar (AUD) | 125.50 | 127.50 |
| Bahrain Dinar (BHD) | 386.75 | 388.50 |
| Canadian Dollar (CAD) | 138 | 140 |
| China Yuan (CNY) | 23.75 | 23.90 |
| Danish Krone (DNK) | 23.45 | 23.75 |
| Euro (EUR) | 197.50 | 199.50 |
| Hong Kong Dollar (HKD) | 16.70 | 16.95 |
| Indian Rupee (INR) | 2.03 | 2.10 |
| Japanese Yen (JPY) | 1.41 | 1.44 |
| Kuwaiti Dinar (KWD) | 481.70 | 484.20 |
| Malaysian Ringgit (MYR) | 36.45 | 36.80 |
| NewZealand $ (NZD) | 96.45 | 97.15 |
| Norwegians Krone (NOK) | 17.50 | 17.75 |
| Omani Riyal (OMR) | 392.70 | 394.70 |
| Qatari Riyal (QAR) | 39.90 | 40.50 |
| Saudi Riyal (SAR) | 46 | 46.50 |
| Singapore Dollar (SGD) | 126.70 | 128.20 |
| Swedish Korona (SEK) | 18.50 | 18.75 |
| Swiss Franc (CHF) | 159.90 | 160.80 |
| Thai Bhat (THB) | 4.80 | 4.90 |
| U.A.E Dirham (AED) | 48 | 48.50 |
| UK Pound Sterling (GBP) | 234.50 | 237 |
| US Dollar (USD) | 175.50 | 177 |
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
KARACHI: The State Bank of Pakistan (SBP) on Friday announced overnight repo and overnight reverse repo rates following an increase in the key policy rate to 8.75 per cent.
The SBP said that it decided to increase the ‘Policy Rate’ (Target Rate) from 7.25 per cent to 8.75 per cent.
SBP Overnight Reverse Repo (Ceiling) rate will be at 9.75 per cent i.e. 100 basis points above the SBP Policy Rate.
The SBP Overnight Repo (Floor) rate will be at 7.75 per cent i.e. 100 basis points below the SBP Policy Rate.
Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 7.75 per cent and 9.75 per cent per annum respectively (i.e. the width of 200 basis points).
The SBP said that it will continue to ensure that the money market overnight rate remains close to the SBP Policy Rate (Target Rate).
The changes are effective from November 22, 2021. Other instructions on the subject shall, however, remain unchanged, the SBP added.
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on November 19, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.75 | 8.25 |
| 2 – Week | 7.86 | 8.36 |
| 1 – Month | 7.98 | 8.48 |
| 3 – Month | 8.55 | 8.80 |
| 6 – Month | 8.91 | 9.16 |
| 9 – Month | 9.24 | 9.74 |
| 1 – Year | 9.46 | 9.96 |
KARACHI: State Bank of Pakistan (SBP) on Friday decided to increase the frequency of monetary policy reviews to eight in a year instead of the existing six reviews.
In continuation of efforts to make the process of monetary policy formulation more predictable and transparent in line with international best practices, the SBP decided to increase the frequency of monetary policy reviews from six (6) to eight (8) times a year.
This action will bring the frequency of meetings in line with that incomparable emerging markets. It will also help to enhance the predictability of monetary policy actions, the SBP added.
Accordingly, the schedule for the next five MPC meetings is as follows:
1. December MPC meeting: Tuesday, 14th Dec 2021
2. January MPC meeting: Monday, 24th Jan 2022
3. March MPC meeting: Tuesday, 8th Mar 2022
4. April MPC meeting: Tuesday, 19th Apr 2022
5. June MPC meeting: Friday, 10th Jun 2022
The advance calendar for the next half-year of MPC meetings will be shared at the time of the June 2022 MPC meeting, the SBP added.