KARACHI, July 29, 2024 – The State Bank of Pakistan (SBP) announced on Wednesday the release of customers’ exchange rates based on the weighted average rates of commercial banks. These rates provide valuable insight into the exchange rates offered by various commercial banks to their clients.
According to the SBP, the data is compiled and disseminated solely for informational purposes. The exchange rates presented are estimates based on the rates quoted by different commercial banks for their clients. These figures are derived from the exchange rate sheets issued daily by commercial banks, which provide their indicative exchange rates for commercial transactions with customers, the SBP said.
The following table of the SBP provides a snapshot of the buying and selling rates for various currencies:
| Currency | Buying | Selling |
|---|---|---|
| AED | 43.3470 | 43.4412 |
| AUD | 118.6777 | 118.9324 |
| CAD | 127.2309 | 127.4996 |
| CHF | 173.2971 | 173.6738 |
| CNY | 24.6089 | 24.6597 |
| EUR | 187.5725 | 187.9924 |
| GBP | 220.0300 | 220.5183 |
| JPY | 1.4397 | 1.4429 |
| SAR | 42.4221 | 42.5130 |
| USD | 159.0725 | 159.4358 |
The SBP emphasized that these exchange rates are not fixed rates but rather indicative of the rates provided by commercial banks for various transactions. They reflect the average rates at which customers can buy or sell foreign currency, giving a general sense of the prevailing market rates.
The release of these rates by the SBP is part of its ongoing efforts to enhance transparency and provide the public with accurate and up-to-date financial information. By making this data accessible, the SBP aims to help individuals and businesses make more informed decisions regarding foreign exchange transactions.
Customers and businesses can use this information to better understand the current exchange rate environment and plan their foreign exchange activities accordingly. The rates are subject to change based on market conditions, and customers are advised to check with their respective banks for the most current rates before conducting any transactions.
The SBP’s initiative to compile and disseminate this data underscores its commitment to fostering a transparent and efficient financial system in Pakistan. By providing this level of detail, the central bank continues to support the country’s economic stability and growth.