KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on December 05, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 15.74 | 16.24 |
| 2 – Week | 15.84 | 16.34 |
| 1 – Month | 16.00 | 16.50 |
| 3 – Month | 16.66 | 16.91 |
| 6 – Month | 16.72 | 16.97 |
| 9 – Month | 16.73 | 17.23 |
| 1 – Year | 16.75 | 17.25 |
READ MORE: Karachi Interbank Offered Rates KIBOR – December 02, 2022
Karachi, December 05, 2022 – The State Bank of Pakistan (SBP) has issued the foreign exchange rates for today, based on the weighted average rates of commercial banks.
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KARACHI: State Bank of Pakistan (SBP) on Monday said the final deadline to exchange old designed banknotes is December 31, 2022 and it will not be extended further.
The Federal Government vide Gazette Notification F.No.2(1)IF-III/2010 dated December 23, 2021, had extended the last date for exchange of old design large size banknotes of Rs 10, 50, 100 & 1000 by one year.
READ MORE: Commercial banks urged to withdraw appeals in Riba case
The holders of these old design large banknotes have been given the last chance to exchange these old design large size banknotes from the field offices of the SBP Banking Services Corporation (BSC) by December 31, 2022.
READ MORE: State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar
It is once again emphasized that this is the last and final deadline for exchange of such banknotes, upon expiry of which, these banknotes shall no longer be exchangeable from the counters of the SBP BSC and thus will lose their value.
READ MORE: KCCI demands implementation of Riba free banking
The general public is therefore, requested to avail this final opportunity and get their holdings of these banknotes exchanged from SBP BSC Field Offices by December 31, 2022 and protect the value of their savings in these banknotes.
READ MORE: SBP seeks Supreme Court guidance on Riba case judgement
ISLAMABAD: A leading scholar of the country on Sunday urged commercial banks to withdraw their appeals against the order of Federal Shariat Court (FSC).
The FSC judgment declared that Riba (usury) is Haram and prevailing banking system with interest system should be abolished forthwith.
READ MORE: State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar
State Bank of Pakistan (SBP) and National Bank of Pakistan with other six commercial banks filed a review before the Supreme Court against the judgment of the FSC.
Recently, the SBP and NBP reportedly withdrew the appeals. However, private banks are still in litigation to contest the judgment of FSC.
“The private banks should withdraw their appeals to annul the judgment of the Federal Shariat Court (FSC) against the Riba (usury),” said Hafiz Muhammad Tahir Mehmood Ashrafi, Prime Minister’s Special Representative for Interfaith Harmony and the Middle East Hafiz Muhammad Tahir Mehmood Ashrafi, while talking to the state media.
READ MORE: KCCI demands implementation of Riba free banking
He said the government had taken practical steps by withdrawing appeals of national and state banks from the apex court in a bid to get rid of the interest-based economic system.
Ashrafi, who is also the chairman of Pakistan Ulema Council, assured the government all-out support of Ulema and Mashaykh in the implementation of FSC’s decision in letter and spirit.
He proposed all the financial institutions devise a combined strategy to make the country’s economic system free of interest which was totally against the divine commands.
He also urged the government to take stern action against the people who were allegedly involved in an interest-based system at the local level.
READ MORE: SBP seeks Supreme Court guidance on Riba case judgement
He said Pakistan, currently, was facing a critical financial crisis and its solution was lying in political stability and improved law and order situation in the country.
He urged all the religious and political parties to unite on one platform and help cope with burgeoning polarization, extremism, and the new wave of terrorism with collective efforts.
He also appealed the Pakistan Tehreek-e-Insaf Chief Imran Khan to come to the table-talk to evolve consensus on the ‘Charter of Pakistan’ as it was the need of the hour and it would help control increasing violence in the society and improve the ailing economy of the country.
He proposed that the way ‘Message of Pakistan’ was designed to promote religious harmony in all sections of the society, there should be long-term policies on the country’s social, economic, and foreign affairs issues in the shape of ‘Charter of Pakistan’ and it should be implemented by all the governments to come and national institutions in the larger national interest.
READ MORE: IPS demands implementation of court judgment on Riba
Ashrafi emphasized that Pakistan had to go out of the box in the matter of its foreign policy as there was a paradigm shift in the external affairs of the Islamic and Arab world.
He also thanked the Saudi leadership for extending the term of deposit in the State Bank of Pakistan (SBP) from the Saudi Fund for Development.
Expressing gratitude to Custodian of the Two Holy Mosques King Salman bin Abdulaziz and his Crown Prince Muhammad bin Salman, he said the relationship between Pakistan and Saudi Arabia was like two brothers.
He said Prime Minister Muhammad Shehbaz Sharif’s meetings with Saudi Crown Prince Mohammed bin Salman would yield further cooperation in the shape of Saudi investment in the days to come ahead in the country.
“Similarly, other Islamic countries are also increasing trade and economic cooperation with Pakistan,” he said expressing the hope that there would be good news from the United Arab Emirates, Qatar, Turkey and Saudi Arabia in the near future.
Ashrafi hinted that there was a big hand of the external forces and anti-state elements behind an organized smear campaign against the national security institutions and armed forces.
“We must counter the concocted propaganda of our arch enemy against our national defense institutions and Pakistan Army with a pragmatic approach instead of becoming part of it,” he maintained.
KARACHI: Banks must ensure that financial innovation is customer centric, which results in faster, safer and cheaper access to financial services, this was stated by Jameel Ahmed, Governor, State Bank of Pakistan (SBP) on Friday.
The SBP governor was addressing at a conference on on “Role of the Banking Sector in Business and Economic Growth of Pakistan” jointly organized by National Institute of Banking and Finance (NIBAF) in collaboration with the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan).
READ MORE: SBP denies restricting import payment for petroleum products
The SBP governor said banking system can better serve business sector activities by offering smart and innovative digital financial services. He added that, the banks must ensure that financial innovation is customer centric, which results in faster, safer and cheaper access to financial services.
This full day event focused on the emerging challenges, opportunities and modes of innovation for Banking sector in Pakistan. The event featured keynote addresses and high level policy deliberations for the way forward in Banking and digital financial services spectrum. The panelists, speakers and attendees included key industry market movers, academicians, innovators and banking sector delegates.
READ MORE: Last date extended up to Dec 31 for exchanging old designed banknotes
In his address, the governor, reiterated SBP’s resolve to foster a dynamic and stable banking system; geared towards economic welfare of the society. The Governor elaborated that banking sector in Pakistan continues to serve the needs of the economy and make progress on key public policy objectives of financial inclusion, innovation and financing to priority sectors, given the recent challenging global and domestic economic environment.
The governor remarked that the transformation of banking system from conventional to Shariah compliant mode in the light of decision of Shariah court and the growth in digital technologies offer a huge opportunity for the growth of the banking.
READ MORE: SBP withdraws NADRA Verisys for activation of dormant bank accounts
He reaffirmed the assiduous support being offered by SBP in the advancement of digital transformation and unwavering support for Islamic banking transformation in the financial industry. Governor stressed upon the need for banks to leverage innovative financial solutions in order to achieve a higher level of financial inclusion especially for largely excluded segments; such as women, small businesses and agriculture. He encouraged banks to focus on developing and designing products with the consumers’ interests in mind.
READ MORE: Pakistan rebuts reports of stopping payments to Google
During the conference, Shehzad Ahmed Malik, President ICMA expressed that a major challenge for banks across the globe was adapting to innovation. He suggested that for local commercial banks, especially, it is high time that they should make it a priority to adopt new technologies like Artificial Intelligence (AI) and Chatbots which can offer them revolutionary solutions and enable them to compete with the digital banks that would be gradually entering into the banking arena in Pakistan.
The Conference was attended by senior management of the central bank, banking community and members of ICMA.
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on December 02, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 15.90 | 16.40 |
| 2 – Week | 15.97 | 16.47 |
| 1 – Month | 16.08 | 16.58 |
| 3 – Month | 16.73 | 16.98 |
| 6 – Month | 16.75 | 17.00 |
| 9 – Month | 16.75 | 17.25 |
| 1 – Year | 16.76 | 17.26 |
READ MORE: Karachi Interbank Offered Rates KIBOR – December 01, 2022
Karachi, December 02, 2022 – The State Bank of Pakistan (SBP) has issued the foreign exchange rates for today, based on the weighted average rates of commercial banks.
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KARACHI: State Bank of Pakistan (SBP) on Thursday strongly rejected reports of restricting oil and petroleum products import payment.
The central bank clarified that some reports suggested regarding restriction on import of oil and petroleum products by the SBP.
READ MORE: Last date extended up to Dec 31 for exchanging old designed banknotes
“It is clarified that SBP has not placed any restriction (verbal or otherwise) on opening of Letters of Credit (LCs) or contracts for import of crude oil, LNG and petroleum products,” according to a statement issued by the central bank.
Such misinformation is being spread with ulterior motives to create uncertainty in the market, it added.
READ MORE: SBP withdraws NADRA Verisys for activation of dormant bank accounts
In fact, SBP ensures timely processing of foreign exchange payments through banks related to import of oil and gas products (including LNG) and in accordance with the contractual maturity of the trade documents.
All the LCs/contracts for oil import are being retired on their due date through interbank foreign exchange market without any delay.
READ MORE: Pakistan rebuts reports of stopping payments to Google
The same is also evident from trade data released by SBP in terms of which country’s oil import stood at $1.48 billion and $1.47 billion for the month of September 2022 and October 2022, respectively.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on December 01, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 15.85 | 16.35 |
| 2 – Week | 15.93 | 16.43 |
| 1 – Month | 16.08 | 16.58 |
| 3 – Month | 16.72 | 16.97 |
| 6 – Month | 16.73 | 16.98 |
| 9 – Month | 16.73 | 17.23 |
| 1 – Year | 16.75 | 17.25 |
READ MORE: Karachi Interbank Offered Rates KIBOR – November 30, 2022
KARACHI: Official foreign exchange reserves of State Bank of Pakistan (SBP) have declined by $327 million by week ended November 25, 2022 leaving import cover of only one and half months.
The official foreign exchange reserves of the SBP fell by $327 million to $7.499 billion by week ended November 25, 2022 as compared with $7.826 billion a week ago.
READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage
The import bill of the country was at $4.71 billion in October 2022, according to Pakistan Bureau of Statistics (PBS). According to the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.56 months import payment.
The central bank attributed the decline in official reserves to repayment against external debt.
READ MORE: Pakistan forex reserves inch up to $13.796 billion
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $12.647 billion.
It is pertinent to mention that the SBP’s reserves witnessed sizeable increase after inflows from the Asian Development Bank (ADB) $1.5 billion on October 26, 2022.
READ MORE: Pakistan FX reserves slip sharply by $958 mn on external payments
The total reserves of the country fell by $267 million to $13.378 billion by week ended November 25, 2022 as compared with $13.645 billion a week ago.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.850 billion.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
The foreign exchange reserves held by commercial banks however, recorded an increase of $60 million to $5.879 billion by week ended November 25, 2022 as compared with $5.819 billion a week ago.