Karachi, December 01, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, providing insights into the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
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Last date extended up to Dec 31 for exchanging old designed banknotes
KARACHI: State Bank of Pakistan (SBP) has said that the last date has been extended up to December 31, 2022 for exchanging old designed banknotes.
The central bank said that the last date to exchange old designed large size banknotes of Rs 10, 50, 100 and 1000 is December 31, 2022.
These old design banknotes can now be exchanged from the counters of SBP BSC offices across the country till December 31, 2022.
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State Bank is the sole issuer of banknotes in the country ensuring adequate supply of good quality banknotes across the country is amongst its key strategic goals.
SBP collects soiled and unfit banknotes from the market and replaces them with fresh banknotes. Like other central banks, SBP issues new series of banknotes from time to time and demonetizes the earlier series with the approval of Federal Government. Further, the approval for demonetization of banknotes is granted by Federal Cabinet on the recommendations of SBP Board in terms of section 25(2) of SBP Act, 1956.
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The issuance of new series and demonetization of the old design banknotes helps central banks in checking counterfeiting and ensuring the integrity of banknotes in circulation.
The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. The Federal Government has therefore decided to demonetize old design banknotes of Rs 10, 50, 100 and 1000. These notes have ceased to be Legal Tender effective from 1st December 2016.
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The Old Design Banknotes of Rs. 10, 50, 100 and 1000 are exchangeable from the offices of the SBP Banking Services Corporations up till December 31, 2022.
These banknotes are exchangeable from SBP BSC Offices located at Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and D. I. Khan
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Karachi Interbank Offered Rates KIBOR – November 30, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on November 30, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 15.91 16.41 2 – Week 15.96 16.46 1 – Month 16.11 16.61 3 – Month 16.67 16.92 6 – Month 16.70 16.95 9 – Month 16.70 17.20 1 – Year 16.71 17.21 READ MORE: Karachi Interbank Offered Rates KIBOR – November 29, 2022
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State Bank issues foreign exchange rates on November 30, 2022
Karachi, November 30, 2022 – The State Bank of Pakistan (SBP) has published the foreign exchange rates for today, offering a glimpse into the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
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Karachi Interbank Offered Rates KIBOR – November 29, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on November 29, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 15.91 16.41 2 – Week 15.96 16.46 1 – Month 16.08 16.58 3 – Month 16.61 16.86 6 – Month 16.63 16.88 9 – Month 16.64 17.14 1 – Year 16.64 17.14 READ MORE: Karachi Interbank Offered Rates KIBOR – November 28, 2022
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State Bank issues foreign exchange rates on November 29, 2022
Karachi, November 29, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, providing crucial information about the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
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SBP withdraws NADRA Verisys for activation of dormant bank accounts
KARACHI: State Bank of Pakistan (SBP) has abolished NADRA verisys for activation of dormant bank accounts.
The central bank on Monday issued a circular to amend “ANTI-MONEY LAUNDERING, COMBATING THE FINANCING OF TERRORISM & COUNTERING PROLIFERATION FINANCING (AML/ CFT/ CPF) REGULATIONS FOR STATE BANK OF PAKISTAN’S REGULATED ENTITIES (SBP-REs).”
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The FBR said that the amendments have been made in order to provide further clarity regarding dormancy requirements and to simplify the dormant account activation process.
As per amended provisions, banks and other SBP regulated entities may activate the dormant account upon receipt of a formal request from the customer through any authenticated medium, including their mobile banking applications, internet banking portals, ATMs, call centers, surface mail, email, registered mobile or landline number, etc.
Previously, the regulated entities were required to use the NADRA Verisys and a formal request (through postal address or email address or registered mobile number or landline number) for activation of dormant account by customers. “They should retain the NADRA Verisys for record keeping requirements (digitally or hard copy).”
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NADRA Verisys is verification services of National Database Registration Authority and it facilitates verify NADRA’s issued identity document (CNIC, NICOP, POC, CRC and FRC).
As per new amendments, the banks shall send prior notice to the account holder through any registered medium, e.g. SMS, email, etc. before marking the account as dormant. Notices shall be sent one (1) month, seven (7) days and one (1) day prior to marking the account as dormant.
“Notice shall also include the account activation procedures/ channels,” according to the SBP.
SBP REs may allow credit entries in dormant or inoperative accounts.
Debit transactions/ withdrawals shall not be allowed until the account is activated.
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However, transactions e.g. debits under the recovery of loans and markup etc., any permissible bank charges, government duties or levies and instruction issued under any law or from the court will not be subject to debit or withdrawal restriction.
The SBP also revised definition of “Dormant or In-Operative Account”. According to prior amendment it was the account in which no transaction has taken place during the preceding one year.
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The amended definition is: “Dormant or In-Operative Account” means the account in which no customer initiated transaction (debit or credit) or activity (e.g. login through digital channels) has taken place during the preceding one year.
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Karachi Interbank Offered Rates KIBOR – November 28, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on November 28, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 15.89 16.39 2 – Week 15.96 16.46 1 – Month 16.05 16.55 3 – Month 16.51 16.76 6 – Month 16.56 16.81 9 – Month 16.57 17.07 1 – Year 16.59 17.09 READ MORE: Karachi Interbank Offered Rates KIBOR – November 25, 2022
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State Bank issues foreign exchange rates on November 28, 2022
Karachi, November 28, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, providing insights into the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
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Pakistan rebuts reports of stopping payments to Google
KARACHI: State Bank of Pakistan (SBP) on Saturday strongly rebutted the reports that it has stopped the payments to Google.
Certain media has reported that Google PlayStore would not be available from December 01, 2022 due to the central bank had stopped payment to Google apps.
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The SBP in a statement said recent news circulating in some sections of the media that certain payments to Google are stuck at SBP, are baseless and misleading. “SBP strongly refutes all such assertions.”
The fact is that in order to facilitate the domestic entities, SBP specified certain Information Technology (IT) related services, which such entities can acquire from abroad for their own use and make foreign exchange payments there against up to $ 100,000 per invoice. Such services include, Satellite Transponder, International Bandwidth/ Internet/ Private Line Services, Software License/Maintenance/Support, and service to use electronic media and databases.
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Entities desirous of utilizing this option designate a bank, which is approved by SBP one time. Subsequently, after designation, such payments can be processed through the designated bank, without any further regulatory approval.
However, during recent off-site reviews, it was observed that in addition to utilizing the aforesaid mechanism to remit funds for IT related services for their own use, Telcos were remitting bulk of the funds for video gaming, entertainment content, etc. purchased by their customers using airtime, under Direct Carrier Billing (DCB).
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DCB is, in general, an online mobile payment method, which allows users to make purchases by charging payments to their mobile phone carrier bill. The Telcos were allowing their customers to purchase above mentioned products through airtime and then remitting funds abroad reflecting such transactions as payments for acquisition of IT related services. Thus, in effect the Telcos were acting as intermediaries/ payment aggregators by facilitating acquisition of services by their subscribers.
Therefore, in view of the violation of foreign exchange regulations, SBP revoked the designation of banks of Telcos for such payments. However, to facilitate their legitimate IT related payments, Telcos have been advised through their banks to resubmit their requests.
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If any entity, including a telco, intends to operate as an intermediary/payment aggregator and such arrangement involves outflow of foreign exchange, it has to approach SBP, separately through its bank, for seeking special permission for providing such services under the Foreign Exchange Regulation Act, 1947.