Karachi, November 10, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for today, offering valuable information about the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
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State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar
ISLAMABAD: Finance Minister Senator Muhammed Ishaq Dar Wednesday said that State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) will withdraw their petitions from the Supreme Court of Pakistan against the judgment of Federal Shariat Court in which the Court had ordered implementation of interest-free (Riba free) banking system in the country.
READ MORE: KCCI demands implementation of Riba free banking
He said that in this regard he held several meetings and detailed discussions with the SBP Governor and under the special directives of Prime Minister, it was decided that both the SBP and NBP would withdraw their petitions against the decision.
He said that the government would also expedite its efforts to introduce Shariah compliant banking system in the country for rapid growth and promotion of Islamic bank and finance.
READ MORE: SBP seeks Supreme Court guidance on Riba case judgement
He further informed that during 2013-2018 several steps were being taken to promote Islamic economic system and a special committee comprising on Islamic scholars were also formed, adding that Islamic Banking system also observed significant growth and progress at that time.
READ MORE: IPS demands implementation of court judgment on Riba
However, he said that from last few years the sector was completely neglected and no further progress was witnessed, adding that promotion of Islamic economic system and interest free banking was the top priority of incumbent government
He said that government was also determined to overcome all the challenges faced for introducing interest free banking system and it will take all possible measures to take forward the interest free banking and economy for the prosperity of nation.
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State Bank launches environment, social risk management manual
KARACHI: State Bank of Pakistan (SBP) on Wednesday launched environment and social risk management manual at a conference.
The central bank organized a Sustainable Banking Conference, in collaboration with IFC, a member of the World Bank Group.
The objective of the conference was to create critically needed awareness related to climate change and sustainability within the financial sector and launch the Environmental and Social Risk Management (ESRM) Implementation Manual. The inaugural session of the conference was chaired by Governor SBP Jameel Ahmad.
READ MORE: SBP limits cash up to USD 5,000 taking out of Pakistan
The conference was attended by high profile dignitaries including, Khawaja Aftab Ahmed (Regional Director, IFC), Zeeshan Ahmed Sheikh (Country Manager for Afghanistan and Pakistan, IFC), Toshio Odagiri (the Counsul General of Japan in Karachi), Dr. Shamshad Akhtar (Chairperson, PSX Board), Yaseen Anwar (Senior Policy Advisor, IFC), Ms. Sima Kamil (Deputy Governor, SBP), presidents/CEOs of banks/DFIs, senior officials from Pakistan Banks Association, Sindh Environmental Protection Agency and other relevant stakeholders.
During the conference, Governor, SBP, launched the ESRM Implementation Manual for banks and DFIs. While delivering the keynote address, Governor, SBP remarked that this manual has been launched as part of SBP’s ongoing efforts to promote green banking in Pakistan.
The ESRM manual is a procedural guide for the banks/DFIs to establish their environmental & social risk management systems, as advised in SBP’s Green Banking Guidelines (GBGs). Further, he highlighted that the conference was an effort to spread awareness on the impact of climate change and environmental degradation on the financial sector of Pakistan and a step towards SBP’s endeavor to reduce the vulnerability of financial sector from such risks.
READ MORE: SBP, FIA jointly take action against illegal exchange companies
He added that Pakistan is one of the most vulnerable countries to the impacts of climate change as we have witnessed during the recent floods; therefore, it is critical time for Pakistan’s financial sector to become sensitive to financial consequences arising from environmental & social risks.
SBP, being a responsible regulator of the financial system, has also undertaken certain initiatives like Green Banking Guidelines and Financing Scheme for Renewable Energy, to ingrain sustainability considerations into the financial sector as per international best practices.
Governor, SBP, encouraged the entire banking industry to take full benefit of the manual to establish their ESRM systems and procedures. State Bank will keep on providing necessary support and guidance at every stage of ESRM implementation.
READ MORE: US Dollar falls by 26 paisas to PKR 221.66 in interbank market
In the inauguration ceremony, Khawaja Aftab Ahmed, IFC Regional Director for the Middle East, Pakistan and Afghanistan, shared that the launch of the Environmental and Social Risk Management (ESRM) Implementation Manual marks a significant step towards promoting sustainable banking practices in Pakistan.
He added that the manual can help the banking industry better manage environmental and social risks throughout their lending practices, and subsequently, enable a green and inclusive economic recovery at a critical time for Pakistan.
READ MORE: Faysal Bank enables donations through WhatsApp
The conference also included two high-level panel discussions on important topics including ESG integration in financial sector and climate finance risk & climate disclosures wherein, in addition to other senior level experts, two ex-SBP Governors shared their experiences. Deputy Governor, Sima Kamil concluded the conference and thanked all participants.
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SBP limits cash up to USD 5,000 taking out of Pakistan
KARACHI: State Bank of Pakistan (SBP) on Tuesday restricted the amount of foreign currency in cash up to equivalent to USD 5,000 from USD 10,000.
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Karachi Interbank Offered Rates KIBOR – November 08, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on November 08, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.81 15.31 2 – Week 14.89 15.39 1 – Month 15.03 15.53 3 – Month 15.48 15.73 6 – Month 15.58 15.83 9 – Month 15.61 16.11 1 – Year 15.64 16.14 READ MORE: Karachi Interbank Offered Rates KIBOR – November 07, 2022
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Bank holiday restored on November 09, 2022
KARACH: The State Bank of Pakistan (SBP) on Tuesday announced bank holiday on November 09, 2022.
Therefore all commercial banks and financial institutions will remain closed on November 09, 2022 on the occasion of Iqbal Day.
Earlier the federal government issued a circular restoring the holiday on occasion of Iqbal Day.
In continuation of Cabinet Division’s circular No. 10-01/2021-Min-II dated December 17, 2021, it is for information that the Prime Minister is pleased to restore the public holiday on occasion of Allama Iqbal Day i.e. November 9, 2022. Therefore, Wednesday November 09, 2022 shall be observed as public holiday throughout the country.
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State Bank issues foreign exchange rates on November 08, 2022
Karachi, November 08, 2022 – The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for today, shedding light on the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
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SBP, FIA jointly take action against illegal exchange companies
KARACHI: State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) have decided to jointly take action against illegal exchange companies.
A statement issued on Tuesday stated that a high-level meeting was held between the SBP governor and the Director General, FIA on November 8, 2022.
READ MORE: US Dollar falls by 26 paisas to PKR 221.66 in interbank market
The meeting took stock of illicit foreign exchange activities and chalked out a comprehensive plan of action against illegal foreign exchange businesses being carried out in the country.
It was agreed during the meeting that concerted joint effort is required to apprehend and implicate the illegal foreign exchange operators and speculators across the country.
READ MORE: Faysal Bank enables donations through WhatsApp
Accordingly, SBP and FIA have jointly initiated action against illegal foreign exchange operators in Pakistan. To this effect, joint teams from SBP and FIA shall identify and take penal/legal action against the perpetrators so as to curb speculation and the grey market.
The teams, while remaining within the legal mandate allowed to them by the relevant laws, would crack down on all illegal foreign exchange operators and businesses across Pakistan.
READ MORE: Pakistan should ban trade in cash dollars: forex association
Banks and Exchange Companies are authorized by the SBP to carry out Foreign Exchange business in Pakistan. Involvement of any person or entity, other than banks and Exchange Companies, in foreign exchange business is illegal under the Foreign Exchange Regulation Act, 1947.
The illegal foreign exchange business also adversely affects the open market exchange rate and increases the gap between the interbank and open market exchange rate.
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Karachi Interbank Offered Rates KIBOR – November 07, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on November 07, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.90 15.40 2 – Week 14.99 15.49 1 – Month 15.06 15.56 3 – Month 15.49 15.74 6 – Month 15.59 15.84 9 – Month 15.63 16.13 1 – Year 15.65 16.15 READ MORE: Karachi Interbank Offered Rates KIBOR – November 03, 2022
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State Bank issues foreign exchange rates on November 07, 2022
KARACHI, November 07, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for November 07, 2022.
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