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Tag: SBP

  • SBP suspends Mega Currency Exchange Company

    SBP suspends Mega Currency Exchange Company

    KARACHI: State Bank of Pakistan (SBP) on Thursday suspended the Authorization of an exchange company of ‘B’ category.

    The central bank suspended, with immediate effect, the authorization of an Exchange Company –B namely M/s Mega Currency Exchange Company –B (Pvt) Limited till further orders due to serious violations of State Bank’s regulations and instructions.

    The Exchange Company –B Category, its head office and all branches have been debarred from undertaking any kind of business activity during the suspension period.

  • Karachi Interbank Offered Rates KIBOR – October 27, 2022

    Karachi Interbank Offered Rates KIBOR – October 27, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on October 27, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.7915.29
    2 – Week14.9115.41
    1 – Month15.0315.53
    3 – Month15.5215.77
    6 – Month15.5915.84
    9 – Month15.6016.10
    1 – Year15.6216.12

    READ MORE: Karachi Interbank Offered Rates KIBOR – October 26, 2022

  • State Bank issues foreign exchange rates on October 27, 2022

    State Bank issues foreign exchange rates on October 27, 2022

    KARACHI – The State Bank of Pakistan (SBP) has once again disclosed the foreign exchange rates for October 27, 2022, providing insights into the value of the Pakistani Rupee (PKR) against major international currencies.

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  • SBP receives $1.5 billion from Asian Development Bank

    SBP receives $1.5 billion from Asian Development Bank

    State Bank of Pakistan (SBP) on Wednesday night said it received $1.5 billion from Asian Development Bank (ADB) as disbursement of policy based loan for Pakistan.

    In a Tweet on Wednesday late night, the central bank said that it had received $1.5 billion from the ADB in value October 26, 2022 as disbursement of policy based loan for the government of Pakistan.

    “These proceeds have increased the foreign exchange reserves of SBP and will be reflected in the reserves for the week ending October 28, 2022,” it added.

    READ MORE: Asian Bank approves $1.5 billion to finance Pakistan

    Earlier an official statement revealed that the ADB released $1.5 billion to the SBP under Building Resilience Under Active Countercyclical Expenditures (BRACE) Program.

    The BRACE program aims to support the government’s efforts to deal with the adverse impacts of devastating floods, supply chain disruptions, rising energy, fuel prices and inflation on the poor and vulnerable.

    READ MORE: FATF removes Pakistan from grey list

    It would expand the number of families receiving cash transfers through Benazir Income Support Programme (BISP) from 7.9 million to 9 million, increase the number of children enrolled in primary and secondary schools, and enhance geographic coverage of health services and nutritional supplies for pregnant and lactating mothers and children under 2 years old.

    The program is completely aligned with the Government’s strategy to provide targeted and temporary countercyclical relief measures.

    The facility aims to support deployment of planned countercyclical development expenditure and will promote sound macroeconomic management.

    READ MORE: Foreign direct investment in Pakistan plunges by 47% in 1QFY23

    The program is also in line with the framework of ongoing International Monetary Fund (IMF) program to implement necessary structural reforms to improve the country’s macroeconomic prospects.

    It will also enhance support for business entities to safeguard employment and would help increasing food security measures as well. Furthermore, it will also strengthen social safety net and fiscal measures for the government’s crisis response.

    The BRACE program amounting to US$ 1.5 billion was approved by the ADB Board on Friday, 21st October 2022.

    This program was initially conceived and approved by the ADB’s Board in May 2022 under a new Countercyclical Support Facility (CSF) to provide targeted support to its developing member countries (DMCs) facing emergency situations.

    READ MORE: Pakistan’s weekly forex reserves increase nominally

    The signing ceremony of the BRACE Program was held on 24th October 2022 at Prime Minister House, which was witnessed by the Prime Minister of Pakistan, Federal Minister for Economic Affairs, Sardar Ayaz Sadiq, Federal Minister for Finance and Revenue, Senator Ishaq Dar along with Director General ADB Central and West Asia Department.

  • Karachi Interbank Offered Rates KIBOR – October 26, 2022

    Karachi Interbank Offered Rates KIBOR – October 26, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on October 26, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.8015.30
    2 – Week14.9215.42
    1 – Month15.0515.55
    3 – Month15.5315.78
    6 – Month15.5915.84
    9 – Month15.5916.09
    1 – Year15.6016.10

    READ MORE: Karachi Interbank Offered Rates KIBOR – October 25, 2022

  • State Bank issues foreign exchange rates on October 26, 2022

    State Bank issues foreign exchange rates on October 26, 2022

    KARACHI – The State Bank of Pakistan (SBP) continues its regular updates on foreign exchange rates, providing insights into the dynamics of the currency market. On October 26, 2022, the SBP issued the latest exchange rates based on the weighted average rates of commercial banks.

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  • SBP issues fresh instructions on ATM CCTVs for fraud prevention

    SBP issues fresh instructions on ATM CCTVs for fraud prevention

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued fresh instructions regarding installation of Closed Circuit Television (CCTVs) in Automated Teller Machines (ATMs) vestibules and preservation period of visual records.

    The central bank invited attention to Circular No. 02 of 2007 and No. 05 of 2016, FD Circular Letter No. 04 of 2017 whereby regulatory instructions were prescribed inter alia regarding installation of CCTVs in ATMs vestibules and preservation period of visual records.

    READ MORE: Last date extended for exchanging bearer prize bonds to June 30, 2023

    In this regard, it has been decided to issue following instructions with an aim to strengthen the regulatory instructions and standardize the installation of CCTVs, in and around the branch premises of Banks/MFBs, quality and preservation period of visual records of such CCTVs:

    Banks/MFBs are advised to update their Standard Operating Procedure (SoPs) to prescribe and standardize inter alia installation points of CCTVs, within ATM vestibules and around branch premises, minimum preservation period of visual records, quality of cameras deployed including minimum required resolution standards to enable round the clock recording. The installed CCTVs should at least be of six mega pixels.

    READ MORE: SBP announces last date to exchange old design banknotes

    CCTVs, installed within the ATM vestibules, must be directed to record the ATMs users’ activities and to enable regulated entities and Law Enforcement Agencies (LEAs) facially recognize users, if so required, in investigations of terrorism, fraud and disputed transactions related cases.

    Banks/MFBs, within one month of issuance of this letter, shall update aforesaid SoPs, ensure deployment of CCTVs as prescribed therein and submit a copy of compliance certificate in this regard to the concerned Banking Supervision Department.

    READ MORE: Banking Mohtasib provides Rs639 million relief during 9MCY22

    Banks/MFBs thereafter on continual basis must maintain, at centralized location, monthly record of operational status of CCTVs. Compliance function shall then certify that CCTVs installed in branch network of regulated entity have operated satisfactorily during preceding month as per standards prescribed in SoPs and submit a quarterly report thereof to concerned Banking Supervision Department.

    READ MORE: SBP keeps policy rate unchanged at 15% amid economic deceleration

  • Karachi Interbank Offered Rates KIBOR – October 25, 2022

    Karachi Interbank Offered Rates KIBOR – October 25, 2022

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on October 25, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.8215.32
    2 – Week14.9315.43
    1 – Month15.0615.56
    3 – Month15.5415.79
    6 – Month15.5915.84
    9 – Month15.5816.08
    1 – Year15.5916.09

    READ MORE: Karachi Interbank Offered Rates KIBOR – October 21, 2022

  • State Bank issues foreign exchange rates on October 25, 2022

    State Bank issues foreign exchange rates on October 25, 2022

    KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 25, 2022, shedding light on the current status of the Pakistani Rupee (PKR) against major international currencies.

    (more…)
  • SBP announces last date to exchange old design banknotes

    SBP announces last date to exchange old design banknotes

    State Bank of Pakistan (SBP) on Tuesday said that old design banknotes of Rs10, 50, 100 and 1,000 are exchangeable till December 31, 2022.

    The central bank said it 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.

    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.

    The Old Design Banknotes of Rs. 10, 50, 100 and 1000 are exchangeable from the offices of the SBP Banking Services Corporations up till 31st December 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

    READ MORE: Electricity withholding tax not applicable on ATL domestic consumers

    READ MORE: Tax rates on goods, passenger transport vehicles during 2022-2023

    READ MORE: FBR notifies tax rates on brokerage, commission during 2022-2023

    READ MORE: Non-ATL to pay 200% more tax on motor vehicle purchase during 2022-2023