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  • Pakistan FX reserves drop to $13.4 billion

    Pakistan FX reserves drop to $13.4 billion

    KARACHI: The foreign exchange (FX) reserves of Pakistan have declined by $119 million to $13.40 billion by week ended August 26, 2022, the State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $13.522 billion by week ended August 19, 2022.

    READ MORE: Pakistan’s forex reserves fall to $13.52 billion

    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 $13.825 billion.

    The official foreign exchange reserves of the State Bank witnessed a decline of $113 million to $7.697 billion by week ended August 26, 2022 as against $7.810 billion a week ago.

    READ MORE: Pakistan’s forex reserves increase by $52 million

    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 $12.449 billion.

    The central bank said it had received proceeds of $1.16 billion (equivalent of SDR 894 million) from IMF under the Extended Fund Facility (EFF) on August 31, 2022 which would be included in SBP’s foreign exchange reserve position for the week ending on September 02, 2022.

    READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 billion

    The SBP received the tranche after the IMF executive board approved the seventh and eighth reviews in its meeting held on August 29, 2022.

    The foreign exchange reserves held by commercial banks also slipped by $6 million to $5.706 billion by week ended August 26, 2022 when compared with $5.712 billion a week ago.

    READ MORE: Pakistan’s foreign reserves dip to $14.21 billion

  • SBP issues KIBOR rates – September 01, 2022

    SBP issues KIBOR rates – September 01, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on September 01, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9715.47
    2 – Week15.0315.53
    1 – Month15.1115.61
    3 – Month15.6815.93
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8516.35

    READ MORE: SBP issues KIBOR rates – August 31, 2022

  • State Bank’s foreign exchange rates – September 01, 2022

    State Bank’s foreign exchange rates – September 01, 2022

    The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for September 01, 2022, providing crucial information about the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • Pakistan receives $1.16 billion from IMF

    Pakistan receives $1.16 billion from IMF

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday received $1.16 billion from International Monetary Fund (IMF) under Extended Fund Facility.

    SBP in a Tweet said that it had received proceeds of $1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the EFF for Pakistan.

    READ MORE: IMF board allows $1.1 billion disbursement for Pakistan

    “This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources,” according to the Tweet.

    Earlier, on August 29, 2022 the executive board of the IMF completed the combined seventh and eighth reviews of the Extended Arrangement under the EFF for Pakistan.

    READ MORE: Pakistan may face food security due to flash floods

    The Board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about $3.9 billion.

    The EFF was approved by the Executive Board on July 3, 2019 for SDR 4,268 million (about $6 billion at the time of approval, or 210 percent of quota).

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    In order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board approved an extension of the EFF until end-June 2023, rephasing and augmentation of access by SDR 720 million that will bring the total access under the EFF to about $6.5 billion.

    READ MORE: Flash floods affect internet services in Pakistan

  • SBP issues KIBOR rates – August 31, 2022

    SBP issues KIBOR rates – August 31, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 31, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9715.47
    2 – Week15.0115.51
    1 – Month15.1015.60
    3 – Month15.6715.92
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8516.35

    SBP issues KIBOR rates – August 30, 2022

  • State Bank’s foreign exchange rates – August 31, 2022

    State Bank’s foreign exchange rates – August 31, 2022

    KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for August 31, 2022, offering customers and businesses valuable insights into the currency market.

    (more…)
  • Complaints against banks for refusing flood donations

    Complaints against banks for refusing flood donations

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday said that it has been noticed that a few complaints have been circulating on social media platforms regarding non-acceptance of donations from general public in “CM Flood Relief Fund” of KP and Punjab.

    In this context, upon enquiry of SBP, concerned banks have informed that such complaints are baseless as they are accepting donations in the “CM Flood Relief Fund” through all possible channels (including over the counter (OTC) cash transactions, online transfers and both international and local credit card transfers).

    The relevant banks have also confirmed that transactions are taking place in these accounts on daily basis.

    The banks have also assured that they are making all possible efforts to play their role in the noble cause of helping people affected due to floods.

    The donors facing any problem may please lodge their complaints with the relevant banks or approach State Bank of Pakistan at [email protected]

  • Industry slams finance ministry for blocking letter of credit

    Industry slams finance ministry for blocking letter of credit

    KARACHI: The industry has strongly criticized the ministry of finance for directing banks not to open letters of credit for essential machinery, equipment and spare parts.

    “Pakistan’s industrial sector is gradually heading towards doldrums because of the adamant attitude of Ministries of Finance and Commerce to block banks from opening Letters of Credit or remitting advance payments for imports of essential machinery, equipment and spare parts,” this was stated on Tuesday in a press statement by Ismail Suttar, President Employer’s Federation of Pakistan.

    READ MORE: Clearance of banned cars, phones allowed on 100% surcharge

    Ismail Suttar further said that such blanket refusal under HS 84 and 85, which are for imports of machinery, spare parts, electrical and electronic equipment, vehicle CBUs and CKDs, and other essential items, is detrimental to the functioning of any industry, especially when a particular item is not manufactured in Pakistan.

    EFP, which is the apex body of industries, is daily receiving frantic messages from member companies who are unable to maintain their production or adhere to delivery schedules. Moreover, a decrease in production eventually increases the cost of the product.

    READ MORE: Pakistan lifts ban on import of cars, phones, luxury items

    EFP President added that the industrialists fully understand the compulsions under which this embargo has been instituted but the government has to be pragmatic in its policies and must take cognizance of the ground realities. He advised the Ministers of Finance and Commerce to take private sector into confidence regarding the time frame of this embargo.

    READ MORE: 15% surcharge imposed for clearance of banned items

    Ismail Suttar also said that EFP has information that over 6,000 applications are pending before the SBP and this figure is not only mind-boggling but also a manifestation of the economic crisis faced by the country. The policy of refusal is negatively impacting on exports as well as affecting industries that are playing a prominent role in import substitution.

    He added that the recent catastrophic floods have further compounded the already dire straits through which the industries are facing. He said his message is quite clear. Save industries before they close down and retrench workers thus creating a major social crisis.

    READ MORE: SBP assures allowing stuck up containers of banned import

  • Indus Motor halts production of Toyota vehicles in Pakistan

    Indus Motor halts production of Toyota vehicles in Pakistan

    KARACHI: Indus Motor Company Limited on Tuesday announced to temporary halt its production of Toyota vehicles in Pakistan.

    Indus Motor is the manufacturer of Toyota cars in Pakistan.

    “The company has decided to temporarily shut down its production plant from September 01 to 16, 2022,” the company said in a communication sent to the Pakistan Stock Exchange (PSX).

    READ MORE: Toyota Indus Motors announces plant shutdown

    “However, in case of any change in production plan due to approvals is being sought, the same will be communicated accordingly,” it added.

    Indus Motor said that the State Bank of Pakistan (SBP) had introduced a mechanism through Circular No. 09 of 2022 on May 20, 2022, for obtaining prior approval for import of CKD kits and components of passengers cars (HS Code 8703 category) for the auto sector.

    “The delay in aforesaid approvals has created hurdles in clearance of import consignments of the company, resulting in significant reduction in inventory levels and consequently, creating adverse impact on the supply chain and production activities,” it added.

    The company said that due to insufficient inventory levels to maintain production, the company has decided to temporarily halt its production activities.

    READ MORE: Toyota Indus Motors offers 100% refunds on booking cancellation

    Previously on July 29, 2022 the company in another communication sent to PSX stated that due to unforeseen devaluation of the Pakistani Rupee, coupled with the Government restrictions, including the LC approval constraints rendering it impossible to import CKD kits without prior permission, and the continuing economic instability, the company is facing hurdles in import of CKD kits and components which is adversely affecting the supply chain and production activities.

    “The aforesaid delay and unforeseen factors have resulted in insufficient inventory levels as would be required to maintain further production. The situation is forcing the company towards a temporary production to shutdown and closure of the company’s plant.”

    READ MORE: Toyota lowers July production in Japan

    “In the light of above, the company on July 29, 2022 decided to temporarily shut down its production plant from August 01, 2022 to August 13, 2022,” according to previous announcement.

    The company in a report said that the auto sector is facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobiles manufacturers.

    READ MORE: Indus Motors rebuts plant shutdown reports

    The company further added: “the unprecedented devaluation of Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for Completely Knocked Down (CKD) imports and continuing financing instability has radically impacted the auto industry.”

  • SBP issues KIBOR rates – August 30, 2022

    SBP issues KIBOR rates – August 30, 2022

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 30, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9815.48
    2 – Week15.0215.52
    1 – Month15.1115.61
    3 – Month15.6715.92
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8516.35

    SBP issues KIBOR rates – August 29, 2022