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  • SBP imposes over Rs290 million as penalty on six commercial banks

    SBP imposes over Rs290 million as penalty on six commercial banks

    KARACHI: State Bank of Pakistan (SBP) on Friday imposed over Rs290 million as monetary penalty on six commercial banks for violating regulatory instructions pertaining to Customer Due Diligence (CDD) and Know Your Customer (KYC) during quarter ended September 30, 2022.

    The central bank imposed the monetary penalty on commercial banks included: Bank Al Habib Limited; Meezan Bank Limited; National Bank of Pakistan; MCB Bank Limited; JS Bank Limited; and Faysal Bank Limited.

    The highest amount of penalty of Rs140.03 million has been imposed on Bank Al Habib Limited for violating regulatory instructions pertaining to CDD/KYC, Asset Quality, Foreign Exchange and general banking operations.

    The SBP directed Bank Al Habib Limited that besides payment of monetary penalty it should strengthen its control/process in the identified areas.

    The second highest penalty of Rs81.72 million has been imposed on Meezan Bank Limited for the same regulatory violations. The SBP also imposed penalties, included: Rs25.875 million on National Bank of Pakistan; Rs19.223 million on MCB Bank Limited; Rs13.49 million on JS Bank Limited; and Rs10.025 million on Faysal Bank Limited.

    The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of the regulatory regime which involves imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.

    In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose significant enforcement actions.

  • Karachi Interbank Offered Rates KIBOR – October 28, 2022

    Karachi Interbank Offered Rates KIBOR – October 28, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on October 28, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.8515.35
    2 – Week14.9315.43
    1 – Month15.0415.54
    3 – Month15.5115.76
    6 – Month15.5815.83
    9 – Month15.5916.09
    1 – Year15.6116.11

    READ MORE: Karachi Interbank Offered Rates KIBOR – October 27, 2022

  • State Bank issues foreign exchange rates on October 28, 2022

    State Bank issues foreign exchange rates on October 28, 2022

    KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 28, 2022, reflecting the value of the Pakistani Rupee (PKR) against various major currencies.

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  • SBP’s weekly forex reserves dip by $157 million to $7.44 billion

    SBP’s weekly forex reserves dip by $157 million to $7.44 billion

    KARACHI: The official weekly foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $157 million to $7.44 billion by week ended October 21, 2022, the central bank said on Thursday.

    The official foreign exchange reserves of the SBP were at $7.597 billion a week ago i.e. October 14, 2022.

    READ MORE: Pakistan’s weekly forex reserves increase nominally

    The central bank attributed the decline to external debt repayments.

    SBP however said it h ad received $1.5 billion from Asian Development Bank (ADB) in value on October 26, 2022 as disbursement of loan for the Government of Pakistan. These proceeds will be reflected in SBP reserves for the week ending October 28, 2022.

    READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 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 $12.706 billion.

    Previously, the central bank received $1.16 billion from the International Monetary Fund (IMF) under Extended Fund Facility (EFF) program, which increased the official reserves to $8.8 billion. But scheduled repayment gradually depleted the official reserves of the central bank.

    READ MORE: Pakistan’s forex reserves decline to $13.59 billion

    The total foreign exchange reserves of the country fell by $89 million to $13.162 billion by week ended October 21, 2022 as compared with $13.251 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 $14.066 billion.

    The foreign exchange held by commercial banks witnessed an increase of $68 million to $5.722 billion by week ended October 21, 2022 as against $5.654 billion a week ago.

    READ MORE: State Bank’s forex reserves shrink to $8 billion

  • 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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