Karachi, December 02, 2022 – The State Bank of Pakistan (SBP) has issued the foreign exchange rates for today, based on the weighted average rates of commercial banks.
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SBP denies restricting import payment for petroleum products
KARACHI: State Bank of Pakistan (SBP) on Thursday strongly rejected reports of restricting oil and petroleum products import payment.
The central bank clarified that some reports suggested regarding restriction on import of oil and petroleum products by the SBP.
READ MORE: Last date extended up to Dec 31 for exchanging old designed banknotes
“It is clarified that SBP has not placed any restriction (verbal or otherwise) on opening of Letters of Credit (LCs) or contracts for import of crude oil, LNG and petroleum products,” according to a statement issued by the central bank.
Such misinformation is being spread with ulterior motives to create uncertainty in the market, it added.
READ MORE: SBP withdraws NADRA Verisys for activation of dormant bank accounts
In fact, SBP ensures timely processing of foreign exchange payments through banks related to import of oil and gas products (including LNG) and in accordance with the contractual maturity of the trade documents.
All the LCs/contracts for oil import are being retired on their due date through interbank foreign exchange market without any delay.
READ MORE: Pakistan rebuts reports of stopping payments to Google
The same is also evident from trade data released by SBP in terms of which country’s oil import stood at $1.48 billion and $1.47 billion for the month of September 2022 and October 2022, respectively.
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Karachi Interbank Offered Rates KIBOR – December 01, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on December 01, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 15.85 16.35 2 – Week 15.93 16.43 1 – Month 16.08 16.58 3 – Month 16.72 16.97 6 – Month 16.73 16.98 9 – Month 16.73 17.23 1 – Year 16.75 17.25 READ MORE: Karachi Interbank Offered Rates KIBOR – November 30, 2022
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SBP foreign exchange reserves fall to $7.5 billion
KARACHI: Official foreign exchange reserves of State Bank of Pakistan (SBP) have declined by $327 million by week ended November 25, 2022 leaving import cover of only one and half months.
The official foreign exchange reserves of the SBP fell by $327 million to $7.499 billion by week ended November 25, 2022 as compared with $7.826 billion a week ago.
READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage
The import bill of the country was at $4.71 billion in October 2022, according to Pakistan Bureau of Statistics (PBS). According to the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.56 months import payment.
The central bank attributed the decline in official reserves to repayment against external debt.
READ MORE: Pakistan forex reserves inch up to $13.796 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 $12.647 billion.
It is pertinent to mention that the SBP’s reserves witnessed sizeable increase after inflows from the Asian Development Bank (ADB) $1.5 billion on October 26, 2022.
READ MORE: Pakistan FX reserves slip sharply by $958 mn on external payments
The total reserves of the country fell by $267 million to $13.378 billion by week ended November 25, 2022 as compared with $13.645 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 $13.850 billion.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
The foreign exchange reserves held by commercial banks however, recorded an increase of $60 million to $5.879 billion by week ended November 25, 2022 as compared with $5.819 billion a week ago.
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State Bank issues foreign exchange rates on December 01, 2022
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.
READ MORE: SBP withdraws NADRA Verisys for activation of dormant bank accounts
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.
READ MORE: Pakistan rebuts reports of stopping payments to Google
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.
READ MORE: Pakistan repays $1.8 billion in November 2022: SBP
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
READ MORE: State Bank stuns market with massive policy rate hike
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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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