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  • SBP bars banks from taking service charges on flood donations

    SBP bars banks from taking service charges on flood donations

    KARACHI: The State Bank of Pakistan (SBP) on Friday barred commercial banks from taking service charges on donations under PM Flood Relief Fund 2022.

    Earlier, the central bank on August 24 regarding the Prime Minister Relief fund, 2022 and advised the bank to collect funds for helping our fellow citizens devasted by ongoing rains and floods across the country.

    The SBP said it has been decided that all issuing and acquiring banks/microfinance banks/payment schemes operating in Pakistan shall not charge any transaction related charges like Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, Scheme Fee, Inter Bank Fund Transfer (IBFT) Fee, or any other payment related fee that may be applicable on transactions made for donations / payments to Prime Minister Relief Fund 2022.

    READ MORE: Complaints against banks for refusing flood donations

    The issuing and acquiring banks/microfinance banks/payment schemes are advised to meticulously comply with these instructions.

    According to instructions issued on August 24, the SBP stated that with a view to raise awareness among the potential donors and facilitate them in contributing to the PM’s Flood Relief Fund 2022, banks are advised to undertake following measures on immediate priority and submit compliance by August 30, 2022:

    a) Banks shall prominently display banners at all their branches bearing the description “DONATIONS TO THE PRIME MINISTER’S (PM) FLOOD RELIEF FUND ARE ACCEPTED HERE”.

    b) Banks shall highlight the IBAN of the Fund at their websites and ATMs screens enabling their clients to donate to the fund digitally.

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

    c) Banks shall also send SMS alerts to all their clients informing them about the establishment of the Prime Minister Flood Relief Fund and its IBAN.

    d) To facilitate the walk-in customers in making cash deposits in the fund “pre-printed deposit slips” shall be available at the banks’ counters.

    e) The banks offering Roshan Digital Account (RDA) shall make the “PM Flood Relief Fund” available on their Roshan Samaji Khidmat page/portal enabling RDA holders to contribute to the Fund in hassle free manner. The donations received through RDA shall be transmitted to SBP along with donations received through other sources on a daily-basis through RTGS as advised earlier.

    The Banks are also encouraged to advertise the PM Flood Relief Fund through their social media pages including their webpages, Facebook pages, twitter accounts etc. to create maximum awareness about the fund and the mechanism to make the donations in the fund.

    The banks shall ensure that their branch staff has full awareness and understanding of establishment of the fund and the mechanism to collect the donations in the fund account.

  • State Bank’s foreign exchange rates – September 02, 2022

    State Bank’s foreign exchange rates – September 02, 2022

    The State Bank of Pakistan (SBP) has published the foreign exchange rates for September 02, 2022, offering crucial insights into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • 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.

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  • 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