KARACHI, August 16, 2022 — The State Bank of Pakistan (SBP) has released the foreign exchange rates for customers on this Tuesday, based on the weighted average rates of commercial banks.
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SBP allows export of US dollar: ECAP
KARACHI: Exchange Companies Association of Pakistan (ECAP) on Tuesday said that the State Bank of Pakistan (SBP) has allowed export of dollar.
“Today [August 16, 2022] the SBP issued a circular to allow export of dollar,” said Malik Bostan, Chairman, ECAP in a statement.
READ MORE: Dollar falls for ten straight days against Pakistani Rupee; ends at Rs213.98
In a recent meeting with SBP governor, the ECAP apprised that the exchange companies had requested public to deposit their dollar in cash as the foreign currency hit Rs245 in the open market.
“We requested people to encash foreign currencies this will help in brining dollar value down to Rs185,” he added.
Malik Bostan said people responded to the appeal and sell millions of dollars at the counters of exchange companies, which helped the country to avoid default.
READ MORE: Dollar plummets to Rs215.49 against Pakistani Rupee on August 12, 2022
ECAP chief apprised the SBP governor that banks were not buying cash dollars from exchange companies. “Due to this exchange companies were exporting dollars with prior SBP permission,” he added.
He further added that this process takes five days for transferring the amount into exchange companies accounts. “This results in huge losses to exchange companies.”
Bostan urged the SBP to allow one time export of US dollars as it had been already allowed in case of Saudi Riyal, UAE Dirham, UK Pound and Euro.
READ MORE: Dollar continues to fall against PKR; ends at Rs218.88
“The exchange companies capital will not stuck in case permission is granted,” he added.
Once the SBP allows, the exchange companies will export dollars on daily basis and spread on buying and selling of dollar will also minimize.
“On this demand, the SBP issued a circular in this regard,” Bostan said and urged ECAP members to buy dollars from public at lower margin and export dollars.
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SBP issues KIBOR rates – August 15, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on August 15, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.87 15.37 2 – Week 14.91 15.41 1 – Month 14.96 15.46 3 – Month 15.63 15.88 6 – Month 15.72 15.97 9 – Month 15.77 16.27 1 – Year 15.81 16.31 -
Banks directed to allow RDA opening through mobile phones
KARACHI: The State Bank of Pakistan (SBP) on Monday directed banks to complete the development of Mobile Phone applications incorporating account opening facility for all types of Roshan Digital Accounts (RDAs).
The SBP in a statement said that a circular was issued on September 09, 2020 regarding the Service Standards for Roshan Digital Accounts for Non-Resident Pakistanis (NRPs) in terms of which RDA participating banks were advised to provide an exceptional and seamless digital experience to their customers via their web portals, mobile apps and other digital channels.
READ MORE: Faysal Bank celebrates 75th Pakistan Independence Day
In this regard, Banks are advised to complete the development of their Mobile Applications incorporating the following minimum features pertaining to the Roshan Digital Account (RDA) within 3 months from the date of issuance of this Circular Letter i.e. November 15, 2022:
Full-fledged account opening facility for all types of RDA accounts and customer segments that the bank is offering
Investment in NPCs (both conventional & Islamic)
Requests for Redemption/encashment of NPCs
READ MORE: Pakistan unveils first locally made electric car
Requests for repatriation of funds from RDA
Fund transfer services including interbank fund transfers via Raast and other platforms
Bill Payment services including utility and 1Bill payments
Online application/request and related processes for various RDA products including Roshan Apni Car and Roshan Apna Ghar showing updated status of the application
Online access to Roshan Samaaji Khidmat services
READ MORE: Pakistan issues Rs75 banknote to celebrate Independence Day
Option to Invest in Roshan Equity and Bank’s own products, if available and offered
Online option of currency conversion transaction, with live visibility of exchange rate
Online request for Cheque Books, debit cards, credit cards (if offered) etc.
Request for account statement, withholding tax certificate, account maintenance certificate, etc.
Instant confirmation of transactional activity
Complaint lodging and its resolution status
Live chat option and any other option that would facilitate RDA customers
READ MORE: Donald Blome visits Karachi to support US-Pakistan trade ties
In addition, option for investments in Mutual Funds, Insurance, Government Securities such as T-Bills, PIBs, etc. shall also be offered to customers, when available.
In case the banks are offering services that redirects the banks’ customers to a third-party interface, then the banks shall mandatorily conduct third-party security assessments of the mobile apps and the channels providing connectivity to these third-party interfaces.
Banks shall ensure compliance with all other relevant SBP’s instructions on mobile applications’ operations and security, etc. issued from time to time.
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SBP assures allowing stuck up containers of banned import
KARACHI: The State Bank of Pakistan (SBP) has assured the business community of allowing to release all the containers with consignments of banned imported goods.
In a statement issued on Monday, President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Idrees said that the State Bank of Pakistan (SBP) has agreed to release all the containers which arrived at the Ports until July 5, 2022 but remained stuck up awaiting approval from SBP.
READ MORE: Pakistan decides to lift ban on imported goods
While referring to a message received from Deputy Governor SBP Dr. Inayat Hussain, President KCCI said that Deputy Governor SBP has assured that all the cases wherein the Bill of Lading is prior to issuance of SBP’s instructions on July 5, 2022 which have been submitted by KCCI will be released within the next 2 to 3 days whereas any other pending request for release of similar stuck-up consignment may also be referred to SBP for timely release.
READ MORE: 15% surcharge imposed for clearance of banned items
Muhammad Idrees said that thanks to the untiring efforts made the leadership of Karachi Chamber, particularly Chairman Businessmen Group Zubair Motiwala who constantly remained in touch with Finance Minister Miftah Ismail and kept convincing him to resolve this matter, relief has finally been provided to perturbed importers which the business community warmly welcomes.
READ MORE: Pakistan allows release of banned items stuck up at ports
He thanked Finance Minister Miftah Ismail for taking keen interest in all the issues being raised by KCCI and issuing prompt directives for resolving the same on top priority which has help in restoring the confidence of the entire business and industrial community.
“This particular step to release stuck up containers along with some other pro-business measures and the government seriousness towards resolving the pressing issues suffered by the economy would ensure that the wheels of the industry keep on spinning without any interruption,” he added.
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State Bank’s foreign exchange rates – August 15, 2022
KARACHI, August 15, 2022 — The State Bank of Pakistan (SBP) has released the foreign exchange rates for customers on this Monday, based on the weighted average rates of commercial banks.
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Pakistan issues Rs75 banknote to celebrate Independence Day
KARACHI: State Bank of Pakistan (SBP) on Sunday issued Rs75 commemorative banknote to celebrate 75th Independence Day.
Acting Governor State Bank of Pakistan (SBP) Dr. Murtaza Syed unveiled the Rs75 Commemorative Banknote to mark the 75 years of Pakistan’s Independence in a graceful ceremony held at the SBP Museum, Karachi on August 14, 2022.
He also inaugurated the Roshan Pension Plan (RPP) to augment the lifestyle banking under Roshan Digital Account (RDA) initiative for overseas Pakistanis.
READ MORE: SBP automates verification of refinance claims
Governor Dr. Murtaza Syed commenced the formal proceedings by hoisting the national flag in the presence of jubilant officers of the Bank and their families followed by playing of national anthem.
Dr. Murtaza Syed unveiled the design of Rs75 Commemorative Banknote. He noted that while issuance of coins and postage stamps is a regular and recurring feature to mark days of national importance, it is relatively rare that the SBP issues a commemorative banknote.
It is worth noting that the Rs75 Commemorative Banknote is the second such banknote to be issued by the SBP.
READ MORE: Interest rates on export, business loans enhanced to 10%
Earlier, the SBP issued the first and so far the only commemorative banknote in 1997 to mark the Golden Jubilee of Pakistan’s Independence. He also elaborated the features of the Banknote.
Paying tribute to the overseas Pakistanis for their relentless contributions towards the country, Governor (A) also inaugurated the Roshan Pension Plan (RPP) scheme, as a part of SBP’s resolve to augment the lifestyle banking under RDA initiative that is being added to the RDA product suite.
He said the overseas Pakistani’s can now avail the benefits of financial planning for their post-retirement life in Pakistan through RPP and enjoy exclusive pension plan.
READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%
Soft launch of the product will start from August 15, 2022 with collaboration of RDA banks and Asset Management Companies.
Dwelling on the latest economic developments and challenges faced by the economy, Dr. Syed shared his thought-provoking views with the audience.
From the onset he separated on-ground facts from negative fake news making rounds on social media, which projected a doomsday scenario for Pakistan and advised citizens to not pay heed on such rumors.
He spoke on forthcoming IMF bailout package and Pakistan’s prospects amidst troubled economic scenario internationally.
READ MORE: PHMA cries foul on gas suspension to textile industry
The Governor brushed aside perception that Pakistan’s economy was in dire straits and said that economically weak and developing economies may undergo drastic challenges in next 12 months and Pakistan is no exception.
He reminded the audience that administrative infrastructure in countries like Pakistan is not very strong and resultantly, effects of price hike become more pronounced here.
He hoped the crucial IMF bailout program would provide reprieve to the country and Pakistan will not be vulnerable as compared to the countries that do not have the IMF program.
In the end, Dr. Syed inaugurated exhibition of rare photographs of Quaid e Azam in collaboration with Press Information Department (PID). Governor took keen interest in the photographs and appreciated the hard work of officials of PID and the SBP Museum.
Features of Rs75 Banknote:
The Banknote is predominantly green, complemented by white shades and some yellowish tone to enrich its appeal.
The green color represents growth and development and derives inspiration from the Islamic identity of the country, whereas the white color emphasises the religious diversity of population.
The distinctive feature of this Banknote is multiple portraits on its front side. The personalities to grace the banknote are Quaid-i-Azam Muhammad Ali Jinnah, Sir Syed Ahmed Khan, Allama Muhammad Iqbal and Mohtarma Fatima Jinnah.
The Markhor and Deodar trees pictures on the reverse of the Banknote highlights our national commitment to address climate change and its repercussions.
Both Markhor and Deodar trees serve as symbols of the devastations wrought by these changes and call for urgent measures to combat and reverse environmental degradation.
Finance Department of the SBP bent over backwards for timely completion of this important project and I appreciate their efforts,’ said Dr. Syed.
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SBP automates verification of refinance claims
KARACHI: The State Bank of Pakistan (SBP) on Friday announced the automation of verification of refinance clams under the Export Finance Scheme (EFS).
Automated verification will significantly enhance the efficiency of refinance operations and improve exporters’ access to liquidity, the central bank added.
READ MORE: Interest rates on export, business loans enhanced to 10%
With this move, refinance claims can now be verified through an online system by banks and can be made available for performance calculation and loan entitlement within minutes.
After a brief parallel run, this automated verification of refinance claims will permanently replace the existing manual verification being performed by Foreign Exchange Operation Department (FEOD) and Development Finance Divisions (DFDs) in SBP-BSC offices.
READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%
The new automated system allows banks to generate provisional export performance of their exporters during the concluded financial year, review it with the exporter and submit the finalized performance to the system electronically. Subsequently, the system will verify the finalized performance and calculate loan entitlement, which will be granted by SBP-BSC upon banks’ request.
READ MORE: PHMA cries foul on gas suspension to textile industry
The automated verification of refinance claims is expected to conserve resources and enhance efficiency by reducing turnaround time and change of hands. This will ensure swift processing of export refinance to exporters and provide them easier access to liquidity, ultimately benefiting export earnings of the country.
This initiative is part of SBP’s long term vision of digitizing banking operations and bringing ease of doing business in the country.
READ MORE: Pakistan’s textile exports hit record high at $19.33 bn in FY22
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SBP issues KIBOR rates – August 12, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on August 12, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.82 15.32 2 – Week 14.85 15.35 1 – Month 14.91 15.41 3 – Month 15.62 15.87 6 – Month 15.70 15.95 9 – Month 15.74 16.24 1 – Year 15.79 16.29 -
SBP’s customer forex rates – August 12, 2022
On Friday, August 12, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers, providing insight into the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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