The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 14, 2022, providing an insight into the buying and selling rates of various foreign currencies against the Pakistan Rupee (PKR).
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Pakistan’s forex reserves continue to fall; deplete to $13.25 billion
Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by week ended October 07, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $13.589 billion a week ago i.e. September 30, 2022.
READ MORE: Pakistan’s forex reserves decline to $13.59 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 $13.981 billion.
The foreign exchange reserves of the SBP also declined by $303 million to $7.597 billion by week ended October 07, 2022 as compared with $7.9 billion a week ago.
READ MORE: State Bank’s forex reserves shrink to $8 billion
The central attributed the decline to external debt repayments, which included repayment of a commercial loan and interest payment on Eurobonds
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 $12.549 billion.
READ MORE: Pakistan’s forex reserves slip to $14.07 billion
Experts said that falling foreign exchange reserves would reverse the recent gain in value of the Pakistani Rupee (PKR). The PKR make a 13-session winning streak. The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.
READ MORE: Pakistan FX reserves slip to $14.32 billion
Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion.
The foreign exchange reserves held by commercial banks fell by $39 million to $5.65 billion by week ended October 06, 2022 as compared with $5.689 billion a week ago.
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Karachi Interbank Offered Rates KIBOR – October 13, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on October 13, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.93 15.43 2 – Week 14.97 15.47 1 – Month 15.03 15.53 3 – Month 15.45 15.70 6 – Month 15.49 15.74 9 – Month 15.51 16.01 1 – Year 15.53 16.03 READ MORE: Karachi Interbank Offered Rates KIBOR – October 12, 2022
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State Bank’s foreign exchange rates – October 13, 2022
The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for October 13, 2022, providing valuable insights into the buying and selling rates of various foreign currencies against the Pakistan Rupee (PKR).
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Karachi Interbank Offered Rates KIBOR – October 12, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on October 12, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.94 15.44 2 – Week 14.99 15.49 1 – Month 15.05 15.55 3 – Month 15.47 15.72 6 – Month 15.52 15.77 9 – Month 15.54 16.04 1 – Year 15.56 16.06 READ MORE: Karachi Interbank Offered Rates KIBOR – October 11, 2022
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State Bank’s foreign exchange rates – October 12, 2022
The State Bank of Pakistan (SBP) released the foreign exchange rates for October 12, 2022, shedding light on the buying and selling rates of various foreign currencies against the Pakistan Rupee (PKR).
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Home remittances decline to $7.68 billion in 1QFY23
KARACHI: Inflow of home remittances has slipped by 6.34 per cent to $7.68 billion during first quarter of the current fiscal year 2022-2023, according data released by the State Bank of Pakistan (SBP) on Tuesday.
The inflow of remittances was $8.2 billion in the corresponding quarter of the last year.
READ MORE: Pakistan remittances from Saudi Arabia fall by 7.5% in two months
The data showed that Pakistanis living in Saudi Arabia remitted an amount of $1.89 billion during the first quarter of the current fiscal year as compared with $2.1 billion in the corresponding quarter of the last fiscal year, showing a decline of 10 per cent.
Similarly, the inflow from the UK fell to $1.1 billion during the quarter under review as compared with $1.14 billion in the same quarter of the last fiscal year, showing a decline of 4.2 per cent.
READ MORE: State Bank signs deal to analyze property prices
However, Pakistanis living in the US remitted an amount of $817 million during first quarter of the current fiscal year as compared with $762 million in the corresponding quarter of the last fiscal year, showing an increase of 7.1 per cent.
The inflow of remittances from the UAE recorded a decline of 8.7 per cent to $1.46 billion during the quarter under review as compared with $1.6 billion in the same quarter of the preceding fiscal year.
READ MORE: SBP bars banks from taking service charges on flood donations
The flow of home remittances from the other GCC countries to Pakistan also witnessed a decline of 4.1 per cent to $877 million as compared with $914 million.
Likewise, the inflow from the EU countries recorded a slump of 7.7 per cent to $829 million when compared with $898 million.
READ MORE: Complaints against banks for refusing flood donations
The remittances sent by overseas Pakistanis in the month of September 2022 recorded at $2.44 billion as compared with $2.78 billion in the same month of the last year, showing a decline of 14.07 per cent.
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Karachi Interbank Offered Rates KIBOR – October 11, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on October 11, 2022.
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State Bank’s foreign exchange rates – October 11, 2022
The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 11, 2022, presenting the buying and selling rates of various foreign currencies against the Pakistan Rupee (PKR).
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Karachi Interbank Offered Rates KIBOR – October 10, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on October 10, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.93 15.43 2 – Week 14.98 15.48 1 – Month 15.05 15.55 3 – Month 15.48 15.73 6 – Month 15.53 15.78 9 – Month 15.54 16.04 1 – Year 15.56 16.06 READ MORE: Karachi Interbank Offered Rates KIBOR – October 07, 2022