Karachi, November 08, 2022 – The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for today, shedding light on the buying and selling prices of various foreign currencies against the Pakistan Rupee (PKR).
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SBP, FIA jointly take action against illegal exchange companies
KARACHI: State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) have decided to jointly take action against illegal exchange companies.
A statement issued on Tuesday stated that a high-level meeting was held between the SBP governor and the Director General, FIA on November 8, 2022.
READ MORE: US Dollar falls by 26 paisas to PKR 221.66 in interbank market
The meeting took stock of illicit foreign exchange activities and chalked out a comprehensive plan of action against illegal foreign exchange businesses being carried out in the country.
It was agreed during the meeting that concerted joint effort is required to apprehend and implicate the illegal foreign exchange operators and speculators across the country.
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Accordingly, SBP and FIA have jointly initiated action against illegal foreign exchange operators in Pakistan. To this effect, joint teams from SBP and FIA shall identify and take penal/legal action against the perpetrators so as to curb speculation and the grey market.
The teams, while remaining within the legal mandate allowed to them by the relevant laws, would crack down on all illegal foreign exchange operators and businesses across Pakistan.
READ MORE: Pakistan should ban trade in cash dollars: forex association
Banks and Exchange Companies are authorized by the SBP to carry out Foreign Exchange business in Pakistan. Involvement of any person or entity, other than banks and Exchange Companies, in foreign exchange business is illegal under the Foreign Exchange Regulation Act, 1947.
The illegal foreign exchange business also adversely affects the open market exchange rate and increases the gap between the interbank and open market exchange rate.
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Karachi Interbank Offered Rates KIBOR – November 07, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on November 07, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.90 15.40 2 – Week 14.99 15.49 1 – Month 15.06 15.56 3 – Month 15.49 15.74 6 – Month 15.59 15.84 9 – Month 15.63 16.13 1 – Year 15.65 16.15 READ MORE: Karachi Interbank Offered Rates KIBOR – November 03, 2022
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State Bank issues foreign exchange rates on November 07, 2022
KARACHI, November 07, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for November 07, 2022.
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Karachi Interbank Offered Rates KIBOR – November 03, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on November 03, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.95 15.45 2 – Week 14.99 15.49 1 – Month 15.08 15.58 3 – Month 15.52 15.77 6 – Month 15.60 15.85 9 – Month 15.62 16.12 1 – Year 15.64 16.14 READ MORE: Karachi Interbank Offered Rates KIBOR – November 03, 2022
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State Bank issues foreign exchange rates on November 04, 2022
KARACHI, November 04, 2022 – The State Bank of Pakistan (SBP) has released the foreign exchange rates for November 04, 2022.
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Pakistan FX reserves rise to $14.69 billion after ADB transfer
KARACHI: Pakistan foreign exchange reserves have increased by $1.527 billion to $14.69 billion by week ended October 28, 2022 after transfer of funds from Asian Development Bank (ADB).
The country’s foreign exchange reserves increased to $14.689 billion by week ended October 28, 2022 as compared with $13.162 billion a week ago i.e. October 21, 2022, State Bank of Pakistan (SBP) said on Thursday.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
The ADB released the fund amounting $1.5 billion to Pakistan on October 26, 2022.
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 $12.539 billion.
The official foreign exchange reserves of the State Bank also increased by $1.473 billion to $8.913 billion by week ended October 28, 2022 when compared with $7.44 billion a week ago.
READ MORE: Pakistan’s weekly forex reserves increase nominally
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 $11.233 billion.
READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 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 foreign exchange held by commercial banks witnessed an increase of $44 million to $5.766 billion by week ended October 28, 2022 as against $5.722 billion a week ago.
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Karachi Interbank Offered Rates KIBOR – November 03, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on November 03, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.94 15.44 2 – Week 15.00 15.50 1 – Month 15.08 15.58 3 – Month 15.52 15.77 6 – Month 15.59 15.84 9 – Month 15.60 16.10 1 – Year 15.62 16.11 READ MORE: Karachi Interbank Offered Rates KIBOR – November 02, 2022
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State Bank issues foreign exchange rates on November 03, 2022
KARACHI, November 03, 2022 – The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for November 03, 2022.
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Pakistan, China sign agreement for RMB clearance
KARACHI: The central banks of Pakistan and China have signed an agreement for establishing RMB (Chinese currency) clearing arrangement.
State Bank of Pakistan (SBP) and Peoples Bank of China (PBoC) have signed an MOU on establishing RMB (Chinese currency) clearing arrangements in Pakistan, according to a statement issued on Wednesday.
The MOU was signed by Governor SBP Jameel Ahmad and Governor PBoC Yi Gang.
The establishment of the RMB clearing arrangement in Pakistan will further boost usage of RMB for cross-border transactions among Chinese and Pakistani enterprises and financial institutions.
This will also promote bilateral trade and investment between the two countries.