On Wednesday, September 21, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers, outlining the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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Karachi Interbank Offered Rates KIBOR – September 20, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on September 20, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.79 15.29 2 – Week 14.90 15.40 1 – Month 15.05 15.55 3 – Month 15.83 16.08 6 – Month 15.86 16.11 9 – Month 15.89 16.39 1 – Year 15.92 16.42 READ MORE: Karachi Interbank Offered Rates KIBOR – September 19, 2022
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SBP issues new instructions on cross border payments
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued new instructions related to cross border payments to bring in line with international best practices.
The central bank in a circular stated that as per existing practice, the banks provide payment cases related to Asian Clearing Union (ACU), Cash Reserve Requirements (CRR) & Special Cash Reserve Requirements (SCRR) and Deposits/ Withdrawals from Local US Dollar Instrument Collection and Settlement; through SBP, Banking Services Corporation, Karachi Office (SBP BSC – KO).
READ MORE: PKR falls for 13th session as dollar ends near record high
Further, the banks also send their queries with regard to above payment cases to SBP BSC – KO for clarification, guidance and advice.
In order to bring cross border payments in line with international best practices, State Bank of Pakistan (SBP) has re-engineered its business process by centralizing all cross border payments, including above, at the Treasury Operations Department-SBP (TOD-SBP).
Hence, all banks/ Islamic banks are advised to please ensure compliance of following instructions with effect from October 01, 2022.
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All ACU payment cases / letters addressed to Chief Manager “ACU Section” SBP BSC-KO, shall now be submitted to Director, Treasury Operations Department (Director-TOD), SBP, Karachi as per formats attached at annexure ‘A’ & ‘B’.
All banks’ CRR & SCRR deposits & withdrawal cases / letters (FE25) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD as per formats attached at annexures ‘C’ & ‘D’.
READ MORE: No restriction on imports, SBP clarifies
All Local US Dollar deposits & withdrawals cases from Instrument Collection & Settlement (FE2) addressed to Chief Manager “DAD Section” SBP BSC-KO shall now be submitted to Director-TOD as per formats attached at annexures ‘E’ & ‘F’.
Any queries with regard to above payment cases shall now be submitted to Director-TOD for clarification, guidance and advice.
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The contact details of TOD officers and Standard Settlement Instructions (SSIs) of SBP are attached at annexures ‘G’ & ‘H’ for ready reference.
The SBP issued following annexures related to cross border payments:
- Annexure A- Letter for Transfer / Purchase of ACU Dollars
- Annexure B- Letter for Repatriation / Surrender of ACU Dollars
- Annexure C- Letter for CRR & SCRR Deposit
- Annexure D- Letter for CRR & SCRR Withdrawal
- Annexure E- Letter for Deposit to Local US Dollar Instrument Collection & Settlement Account
- Annexure F- Letter for Withdrawal from Local US Dollar Instrument Collection & Settlement Account
- Annexure G- Contact Details of Treasury Operations Department, SBP Karachi.
- Annexure H- Standard Settlement Instructions (SSIs) of SBP
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State Bank’s foreign exchange rates – September 20, 2022
The State Bank of Pakistan (SBP) has published the foreign exchange rates for September 20, 2022, providing insights into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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Karachi Interbank Offered Rates KIBOR – September 19, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on September 19, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.93 15.43 2 – Week 14.99 15.49 1 – Month 15.09 15.59 3 – Month 15.83 16.08 6 – Month 15.85 16.10 9 – Month 15.88 16.38 1 – Year 15.91 16.41 READ MORE: Karachi Interbank Offered Rates KIBOR – September 16, 2022
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State Bank’s foreign exchange rates – September 19, 2022
On Monday, September 19, 2022, the State Bank of Pakistan (SBP) disclosed the foreign exchange rates for customers, indicating the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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Karachi Interbank Offered Rates KIBOR – September 16, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on September 16, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.94 15.44 2 – Week 14.99 15.49 1 – Month 15.09 15.59 3 – Month 15.83 16.08 6 – Month 15.85 16.10 9 – Month 15.88 16.38 1 – Year 15.90 16.40 READ MORE: Karachi Interbank Offered Rates KIBOR – September 15, 2022
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State Bank’s foreign exchange rates – September 16, 2022
The State Bank of Pakistan (SBP) released the foreign exchange rates for September 16, 2022, shedding light on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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Pakistan FX reserves slip to $14.32 billion
KARACHI: The foreign exchange (FX) reserves of Pakistan have slipped by $156 million to $14.32 billion by week ended September 09, 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Total foreign exchange reserves of the country were at $14.473 billion a week ago i.e. September 02, 2022.
READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows
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 $12.911 billion.
The official reserves of State Bank of Pakistan (SBP) also fell by $176 million to $8.624 billion by week ended September 9, 2022 as compared with $8.8 billion a week ago.
READ MORE: Pakistan FX reserves drop to $13.4 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 $12.522 billion.
Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion
READ MORE: Pakistan’s forex reserves fall to $13.52 billion
The foreign exchange reserves held by commercial banks however increased by $20 million to $5.693 billion by week ended September 09, 2022 as compared with $5.673 billion a week ago.
READ MORE: Pakistan’s forex reserves increase by $52 million
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Karachi Interbank Offered Rates KIBOR – September 15, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on September 15, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.94 15.44 2 – Week 14.99 15.49 1 – Month 15.10 15.60 3 – Month 15.82 16.07 6 – Month 15.86 16.11 9 – Month 15.87 16.37 1 – Year 15.91 16.41 READ MORE: Karachi Interbank Offered Rates KIBOR – September 14, 2022