KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 28, 2022, reflecting the value of the Pakistani Rupee (PKR) against various major currencies.
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SBP’s weekly forex reserves dip by $157 million to $7.44 billion
KARACHI: The official weekly foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $157 million to $7.44 billion by week ended October 21, 2022, the central bank said on Thursday.
The official foreign exchange reserves of the SBP were at $7.597 billion a week ago i.e. October 14, 2022.
READ MORE: Pakistan’s weekly forex reserves increase nominally
The central bank attributed the decline to external debt repayments.
SBP however said it h ad received $1.5 billion from Asian Development Bank (ADB) in value on October 26, 2022 as disbursement of loan for the Government of Pakistan. These proceeds will be reflected in SBP reserves for the week ending October 28, 2022.
READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 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 $12.706 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 total foreign exchange reserves of the country fell by $89 million to $13.162 billion by week ended October 21, 2022 as compared with $13.251 billion a week ago.
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 $14.066 billion.
The foreign exchange held by commercial banks witnessed an increase of $68 million to $5.722 billion by week ended October 21, 2022 as against $5.654 billion a week ago.
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SBP suspends Mega Currency Exchange Company
KARACHI: State Bank of Pakistan (SBP) on Thursday suspended the Authorization of an exchange company of ‘B’ category.
The central bank suspended, with immediate effect, the authorization of an Exchange Company –B namely M/s Mega Currency Exchange Company –B (Pvt) Limited till further orders due to serious violations of State Bank’s regulations and instructions.
The Exchange Company –B Category, its head office and all branches have been debarred from undertaking any kind of business activity during the suspension period.
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Karachi Interbank Offered Rates KIBOR – October 27, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on October 27, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.79 15.29 2 – Week 14.91 15.41 1 – Month 15.03 15.53 3 – Month 15.52 15.77 6 – Month 15.59 15.84 9 – Month 15.60 16.10 1 – Year 15.62 16.12 READ MORE: Karachi Interbank Offered Rates KIBOR – October 26, 2022
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State Bank issues foreign exchange rates on October 27, 2022
KARACHI – The State Bank of Pakistan (SBP) has once again disclosed the foreign exchange rates for October 27, 2022, providing insights into the value of the Pakistani Rupee (PKR) against major international currencies.
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SBP receives $1.5 billion from Asian Development Bank
State Bank of Pakistan (SBP) on Wednesday night said it received $1.5 billion from Asian Development Bank (ADB) as disbursement of policy based loan for Pakistan.
In a Tweet on Wednesday late night, the central bank said that it had received $1.5 billion from the ADB in value October 26, 2022 as disbursement of policy based loan for the government of Pakistan.
“These proceeds have increased the foreign exchange reserves of SBP and will be reflected in the reserves for the week ending October 28, 2022,” it added.
READ MORE: Asian Bank approves $1.5 billion to finance Pakistan
Earlier an official statement revealed that the ADB released $1.5 billion to the SBP under Building Resilience Under Active Countercyclical Expenditures (BRACE) Program.
The BRACE program aims to support the government’s efforts to deal with the adverse impacts of devastating floods, supply chain disruptions, rising energy, fuel prices and inflation on the poor and vulnerable.
READ MORE: FATF removes Pakistan from grey list
It would expand the number of families receiving cash transfers through Benazir Income Support Programme (BISP) from 7.9 million to 9 million, increase the number of children enrolled in primary and secondary schools, and enhance geographic coverage of health services and nutritional supplies for pregnant and lactating mothers and children under 2 years old.
The program is completely aligned with the Government’s strategy to provide targeted and temporary countercyclical relief measures.
The facility aims to support deployment of planned countercyclical development expenditure and will promote sound macroeconomic management.
READ MORE: Foreign direct investment in Pakistan plunges by 47% in 1QFY23
The program is also in line with the framework of ongoing International Monetary Fund (IMF) program to implement necessary structural reforms to improve the country’s macroeconomic prospects.
It will also enhance support for business entities to safeguard employment and would help increasing food security measures as well. Furthermore, it will also strengthen social safety net and fiscal measures for the government’s crisis response.
The BRACE program amounting to US$ 1.5 billion was approved by the ADB Board on Friday, 21st October 2022.
This program was initially conceived and approved by the ADB’s Board in May 2022 under a new Countercyclical Support Facility (CSF) to provide targeted support to its developing member countries (DMCs) facing emergency situations.
READ MORE: Pakistan’s weekly forex reserves increase nominally
The signing ceremony of the BRACE Program was held on 24th October 2022 at Prime Minister House, which was witnessed by the Prime Minister of Pakistan, Federal Minister for Economic Affairs, Sardar Ayaz Sadiq, Federal Minister for Finance and Revenue, Senator Ishaq Dar along with Director General ADB Central and West Asia Department.
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Karachi Interbank Offered Rates KIBOR – October 26, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on October 26, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.80 15.30 2 – Week 14.92 15.42 1 – Month 15.05 15.55 3 – Month 15.53 15.78 6 – Month 15.59 15.84 9 – Month 15.59 16.09 1 – Year 15.60 16.10 READ MORE: Karachi Interbank Offered Rates KIBOR – October 25, 2022
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State Bank issues foreign exchange rates on October 26, 2022
KARACHI – The State Bank of Pakistan (SBP) continues its regular updates on foreign exchange rates, providing insights into the dynamics of the currency market. On October 26, 2022, the SBP issued the latest exchange rates based on the weighted average rates of commercial banks.
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SBP issues fresh instructions on ATM CCTVs for fraud prevention
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued fresh instructions regarding installation of Closed Circuit Television (CCTVs) in Automated Teller Machines (ATMs) vestibules and preservation period of visual records.
The central bank invited attention to Circular No. 02 of 2007 and No. 05 of 2016, FD Circular Letter No. 04 of 2017 whereby regulatory instructions were prescribed inter alia regarding installation of CCTVs in ATMs vestibules and preservation period of visual records.
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In this regard, it has been decided to issue following instructions with an aim to strengthen the regulatory instructions and standardize the installation of CCTVs, in and around the branch premises of Banks/MFBs, quality and preservation period of visual records of such CCTVs:
Banks/MFBs are advised to update their Standard Operating Procedure (SoPs) to prescribe and standardize inter alia installation points of CCTVs, within ATM vestibules and around branch premises, minimum preservation period of visual records, quality of cameras deployed including minimum required resolution standards to enable round the clock recording. The installed CCTVs should at least be of six mega pixels.
READ MORE: SBP announces last date to exchange old design banknotes
CCTVs, installed within the ATM vestibules, must be directed to record the ATMs users’ activities and to enable regulated entities and Law Enforcement Agencies (LEAs) facially recognize users, if so required, in investigations of terrorism, fraud and disputed transactions related cases.
Banks/MFBs, within one month of issuance of this letter, shall update aforesaid SoPs, ensure deployment of CCTVs as prescribed therein and submit a copy of compliance certificate in this regard to the concerned Banking Supervision Department.
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Banks/MFBs thereafter on continual basis must maintain, at centralized location, monthly record of operational status of CCTVs. Compliance function shall then certify that CCTVs installed in branch network of regulated entity have operated satisfactorily during preceding month as per standards prescribed in SoPs and submit a quarterly report thereof to concerned Banking Supervision Department.
READ MORE: SBP keeps policy rate unchanged at 15% amid economic deceleration
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Karachi Interbank Offered Rates KIBOR – October 25, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on October 25, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.82 15.32 2 – Week 14.93 15.43 1 – Month 15.06 15.56 3 – Month 15.54 15.79 6 – Month 15.59 15.84 9 – Month 15.58 16.08 1 – Year 15.59 16.09 READ MORE: Karachi Interbank Offered Rates KIBOR – October 21, 2022