On Friday, the State Bank of Pakistan (SBP) issued the latest Karachi Interbank Offered Rates (KIBOR), providing new benchmark rates for interbank lending. These KIBOR rates, which are recalibrated daily, serve as a critical reference for financial institutions across Pakistan, influencing lending rates and shaping monetary policy impact in the wider economy.
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State Bank’s foreign exchange rates – September 09, 2022
KARACHI, September 9, 2022 – The State Bank of Pakistan (SBP) has issued the foreign exchange rates for customers on Friday, September 09, 2022.
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Pakistan’s FX reserves increase by $1.07bn after IMF inflows
KARACHI: Pakistan’s foreign exchange reserves have increased by $1.07 billion after the country received inflows from International Monetary Fund (IMF), a statement said on Thursday.
The foreign exchange reserves of Pakistan increased to $14.473 billion by week ended September 02, 2022 as compared with reserves position of $13.403 billion a week ago i.e. August 26, 2022.
READ MORE: Pakistan FX reserves drop to $13.4 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 $12.755 billion.
The official reserves of State Bank of Pakistan (SBP) also recorded an increase of $1.103 billion to $8.8 billion by week ended September 02, 2022 as compared with $7.697 billion a week ago.
READ MORE: Pakistan’s forex reserves fall to $13.52 billion
During the week ended, SBP received US$ 1,166 million from IMF under EFF program. After accounting for external debt and other payments, SBP reserves increased by US$ 1,103 million to US$ 8,799.9 million.
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 $11.346 billion.
READ MORE: Pakistan’s forex reserves increase by $52 million
Previously, the SBP stated that it had received proceeds of $1.16 billion (equivalent of SDR 894 million) from IMF under the Extended Fund Facility (EFF) on August 31, 2022 which would be included in SBP’s foreign exchange reserve position for the week ending on September 02, 2022.
The foreign exchange reserves held by commercial banks fell by $33 million to $5.673 billion by week ended September 02, 2022 as compared with $5.706 billion a week ago.
READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 billion
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SBP issues KIBOR rates – September 08, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on September 08, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.83 15.33 2 – Week 14.89 15.39 1 – Month 15.07 15.57 3 – Month 15.76 16.01 6 – Month 15.79 16.04 9 – Month 15.83 16.33 1 – Year 15.86 16.36 -
State Bank’s foreign exchange rates – September 08, 2022
The State Bank of Pakistan (SBP) has released the foreign exchange rates for September 08, 2022, providing customers with a basis for their international transactions.
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SBP issues KIBOR rates – September 07, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on September 07, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.79 15.29 2 – Week 14.87 15.37 1 – Month 15.04 15.54 3 – Month 15.67 15.92 6 – Month 15.75 16.00 9 – Month 15.80 16.30 1 – Year 15.84 16.34 -
State Bank’s foreign exchange rates – September 07, 2022
KARACHI – The State Bank of Pakistan (SBP) has provided customers with the latest foreign exchange rates for September 07, 2022.
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Suzuki Motor announces further plant shutdown in Pakistan
KARACHI: Pak Suzuki Motor Company Limited has announced further plant shut down due to shortage of raw material following restriction imposed by the central bank.
The company in a communication sent to Pakistan Stock Exchange (PSX) on September 06, 2022, stated that the State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category including CKD through a circular No. 09 of 2022 dated May 2022.
READ MORE: Suzuki Motor Pakistan continues plant shutdown
Restriction had adversely impacted clearance of import consignment which resultantly affected the inventory levels, the company added.
Therefore, due to shortage of inventory level, the management of the company has decided to shut down period of automobile plant till September 09, 2022.
“However, due to continued shortage of CKD raw material, management decided to extend the shutdown of automobile plant from September 12, 2022 to September 16, 2022,” the company said, added that the motorcycle plant will remain operative.
READ MORE: Suzuki Motors extends plant shutdown in Pakistan
“Further, in lieu of periodic maintenance, the automobile plant will also be shut down from September 19, 2022 to September 23, 2022. However, motorcycle plant will remain operative,” it added.
Pak Suzuki Motor Company Limited is facing severe shortage of raw material for the past couple of months. Previously, the company announced a temporary shutdown of its production plant due restriction on imports imposed by the government.
READ MORE: New prices of Suzuki cars in Pakistan from August 16, 2022
It stated that State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKDs) vide Circular No. 09 of 2022 dated May 20, 2022. “Restriction had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” it added.
READ MORE: Suzuki Motors warns plant shutdown in Pakistan
The company further stated that due to shortage of inventory level, the senior management of the company had decided to temporarily shut down its production plant of automobile products from August 18, 2022 to August 19, 2022.
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SBP issues KIBOR rates – September 06, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on September 06, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.81 15.31 2 – Week 14.89 15.39 1 – Month 15.06 15.56 3 – Month 15.66 15.91 6 – Month 15.74 15.99 9 – Month 15.80 16.30 1 – Year 15.85 16.35 -
State Bank’s foreign exchange rates – September 06, 2022
The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for September 06, 2022, offering a comprehensive overview of the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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