KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 25, 2022, shedding light on the current status of the Pakistani Rupee (PKR) against major international currencies.
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SBP announces last date to exchange old design banknotes
State Bank of Pakistan (SBP) on Tuesday said that old design banknotes of Rs10, 50, 100 and 1,000 are exchangeable till December 31, 2022.
The central bank said it is the sole issuer of banknotes in the country ensuring adequate supply of good quality banknotes across the country is amongst its key strategic goals.
SBP collects soiled and unfit banknotes from the market and replaces them with fresh banknotes. Like other central banks, SBP issues new series of banknotes from time to time and demonetizes the earlier series with the approval of Federal Government.
Further, the approval for demonetization of banknotes is granted by Federal Cabinet on the recommendations of SBP Board in terms of section 25(2) of SBP Act, 1956.
The issuance of new series and demonetization of the old design banknotes helps central banks in checking counterfeiting and ensuring the integrity of banknotes in circulation.
The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. The Federal Government has therefore decided to demonetize old design banknotes of Rs 10, 50, 100 and 1000. These notes have ceased to be Legal Tender effective from 1st December 2016.
The Old Design Banknotes of Rs. 10, 50, 100 and 1000 are exchangeable from the offices of the SBP Banking Services Corporations up till 31st December 2022.
These banknotes are exchangeable from SBP BSC Offices located at Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and D. I. Khan
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State Bank issues foreign exchange rates on October 24, 2022
KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for October 24, 2022, providing a snapshot of the value of the Pakistani Rupee (PKR) against major international currencies.
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Foreign direct investment in Pakistan plunges by 47% in 1QFY23
Foreign Direct Investment (FDI) into Pakistan has plunged by 47 per cent during first quarter (July – September) 2022/2023, according to data released by State Bank of Pakistan (SBP).
The central bank said that the FDI fell to $253 million during the first quarter of the current fiscal year as compared with $479 million in the corresponding quarter of the last fiscal year.
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The inflows under the FDI recorded 31.7 per cent decline to $395 million during the quarter under review as compared with $579 million in the same quarter of the last year.
On the other hand, the outflow under the FDI significantly increased by 42.5 per cent to $142 million during July – September 2022/2023 as compared with $99.6 million in the same period of the last fiscal year.
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The total foreign private investment into the country fell by 36.3 per cent to $241.3 million during the quarter under review when compared with $379 million in the corresponding quarter of the last fiscal year.
The portfolio investment in the capital market registered massive decline in outflow during the quarter under review. The outflow of portfolio investment recorded $12.1 million during the first quarter of the current fiscal year as compared with the outflow of $100.5 million in the same quarter of the last year.
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The foreign public investment under the head of debt securities recorded an outflow of $18.2 million during the first quarter of the fiscal year 2022/2023 as compare with inflow of $980 million in the same quarter of the last fiscal year.
The total foreign investment including private and public recorded a decline of 83.6 per cent to $223 million during the first quarter of the current fiscal year as compared with $1.36 billion in the same quarter of the last fiscal year.
READ MORE: Current account deficit declines by 37% to $2.21 billion in first quarter
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Karachi Interbank Offered Rates KIBOR – October 21, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on October 21, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.96 15.46 2 – Week 15.01 15.51 1 – Month 15.09 15.59 3 – Month 15.53 15.78 6 – Month 15.58 15.83 9 – Month 15.59 16.09 1 – Year 15.60 16.10 READ MORE: Karachi Interbank Offered Rates KIBOR – October 20, 2022
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State Bank’s foreign exchange rates – October 21, 2022
KARACHI – The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for October 21, 2022, providing crucial information on the value of the Pakistani Rupee (PKR) against major international currencies.
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Pakistan’s weekly forex reserves increase nominally
Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022, State Bank of Pakistan (SBP) said on Thursday.
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Karachi Interbank Offered Rates KIBOR – October 20, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on October 20, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.98 15.48 2 – Week 15.01 15.51 1 – Month 15.08 15.58 3 – Month 15.51 15.76 6 – Month 15.55 15.80 9 – Month 15.58 16.08 1 – Year 15.60 16.10 READ MORE: Karachi Interbank Offered Rates KIBOR – October 19, 2022
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State Bank’s foreign exchange rates – October 20, 2022
KARACHI – The State Bank of Pakistan (SBP) has provided an update on foreign exchange rates for October 20, 2022, shedding light on the value of the Pakistani Rupee (PKR) against major international currencies.
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Current account deficit declines by 37% to $2.21 billion in first quarter
KARACHI: Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released on Wednesday.
The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.
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State Bank of Pakistan (SBP) on Wednesday issued the summary of balance of payments for the first quarter of the current fiscal year.
Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.
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Import bill of the country for the quarter under review sharply declined by 12.37 per cent to $16.4 billion as compared with $18.71 billion in the corresponding quarter of the last fiscal year.
On the other hand, exports of the country recorded an increase of 2.62 per cent to $7.18 billion during July – September of the current fiscal year as compared with $6.99 billion in the same period of the last fiscal year.
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However, inflow of home remittances slipped by 6.34 per cent to $7.68 billion during first quarter of the current fiscal year 2022-2023. The inflow of remittances was $8.2 billion in the corresponding quarter of the last year.
The balance of payment posted a deficit of $316 million in the month of September 2022 which was much lower to the deficit of $1.15 billion in the same month of the last year. The deficit is also lower when compared with the deficit of $676 million in the month of August 2022.
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