On Wednesday, July 27, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, unveiling the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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SBP issues KIBOR rates – July 26, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on July 26, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.66 15.16 2 – Week 14.71 15.21 1 – Month 14.78 15.28 3 – Month 15.10 15.35 6 – Month 15.43 15.68 9 – Month 15.52 16.02 1 – Year 15.60 16.10 -
SBP’s customer forex rates – July 26, 2022
On Tuesday, July 26, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, detailing the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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SBP issues KIBOR rates – July 25, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on July 25, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.57 15.07 2 – Week 14.64 15.14 1 – Month 14.71 15.21 3 – Month 15.04 15.29 6 – Month 15.42 15.67 9 – Month 15.51 16.01 1 – Year 15.57 16.07 -
SBP’s customer forex rates – July 25, 2022
On Monday, July 25, 2022, the State Bank of Pakistan (SBP) issued the foreign exchange rates for customers, outlining the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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Tax imposed on foreign payments made by exchange companies
ISLAMABAD: The Federal Board of Revenue (FBR) has said that tax has been imposed on foreign payments made by exchange companies.
The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments brought through Finance Act, 2022 to the Income Tax Ordinance, 2001.
READ MORE: Minimum tax for commercial importers enhanced: FBR
The FBR said that two new sub-sections (1DC) and (1DD) have been inserted in section 152 of the Income Tax Ordinance 2001.
Under sub-section (DC), service charges/commission/fee, by whatever name called, paid by an exchange company licensed by the State Bank of Pakistan (SBP) to a non-resident person has been brought under the tax net.
READ MORE: Tax through electricity connections on retailers, service providers
Now these exchange companies have been made liable to deduct tax at the time of making payment of service charges or commission or fee to the global money transfer operators, international money transfer operators or such other persons engaged in international money transfers or cross-border remittances for facilitating outward remittances.
READ MORE: FBR explains income tax on export of services
Similarly, under sub-section (1DD), every banking company has been made liable to deduct tax at the time of making payment to card network company or payment gateway or any other person, on any transaction fee or licensing fee or service charges or commission or fee by whatever name called or interbank financial telecommunication services.
This final tax on the income of non-resident person and rates have been provided in Division IV of Part I of First Schedule. Corresponding changes in this regard have been made in sections 6 and 8 of the Ordinance.
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SBP issues KIBOR rates – July 22, 2022
KARACHI: The State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of July 22, 2022. These rates are a critical indicator of the cost of borrowing in the interbank market and are utilized as a benchmark for various lending and investment products.
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SBP’s customer forex rates – July 22, 2022
On Friday, July 22, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, disclosing the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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Pakistan’s forex reserves decline to $15.24 billion
KARACHI: Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.
READ MORE: Pakistan’s forex reserves drop to $15.61 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 $11.986 billion.
The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.
READ MORE: Pakistan’s forex reserves deplete to $15.74 billion
The SBP attributed the decline in foreign exchange reserves to external debt repayments.
It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.
READ MORE: State Bank’s reserves dip to 32-month low at $8.238 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 declined by $10.817 billion.
The commercial banks held foreign exchange increased to $5.913 billion by week ended July 15, 2022 when compared with $5.893 billion a week ago, showing a rise of $20 million.
READ MORE: Pakistan’s central bank reserves shrink to one month import cover
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SBP issues KIBOR rates – July 21, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on July 21, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.29 14.79 2 – Week 14.39 14.89 1 – Month 14.53 15.03 3 – Month 14.96 15.21 6 – Month 15.43 15.68 9 – Month 15.49 15.99 1 – Year 15.55 16.05