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Tag: SBP

  • State Bank signs deal to analyze property prices

    State Bank signs deal to analyze property prices

    KARACHI: The State Bank of Pakistan (SBP) has signed a memorandum of understanding (MoU) with Zameen.com according to which the latter will provide data on the prices and rental costs of residential and commercial properties in the country’s metropolitan areas.

    “This data will subsequently be used by SBP to analyze house prices, develop related indices and use the information in its publications, working papers and reports. The aggregate house price and rental indices will also be available on SBPs data portal – Easydata for the last four years,” the central bank said in a statement on Tuesday.

    READ MORE: SBP bars banks from taking service charges on flood donations

    On the signing of this MoU, Deputy Governor (Policy) Dr. Murtaza Syed, expressed his pleasure and opined that real-estate sector is under researched in Pakistan due to a number of factors including paucity of available data.

    He said that in the absence of dependable information on price trends in the real sector, the understanding of households’ asset allocation decisions become difficult.  He hoped that the MoU between the two entities will greatly help to fill these gaps.

    Zameen.com CEO, Zeeshan Ali Khan, while sharing his thoughts said that he was delighted to have entered into a partnership with the SBP to provide invaluable data to help it make informed decisions and draft effective policies.

    READ MORE: Complaints against banks for refusing flood donations

    He further said that this engagement with the Central Bank is a testament to the usefulness of the work done by Zameen.com in digitizing and transforming the country’s real estate industry.

  • SBP issues KIBOR rates – September 05, 2022

    SBP issues KIBOR rates – September 05, 2022

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on September 05, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.8415.34
    2 – Week14.9115.41
    1 – Month15.0715.57
    3 – Month15.6615.91
    6 – Month15.7516.00
    9 – Month15.8016.30
    1 – Year15.8416.34

    READ MORE: SBP issues KIBOR rates – September 02, 2022

  • State Bank’s foreign exchange rates – September 05, 2022

    State Bank’s foreign exchange rates – September 05, 2022

    The State Bank of Pakistan (SBP) has released the foreign exchange rates for September 05, 2022, presenting crucial information on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • SBP issues KIBOR rates – September 02, 2022

    SBP issues KIBOR rates – September 02, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on September 02, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9315.43
    2 – Week14.9915.49
    1 – Month15.0915.59
    3 – Month15.6615.91
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8416.34

    READ MORE: SBP issues KIBOR rates – September 01, 2022

  • SBP bars banks from taking service charges on flood donations

    SBP bars banks from taking service charges on flood donations

    KARACHI: The State Bank of Pakistan (SBP) on Friday barred commercial banks from taking service charges on donations under PM Flood Relief Fund 2022.

    Earlier, the central bank on August 24 regarding the Prime Minister Relief fund, 2022 and advised the bank to collect funds for helping our fellow citizens devasted by ongoing rains and floods across the country.

    The SBP said it has been decided that all issuing and acquiring banks/microfinance banks/payment schemes operating in Pakistan shall not charge any transaction related charges like Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, Scheme Fee, Inter Bank Fund Transfer (IBFT) Fee, or any other payment related fee that may be applicable on transactions made for donations / payments to Prime Minister Relief Fund 2022.

    READ MORE: Complaints against banks for refusing flood donations

    The issuing and acquiring banks/microfinance banks/payment schemes are advised to meticulously comply with these instructions.

    According to instructions issued on August 24, the SBP stated that with a view to raise awareness among the potential donors and facilitate them in contributing to the PM’s Flood Relief Fund 2022, banks are advised to undertake following measures on immediate priority and submit compliance by August 30, 2022:

    a) Banks shall prominently display banners at all their branches bearing the description “DONATIONS TO THE PRIME MINISTER’S (PM) FLOOD RELIEF FUND ARE ACCEPTED HERE”.

    b) Banks shall highlight the IBAN of the Fund at their websites and ATMs screens enabling their clients to donate to the fund digitally.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    c) Banks shall also send SMS alerts to all their clients informing them about the establishment of the Prime Minister Flood Relief Fund and its IBAN.

    d) To facilitate the walk-in customers in making cash deposits in the fund “pre-printed deposit slips” shall be available at the banks’ counters.

    e) The banks offering Roshan Digital Account (RDA) shall make the “PM Flood Relief Fund” available on their Roshan Samaji Khidmat page/portal enabling RDA holders to contribute to the Fund in hassle free manner. The donations received through RDA shall be transmitted to SBP along with donations received through other sources on a daily-basis through RTGS as advised earlier.

    The Banks are also encouraged to advertise the PM Flood Relief Fund through their social media pages including their webpages, Facebook pages, twitter accounts etc. to create maximum awareness about the fund and the mechanism to make the donations in the fund.

    The banks shall ensure that their branch staff has full awareness and understanding of establishment of the fund and the mechanism to collect the donations in the fund account.

  • State Bank’s foreign exchange rates – September 02, 2022

    State Bank’s foreign exchange rates – September 02, 2022

    The State Bank of Pakistan (SBP) has published the foreign exchange rates for September 02, 2022, offering crucial insights into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • Pakistan FX reserves drop to $13.4 billion

    Pakistan FX reserves drop to $13.4 billion

    KARACHI: The foreign exchange (FX) reserves of Pakistan have declined by $119 million to $13.40 billion by week ended August 26, 2022, the State Bank of Pakistan (SBP) said on Thursday.

    (more…)
  • SBP issues KIBOR rates – September 01, 2022

    SBP issues KIBOR rates – September 01, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on September 01, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9715.47
    2 – Week15.0315.53
    1 – Month15.1115.61
    3 – Month15.6815.93
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8516.35

    READ MORE: SBP issues KIBOR rates – August 31, 2022

  • State Bank’s foreign exchange rates – September 01, 2022

    State Bank’s foreign exchange rates – September 01, 2022

    The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for September 01, 2022, providing crucial information about the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • Pakistan receives $1.16 billion from IMF

    Pakistan receives $1.16 billion from IMF

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday received $1.16 billion from International Monetary Fund (IMF) under Extended Fund Facility.

    SBP in a Tweet said that it had received proceeds of $1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the EFF for Pakistan.

    READ MORE: IMF board allows $1.1 billion disbursement for Pakistan

    “This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources,” according to the Tweet.

    Earlier, on August 29, 2022 the executive board of the IMF completed the combined seventh and eighth reviews of the Extended Arrangement under the EFF for Pakistan.

    READ MORE: Pakistan may face food security due to flash floods

    The Board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about $3.9 billion.

    The EFF was approved by the Executive Board on July 3, 2019 for SDR 4,268 million (about $6 billion at the time of approval, or 210 percent of quota).

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    In order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board approved an extension of the EFF until end-June 2023, rephasing and augmentation of access by SDR 720 million that will bring the total access under the EFF to about $6.5 billion.

    READ MORE: Flash floods affect internet services in Pakistan