KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 31, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.97 | 15.47 |
| 2 – Week | 15.01 | 15.51 |
| 1 – Month | 15.10 | 15.60 |
| 3 – Month | 15.67 | 15.92 |
| 6 – Month | 15.75 | 16.00 |
| 9 – Month | 15.79 | 16.29 |
| 1 – Year | 15.85 | 16.35 |
KARACHI – The State Bank of Pakistan (SBP) has released the foreign exchange rates for August 31, 2022, offering customers and businesses valuable insights into the currency market.
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KARACHI: The State Bank of Pakistan (SBP) on Wednesday said that it has been noticed that a few complaints have been circulating on social media platforms regarding non-acceptance of donations from general public in “CM Flood Relief Fund” of KP and Punjab.
In this context, upon enquiry of SBP, concerned banks have informed that such complaints are baseless as they are accepting donations in the “CM Flood Relief Fund” through all possible channels (including over the counter (OTC) cash transactions, online transfers and both international and local credit card transfers).
The relevant banks have also confirmed that transactions are taking place in these accounts on daily basis.
The banks have also assured that they are making all possible efforts to play their role in the noble cause of helping people affected due to floods.
The donors facing any problem may please lodge their complaints with the relevant banks or approach State Bank of Pakistan at [email protected]
KARACHI: The industry has strongly criticized the ministry of finance for directing banks not to open letters of credit for essential machinery, equipment and spare parts.
“Pakistan’s industrial sector is gradually heading towards doldrums because of the adamant attitude of Ministries of Finance and Commerce to block banks from opening Letters of Credit or remitting advance payments for imports of essential machinery, equipment and spare parts,” this was stated on Tuesday in a press statement by Ismail Suttar, President Employer’s Federation of Pakistan.
READ MORE: Clearance of banned cars, phones allowed on 100% surcharge
Ismail Suttar further said that such blanket refusal under HS 84 and 85, which are for imports of machinery, spare parts, electrical and electronic equipment, vehicle CBUs and CKDs, and other essential items, is detrimental to the functioning of any industry, especially when a particular item is not manufactured in Pakistan.
EFP, which is the apex body of industries, is daily receiving frantic messages from member companies who are unable to maintain their production or adhere to delivery schedules. Moreover, a decrease in production eventually increases the cost of the product.
READ MORE: Pakistan lifts ban on import of cars, phones, luxury items
EFP President added that the industrialists fully understand the compulsions under which this embargo has been instituted but the government has to be pragmatic in its policies and must take cognizance of the ground realities. He advised the Ministers of Finance and Commerce to take private sector into confidence regarding the time frame of this embargo.
READ MORE: 15% surcharge imposed for clearance of banned items
Ismail Suttar also said that EFP has information that over 6,000 applications are pending before the SBP and this figure is not only mind-boggling but also a manifestation of the economic crisis faced by the country. The policy of refusal is negatively impacting on exports as well as affecting industries that are playing a prominent role in import substitution.
He added that the recent catastrophic floods have further compounded the already dire straits through which the industries are facing. He said his message is quite clear. Save industries before they close down and retrench workers thus creating a major social crisis.
READ MORE: SBP assures allowing stuck up containers of banned import
KARACHI: Indus Motor Company Limited on Tuesday announced to temporary halt its production of Toyota vehicles in Pakistan.
Indus Motor is the manufacturer of Toyota cars in Pakistan.
“The company has decided to temporarily shut down its production plant from September 01 to 16, 2022,” the company said in a communication sent to the Pakistan Stock Exchange (PSX).
READ MORE: Toyota Indus Motors announces plant shutdown
“However, in case of any change in production plan due to approvals is being sought, the same will be communicated accordingly,” it added.
Indus Motor said that the State Bank of Pakistan (SBP) had introduced a mechanism through Circular No. 09 of 2022 on May 20, 2022, for obtaining prior approval for import of CKD kits and components of passengers cars (HS Code 8703 category) for the auto sector.
“The delay in aforesaid approvals has created hurdles in clearance of import consignments of the company, resulting in significant reduction in inventory levels and consequently, creating adverse impact on the supply chain and production activities,” it added.
The company said that due to insufficient inventory levels to maintain production, the company has decided to temporarily halt its production activities.
READ MORE: Toyota Indus Motors offers 100% refunds on booking cancellation
Previously on July 29, 2022 the company in another communication sent to PSX stated that due to unforeseen devaluation of the Pakistani Rupee, coupled with the Government restrictions, including the LC approval constraints rendering it impossible to import CKD kits without prior permission, and the continuing economic instability, the company is facing hurdles in import of CKD kits and components which is adversely affecting the supply chain and production activities.
“The aforesaid delay and unforeseen factors have resulted in insufficient inventory levels as would be required to maintain further production. The situation is forcing the company towards a temporary production to shutdown and closure of the company’s plant.”
READ MORE: Toyota lowers July production in Japan
“In the light of above, the company on July 29, 2022 decided to temporarily shut down its production plant from August 01, 2022 to August 13, 2022,” according to previous announcement.
The company in a report said that the auto sector is facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobiles manufacturers.
READ MORE: Indus Motors rebuts plant shutdown reports
The company further added: “the unprecedented devaluation of Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for Completely Knocked Down (CKD) imports and continuing financing instability has radically impacted the auto industry.”
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 30, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.98 | 15.48 |
| 2 – Week | 15.02 | 15.52 |
| 1 – Month | 15.11 | 15.61 |
| 3 – Month | 15.67 | 15.92 |
| 6 – Month | 15.75 | 16.00 |
| 9 – Month | 15.79 | 16.29 |
| 1 – Year | 15.85 | 16.35 |
The State Bank of Pakistan (SBP) has provided customers with the latest foreign exchange rates for August 30, 2022.
(more…)KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on August 29, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.97 | 15.47 |
| 2 – Week | 15.01 | 15.51 |
| 1 – Month | 15.08 | 15.58 |
| 3 – Month | 15.67 | 15.92 |
| 6 – Month | 15.75 | 16.00 |
| 9 – Month | 15.79 | 16.29 |
| 1 – Year | 15.84 | 16.34 |
KARACHI: Pak Suzuki Motor Company Limited on Monday announced a further extension in plant shutdown due to shortage of inventory.
“Due to shortage of inventory level, the management of the company has decided to further extend the shutdown period of automobile plant from August 29, 2022 to August 31, 2022,” the company said in a communication sent to Pakistan Stock Exchange (PSX).
READ MORE: Suzuki Motors extends plant shutdown in Pakistan
However, motorcycle plant will remain operative, it said, adding that further update, if any, in this regard will be communicated accordingly.
Pak Suzuki Motors Co. Ltd. in a communication sent to Pakistan Stock Exchange (PSX), stated that the State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKD) vide circular No. 09 of 2022 dated May 20, 2022.
READ MORE: New prices of Suzuki cars in Pakistan from August 16, 2022
Previously, due to shortage of inventory level, the management of the company has decided to further extend the shutdown period of automobile plant from August 22, 2022 to August 26, 2022.
The company also shut down the plant due to shortage of inventory level from August 18, 2022 to August 19, 2022.
KARACHI – The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for August 29, 2022, providing valuable information to customers, businesses, and investors.
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