KARACHI: On June 22, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers.
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SBP issues KIBOR rates – June 21, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on June 21, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.37 13.87 2 – Week 13.52 14.02 1 – Month 13.73 14.23 3 – Month 14.73 14.98 6 – Month 15.18 15.43 9 – Month 15.25 15.75 1 – Year 15.30 15.80 -
SBP’s customer forex rates – June 21, 2022
KARACHI: On June 21, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers.
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SBP issues KIBOR rates – June 20, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on June 20, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.44 13.94 2 – Week 13.57 14.07 1 – Month 13.75 14.25 3 – Month 14.77 15.02 6 – Month 15.18 15.43 9 – Month 15.26 15.76 1 – Year 15.31 15.81 -
Last date June 30, 2022 to exchange prize bonds
KARACHI: The bearer prize bonds of various denominations will not be exchangeable or convertible after June 30, 2022, which is the last date set by the government.
The federal government has extended the last date for converting or exchanging the bearer prize bonds up to June 30, 2022.
The State Bank of Pakistan (SBP) issued a circular on March 30, 2022 to extend the date up to June 30, 2022 for exchanging or converting the bearer prize bonds including denominations of Rs40,000/- Rs25,000/-, Rs15,000/- and Rs7,500.
Earlier, the last date for exchanging the bearer prize bonds was March 31, 2022.
READ MORE: SBP directs banks to accept bearer prize bonds
The SBP instructed the banks to accept requests for encashment / conversion / redemption of cited denominations from general public till June 30, 2022.
“Further, the banks shall submit branch / region wise consolidated data of cited denomination national prize bonds held by them on last date i.e. June 30, 2022 latest by July 04, 2022, as per the instructions stipulated in aforementioned CMD Circulars.
READ MORE: Prize bond (bearer) holders given 3 months to document
The finance ministry launched the withdrawal of the unregistered prize bonds in a phased manner. The federal government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.
Since June 2019 the government repeatedly extended the date for exchanging the bearer bonds. Previously, the last date for exchanging the unregistered bonds was December 31, 2021.
READ MORE: History of Prize Bonds in Pakistan
The government is aiming to document the bearer bonds so the exchanging the unregistered bond with cash has been prohibited. The ministry of finance issued various procedure to convert the bond without exchanging with the cash.
The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation (BSC), and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.
READ MORE: Income tax on prize bonds, lottery winning
The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.
The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP BSC as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.
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SBP’s customer forex rates – June 20, 2022
KARACHI: On June 20, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers.
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Total bank accounts in Pakistan grow to 66.13 million
KARACHI: The number of bank accounts in Pakistan increased to 66.13 million by end of March 2022, showing a jump of 6.66 per cent when compared with 62 million bank accounts by end of same month last year, according to data released by the State Bank of Pakistan (SBP).
It is interesting to note that the statistics showed the population grew much faster than increase in bank accounts. The SBP showed estimated population of the country at 227 million by end of March 2022 as compared with 212 million in the same period of the last year, showing a growth of 7.07 per cent.
READ MORE: Internet banking posts 20% growth in 3Q: State Bank
During past one year the number of total banks in the country is same at 44. However, the number of bank branches grew to 16,788 by end of March 2022 as compared with 16,223 by end of same month last year.
The SBP presented following key highlights of Payment System Review for quarter ended March 30, 2022.
One EMI, M/s China Mobile Pakistan Electronic Commerce Company (CMPECC), was granted commercial license in Q3-FY22.
Number of POS machines reached to 96,975 while the number of payment cards declined slightly to 47.2 million from 48.7 million from the last quarter.
READ MORE: SBP renews status of credit rating agencies
E-banking volume and value grew by 2.6 per cent and 6.5 per cent respectively on Quarter-on-Quarter (QoQ) basis.
The number of internet banking users reached 7.6 million recording QoQ growth of 10.6 per cent. These users conducted 38.3 million transactions amounting to PKR 2,906.9 billion amounting to a quarterly growth of 13.5 per cent by volume and 19.9 per cent by value.
During the same quarter, 38.3 million POS transactions amounting to PKR 189.7 billion were conducted showing quarterly growth of 21.9 per cent by volume and 6.5 per cent by value.
A total of 9.1 million e-commerce transactions amounting to PKR 27.0 billion were conducted digitally showing quarterly growth in value by 1.3 per cent though volume decline by -32.7 per cent.
READ MORE: High tax may erode banks’ earnings up to 20%
Number of ATMs increased by 1.1 per cent as compared to previous quarter. Value of ATM transactions amounted to PKR 2,437.0 billion of which 90.5 per cent transactions were related to cash withdrawals and 5.1 per cent related to Inter Bank Funds Transfer (IBFT).
The number of mobile banking users declined by -1.0 per cent reaching to 12.0 million. Over 101.5 million transactions valuing around PKR 3,085.8 billion were conducted via mobile banking channels during the quarter, showing a growth of 8.1 per cent by volume and 5.4 per cent by value.
Branch network of Banks and MFBs has reached to 16,788 branches, which includes 16,643 Real-Time Online Branches (RTOB), 48 manual branches and 97 overseas branches.
Value of total RTGS (PRISM) transactions during the quarter amounted PKR 155.7 trillion of which PKR 106.2 trillion were related to Government Securities.
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Foreign Investment into Pakistan plunges by 59% during 11MFY22
KARACHI: Total foreign investment into Pakistan has declined by 59 per cent to $1.59 billion during first 11 months (July – May) of fiscal year 2021/2022, according to data released by the State Bank of Pakistan (SBP) on Friday.
The inflows of foreign investment into the country were $3.85 billion during the corresponding period of the last fiscal year.
READ MORE: Foreign investment falls by 57% in 10MFY22: SBP
Total foreign private investment recorded a 12.5 per cent decline to $1.22 billion during 11 months of the current fiscal year as compared with $1.39 billion in the same months of the last fiscal year.
Foreign Direct Investment (FDI), the major component of the foreign private investment, fell by 5 per cent to $1.68 billion during the months under review as compared with $1.6 billion in the corresponding period of the last fiscal year.
READ MORE: Foreign investment into Pakistan surges by 131%
The portfolio investment, the other component of the foreign private investment, has recorded a fall of 32.3 per cent during the period. The investment in the capital market recorded an outflow of $378 million during July – May 2021/2022 as compared with outflow of $286 million in the same period of the last fiscal year.
READ MORE: Foreign investment surges by 176% during July – January
The inflow in debt securities under foreign public investment was $367 million during first 11 months of the current fiscal year as compared with $2.46 billion in the same months of the last fiscal year.
READ MORE: Pakistan’s foreign investment surges by 73% in 5 months
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SBP’s customer forex rates – June 17, 2022
KARACHI: On June 17, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers.
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Pakistan’s central bank reserves shrink to one month import cover
KARACHI: The official reserves of Pakistan’s central bank have declined to provide about one month import cover, according to official data released on Thursday.
The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $241 million to $8.985 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago i.e. June 03, 2022.
READ MORE: SBP’s forex reserves slip 2½-year low to $9.226 billion
The present level of the SBP’s reserves showed that the central bank has import cover for around only one months.
Pakistan’s import bill for the month of May 2022 recorded at $6.777 billion, according to Pakistan Bureau of Statistics (PBS).
The latest foreign exchange reserves of the SBP showed it fell around 2½ years low. Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021.
READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion
Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.16 billion by week ended June 10, 2022 from touching the peak on August 27, 2021.
The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.
The falling foreign exchange reserves also put pressure on the local currency. The Pakistani Rupee (PKR) is also depreciating to record low against the US dollar on daily basis.
The rupee fell to a fresh historic low at Rs207.67 to the dollar at interbank foreign exchange closing on June 16, 2022.
READ MORE: Moody’s changes Pakistan’s outlook to negative
The country was expecting inflows from various sources but so far those were not materialized so far. The country also making all efforts to resume IMF program to obtain about $ 1 billion next tranche under Extended Fund Facility (EFF).
The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.94 billion by week ended June 10, 2022. Previously, the foreign exchange reserves of the country were seen at $14.86 billion by week ended July 19, 2019.
The country’s foreign exchange reserves have fallen by $233 million to $14.943 billion by week ended June 10, 2022 as compared with $15.176 billion a week ago i.e. June 03, 2022.
READ MORE: Pakistan’s headline inflation up by 13.8% in May 2022
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 $12.285 billion.
The foreign exchange held by commercial banks however slightly up by $8 million to $5.958 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago.