KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on June 10, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 13.71 | 14.21 |
| 2 – Week | 13.77 | 14.27 |
| 1 – Month | 13.90 | 14.40 |
| 3 – Month | 14.58 | 14.83 |
| 6 – Month | 15.39 | 15.64 |
| 9 – Month | 15.43 | 15.93 |
| 1 – Year | 15.46 | 15.96 |
KARACHI: The inflow of workers’ remittances recorded an increase of 6.25 per cent to $28.41 billion during the first 11 months (July – May) 2021/2022, State Bank of Pakistan (SBP) said on Friday.
The country received an amount of $26.74 billion in the same period of the last fiscal year.
READ MORE: SBP issues instructions on Hajj related outward remittances
The inflows in May 2022 recorded $2.33 billion when compared with $3.12 billion in April 2022, showing a decline of 25 per cent. The remittances in May 2022 also fell by 6.8 per cent when compared with $2.5 billion received in May 2021.
Remittances in May 2022 were mainly sourced from Saudi Arabia ($542 million), United Arab Emirates ($435 million), United Kingdom ($354 million) and the United States of America ($233 million).
READ MORE: SBP jacks up policy rate by 6.75% to 13.75%
Pakistani workers residing in the US sent an amount of $2.79 billion during the first 11 months of the current fiscal year as compared with $2.35 billion in the same months of the last fiscal year, showing a growth of 18.5 per cent. Similarly, inflows of remittances from the UK registered a growth of 8.5 per cent to $4.02 billion during the period under review as compared with $3.71 billion in the same period of fiscal year 2020/2021.
The Pakistani workers living in the UAE sent an amount of $5.33 billion during July – May 2021/2022 as against $5.61 billion in the corresponding period of the last fiscal year, showing a decline of 5 per cent.
READ MORE: SBP lifts quarantine requirement for banknotes
The inflows from Saudi Arabia remained flat at $7.06 billion during the first eleven months of the current fiscal year as compared with $7.04 billion in the same period of the last fiscal year.
KARACHI: On June 10, 2022, the State Bank of Pakistan (SBP) disclosed the foreign exchange rates for customers, based on the weighted average rates of commercial banks.
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KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,091,173.84 on June 10, 2022 at 9:59 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,079,142.61 at closing on June 09, 2022.
The rate of Bitcoin in US Dollar (USD) is $30,119.36 on June 10, 2022 at 9:59 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $30,336.39 at closing on June 09, 2022.
Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
ISLAMABAD: The State Bank of Pakistan (SBP) has increased the key policy rate by 6.75 per cent during September 2021 to May 2022, according to Economic Survey of Pakistan 2021/2022 released on Thursday.
The survey stated that Pakistan’s economy has witnessed a V-shaped recovery in 2020-2021 after witnessing a contraction of 0.9 percent in FY2020.
After the COVID outbreak, the policy rate was reduced by 6.25 per cent within short span of less than three months, during March-June 2020. This was the largest policy rate cut in emerging market economies.
READ MORE: Tax to GDP ratio estimated at 10.8% in FY22: Economic Survey
During FY2021, the SBP maintained an accommodative monetary policy stance, by keeping the policy rate unchanged at 7.0 percent throughout FY2021.
Besides, SBP provided liquidity and regulatory support to businesses and households during the challenging times. The economic policy was implemented with a prudent mix which supported the economic recovery without putting any pressure on macroeconomic imbalances.
With heightened uncertainty due to COVID-19, the Monetary Policy Committee for the first time considered it appropriate to provide some forward guidance on monetary policy in its January 2021 meeting, to facilitate policy predictability and decision making by economic agents.
In the absence of unforeseen developments, the Monetary Policy Committee (MPC) expected monetary policy settings to remain unchanged in the near term.
READ MORE: LSM posts 10.4% growth in July – March: Economic Survey
Moreover, in the subsequent monetary policy decisions during FY2021, the MPC has maintained the policy rate of 7.0 percent to nurture the economic recovery.
At the end of first quarter FY2022, policy rate has increased by 25 basis points (bps) to 7.25 percent. The decision was primarily based on observation of excess aggregate demand and more than expected economic recovery as reflected by rising high import bill and increasing current account deficit.
The objective of monetary policy was shifted to ensuring the appropriate policy mix to protect the longevity of growth, keep inflation expectations anchored, and control the current account deficit.
In subsequent Monetary Policy decisions announced in November and December, 2021, policy rate was increased by 150 bps and 100 bps to 8.75 percent and 9.75 percent, respectively. The decision was made due to heightened risks associated with inflation and balances of payments, which stemmed from both global and domestic factors.
READ MORE: Agriculture surpasses FY22 growth target: Economic Survey
In Pakistan, high import prices have contributed to higher-than-expected inflation outturns. At the same time, there were also emerging signs of demand-side pressures on inflation from domestic administered prices.
In December, 2021 Monetary policy decision, MPC explained that the goal of mildly positive real interest rates was now close to being achieved. Looking ahead, the MPC expected monetary policy settings to remain broadly unchanged in the near-term.
Resultantly, policy rate has kept unchanged at 9.75 percent in two successive decisions held on January and March, 2022.
However, policy rate was increased by 250 bps to 12.25 percent from 9.75 percent in an unscheduled meeting on 07th April 2022, to address significant uncertainty amidst rising global commodity prices and domestic political situation. The inflation outlook had deteriorated and risks to external stability had increased for FY2022. Externally, futures market suggests that global commodity prices, including oil, are likely to remain elevated for longer and the Federal Reserve is likely to increase interest rates more quickly than previously anticipated, likely leading to a sharper tightening of global financial conditions.
READ MORE: Per capita income in Pakistan rises to $1,798 in 2021-22
Domestically, some macroeconomic indicators have deteriorated, as have SBP reserves as a result of debt repayment and political uncertainty.
In monetary policy decision held on 23rd May, 2022 the MPC decided to raise the policy rate by 150 basis points to 13.75 percent. The decision was based on outcome of provisional growth estimates for FY2022 more than target, shows excess aggregate demand, elevated external sector pressure and the higher inflation outlook due to domestic and international factors.
In addition to policy rate increase, the interest rates on EFS and LTFF loans are also being raised. The MPC has informed that in future, these rates will be linked to the policy rate and will adjust automatically, while continuing to remain below the policy rate in order to incentivize exports.
KARACHI: The official foreign exchange reserves of the State Bank of Pakistan (SBP) have slipped 2½-year low to $9.226 billion by week ended June 03, 2022, according to official statistics released on Thursday.
On weekly basis the official reserves of the central bank fell by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.
READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion
The State Bank said that its foreign exchange reserves were declined due to external debt repayment.
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. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $10.92 billion by week ended June 03, 2022 from touching the peak on August 27, 2021.
READ MORE: Moody’s changes Pakistan’s outlook to negative
Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by week ended June 03, 2022 as compared with $15.771 billion a week ago.
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 $12.052 billion.
The foreign exchange held by commercial banks also fell by $98 million to $5.95 billion by week ended June 03, 2022 as compared with $6.048 billion a week ago.
READ MORE: Raw materials excluded from import banned items list
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on June 09, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 13.68 | 14.18 |
| 2 – Week | 13.74 | 14.24 |
| 1 – Month | 13.94 | 14.44 |
| 3 – Month | 14.77 | 15.02 |
| 6 – Month | 15.49 | 15.74 |
| 9 – Month | 15.50 | 16.00 |
| 1 – Year | 15.51 | 16.01 |
KARACHI: On June 09, 2022, the State Bank of Pakistan (SBP) published the foreign exchange rates for customers based on the weighted average rates of commercial banks.
(more…)KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on June 8, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 13.68 | 14.18 |
| 2 – Week | 13.75 | 14.25 |
| 1 – Month | 13.92 | 14.42 |
| 3 – Month | 14.77 | 15.02 |
| 6 – Month | 15.43 | 15.68 |
| 9 – Month | 15.41 | 15.91 |
| 1 – Year | 15.44 | 15.94 |
KARACHI: State Bank of Pakistan (SBP) on Wednesday lifted the requirement of quarantine on banknotes, which was imposed to contain the spread of coronavirus pandemic.
The central bank through past letters, advised banks to disinfect, seal and quarantine cash collected from its counters for fourteen (14) days or process such banknotes through Pakistan Council of Scientific and Industrial Research (PCSIR) certified machines in lieu of the fourteen (14) days quarantine.
READ MORE: SBP allows circulation of quarantined infected banknotes
The banks were given credit for all such cash collected from hospitals and clinics and kept under quarantine on behalf of SBP.
Keeping in view the current situation, whereby all COVID-related restrictions have been lifted at the national level by the NCOC, the instructions issued to banks vide the above-mentioned Circulars are hereby rescinded and revoked.
READ MORE: SBP softens quarantine for banknotes processed through certified machines
The banks are however encouraged to continue taking necessary measures for disinfecting the cash and keeping a neat and healthy working environment for their cash processing staff.