KARACHI: The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for customers on June 29, 2022.
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Pakistan’s CAD balloons to $15.19 billion in 11 months
KARACHI: The current account deficit (CAD) of Pakistan has massively widened to $15.19 billion during 11 months (July – May) of 2021/2022, State Bank of Pakistan (SBP) said Tuesday.
The data of balance of payment (BoP) showed the current account deficit was $1.18 billion in the corresponding months of the last fiscal year.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
The massive widening in current account deficit may be attributed to the high trade deficit on back of significant increase in import bill.
The trade deficit of the country increased by 58.18 per cent to $43.42 billion during July – May 2021/2022 as compared with $27.45 billion in the corresponding period of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS).
READ MORE: Pakistan’s CAD hit $13.17 billion in July – March
The import bill of the country surged by 44.51 per cent to $72.29 billion during first 11 months of the current fiscal year as compared with $50 billion in the same months of the last fiscal year.
However, export earnings of also grew by 28 per cent to $28.87 billion during the period under review as compared with $22.57 billion in the same period of the last fiscal year.
READ MORE: Pakistan’s CAD mounts to $12 billion in eight months
Meanwhile, inflows of workers remittances posted a six per cent growth to $28.41 billion during 11 months of the current fiscal year as compared with $26.73 billion in the corresponding months of the last fiscal year.
The current account deficit for the month of May 2022 also widened to $1.425 billion as compared with the deficit of $618 million in April 2022 and the deficit of $640 million in May 2021.
READ MORE: Current account deficit widens to $11.58 bn in 7MFY22
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SBP issues KIBOR rates – June 28, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on June 28, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.11 13.61 2 – Week 13.31 13.81 1 – Month 13.54 14.04 3 – Month 14.52 14.77 6 – Month 15.06 15.31 9 – Month 15.13 15.63 1 – Year 15.19 15.69 -
SBP’s customer forex rates – June 28, 2022
KARACHI: The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on June 28, 2022.
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SBP issues KIBOR rates – June 27, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on June 27, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.15 13.65 2 – Week 13.33 13.83 1 – Month 13.56 14.06 3 – Month 14.54 14.79 6 – Month 15.07 15.32 9 – Month 15.14 15.64 1 – Year 15.21 15.71 -
Pakistan-issued prize bonds expire on June 30, 2022
KARACHI: The prize bonds of various denominations issued by the government of Pakistan are expiring on June 30, 2022.
So far no decision came from the finance ministry to extend the last date for exchanging bearer prize bonds. The federal government has already 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 27, 2022
KARACHI: The State Bank of Pakistan (SBP) has released the foreign exchange rates for customers on June 27, 2022.
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SBP seeks Supreme Court guidance on Riba case judgement
KARACHI: The State Bank of Pakistan (SBP) on Saturday said it had approached Shariat Appelate Bench of the Supreme Court for guidance on decision of Federal Shariat Court in Riba case.
In a statement the central bank said the SBP welcomes the Federal Shariat Court’s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision.
READ MORE: IPS demands implementation of court judgment on Riba
As the prime custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan, SBP is deeply committed to ensuring compliance with the injunctions of Islam, in particular those pertaining to riba, while protecting the stability and security of the financial sector of the country that functions as part of the global financial system.
In this context, SBP has always remained at the forefront in promoting Islamic banking in the country. SBP is among the few regulators across the globe where comprehensive legal, regulatory and Shariah Governance frameworks have been successfully developed and implemented.
READ MORE: Court judgment: Riba is Haram in any form
Currently, 22 Islamic Banking Institutions (5 full- fledged Islamic banks and 17 conventional banks having standalone Islamic banking branches) with a branch network of 3,983 branches along with 1,418 Islamic banking windows (Islamic banking counters at conventional branches) are operational across the country. The industry now accounts for 19.4 percent of the country’s overall banking system in terms of assets while in terms of deposits the share is 20 percent (as of March 31, 2022).
READ MORE: FSC reserves judgment in Riba free banking case
In addition, SBP has also been taking measures to bring the legal and regulatory infrastructure in compliance with Shariah principles.
After detailed review of the judgment and based upon the advice of our Chief Legal Adviser and external counsel, we have sought guidance from the honorable Shariat Appelate Bench of the Supreme Court in terms of its implementation and practicalities involved.
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SBP issues KIBOR rates – June 24, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on June 24, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.31 13.81 2 – Week 13.46 13.96 1 – Month 13.68 14.18 3 – Month 14.63 14.88 6 – Month 15.10 15.35 9 – Month 15.21 15.71 1 – Year 15.24 15.74 -
SBP’s customer forex rates – June 24, 2022
KARACHI: On June 24, 2022, the State Bank of Pakistan (SBP) published the foreign exchange rates for customers.
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