KARACHI: On June 20, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers.
(more…)Tag: SBP
-
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.
-
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
-
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.
(more…) -
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.
-
SBP issues KIBOR rates – June 16, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on June 16, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.72 14.22 2 – Week 13.77 14.27 1 – Month 13.90 14.40 3 – Month 14.80 15.05 6 – Month 15.18 15.43 9 – Month 15.27 15.77 1 – Year 15.32 15.82 -
Internet banking posts 20% growth in 3Q: State Bank
KARACHI: The State Bank of Pakistan (SBP) has said that the transactions of internet banking posted 20 per cent growth in the third quarter of the current fiscal year.
According to the report the transaction volume of internet banking increased to Rs2.9 trillion by end of quarter January – March 2022 as compared with Rs2.42 trillion in the quarter October – December 2021.
READ MORE: SBP renews status of credit rating agencies
The SBP released its third quarterly report of Payment Systems for the Fiscal year 2021-22 on Thursday covering the period January to March 2022. The report presents an overall viewpoint of growing digital adoption in the country as SBP continues to promote robust and efficient payments ecosystem in the country.
During the quarter under review (Q3-FY22), total e-banking transactions witnessed a growth of 2.6 per cent in volume and 6.5 per cent in value on QoQ basis while the overall growth was 32.7 per cent in volume and 57.5 per cent in value on YoY basis.
READ MORE: High tax may erode banks’ earnings up to 20%
Further bifurcation shows that a major portion of this growth was driven by continuing widening in internet banking and mobile banking transactions. Number of registered internet banking users reached 7.6 million showing a growth of 10.6 per cent resulting in a double digit-growth of 13.5 per cent and 19.9 per cent in volume and value of transactions respectively on QoQ basis.
Through this channel a total 38.3 million transactions worth Rs. 2,906.9 billion were processed. Mobile banking transactions volume was 101.5 million with value of Rs. 3,085.8 billion which amounted to a growth of 8.1 per cent and 5.4 per cent respectively on QoQ basis.
READ MORE: Pakistan slaps 45% corporate tax on banks
Under retail sector, POS transactions continued to show an upward trend. During this period, number of POS terminals installed reached to 96,975 as compared to 92,153 in the previous quarter, showing an increase of 5.2 per cent.
Through these POS terminals, a total of 38.3 million transactions were processed that amounted to Rs. 189.7 billion in value. This shows quarterly growth of 21.9 per cent in volume and 6.5 per cent in value of transactions.
Number of ATMs reached 16,897 with transactions volume and value of 171.3 million and Rs. 2,437.0 billion respectively. Similarly, number of e-commerce merchants on boarded with banks also showed a double-digit growth of 12.0 per cent reaching to 4,445.
READ MORE: Tax rates for business individuals, AOPs during TY2023
A total of 9.1 million e-commerce transactions were conducted which amounted to Rs. 27 billion during the quarter. Both volume and value showed an impressive growth of 62.8 per cent and 77.1 per cent respectively, on YoY basis, in case of e-commerce transactions.
Paper based transactions declined by -2.9 per cent in volume though its value remained almost at the same level posting only 0.6 per cent growth over the previous quarter. In case of RTGS (PRISM), the real-time gross settlement system of Pakistan, a total of 1.08 million transactions amounting to PKR 155.7 trillion were processed.
READ MORE: Pakistan reintroduces advance tax on foreign payments
A total of 47.2 million payment cards were in circulation at the quarter end of Q3-FY22. Those payment cards mostly comprised of debit cards (62.3 per cent), social welfare cards (23.3 per cent), ATM only cards (10.3 per cent), credit cards (3.7 per cent) and lastly Pre-paid cards (0.3 per cent).
-
SBP’s customer forex rates – June 16, 2022
KARACHI: On June 16, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers.
(more…) -
SBP issues KIBOR rates – June 15, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on June 15, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.70 14.20 2 – Week 13.76 14.26 1 – Month 13.91 14.41 3 – Month 14.62 14.87 6 – Month 15.39 15.64 9 – Month 15.46 15.96 1 – Year 15.49 15.99 -
SBP renews status of credit rating agencies
KARACHI: The State Bank of Pakistan (SBP) has renewed the status of credit rating agencies operating in the country.
In a statement issued on Wednesday, the central bank said that it renewed the status of VIS and PACRA as Eligible External Credit Assessment Institutions (ECAIs).
It further said that the status of both credit rating agencies operating in Pakistan namely “VIS Credit Rating Company Limited (VIS)” and “The Pakistan Credit Rating Agency Limited (PACRA)” as eligible / recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2022.
Banks and DFIs using the standardized approach of Basel framework are allowed to use credit ratings assigned by VIS and PACRA for CAR calculation purposes, the SBP said.