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  • Complaints against banks for refusing flood donations

    Complaints against banks for refusing flood donations

    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]

  • Industry slams finance ministry for blocking letter of credit

    Industry slams finance ministry for blocking letter of credit

    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

  • Indus Motor halts production of Toyota vehicles in Pakistan

    Indus Motor halts production of Toyota vehicles in Pakistan

    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.”

  • SBP issues KIBOR rates – August 30, 2022

    SBP issues KIBOR rates – August 30, 2022

    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:

     TenorBIDOFFER
    1 – Week14.9815.48
    2 – Week15.0215.52
    1 – Month15.1115.61
    3 – Month15.6715.92
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8516.35

    SBP issues KIBOR rates – August 29, 2022

  • State Bank’s foreign exchange rates – August 30, 2022

    State Bank’s foreign exchange rates – August 30, 2022

    The State Bank of Pakistan (SBP) has provided customers with the latest foreign exchange rates for August 30, 2022.

    (more…)
  • SBP issues KIBOR rates – August 29, 2022

    SBP issues KIBOR rates – August 29, 2022

    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:

     TenorBIDOFFER
    1 – Week14.9715.47
    2 – Week15.0115.51
    1 – Month15.0815.58
    3 – Month15.6715.92
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8416.34

    SBP issues KIBOR rates – August 26, 2022

  • Suzuki Motor Pakistan continues plant shutdown

    Suzuki Motor Pakistan continues plant shutdown

    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.

    READ MORE: Suzuki Motors warns plant shutdown in Pakistan

  • State Bank’s foreign exchange rates – August 29, 2022

    State Bank’s foreign exchange rates – August 29, 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.

    (more…)
  • SBP issues IBAN list for donations to PM flood relief fund

    SBP issues IBAN list for donations to PM flood relief fund

    State Bank of Pakistan (SBP) has issued a list of IBAN (International Bank Account Number) of Prime Minister Flood Relief Fund 2022 maintained by commercial banks.

    READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

    Following is the list of banks and IBAN:

    01. Allied Bank Limited (ABL), Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58ABPA001009849790015

    02. Albaraka Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK11AIIN0000150583517016

    03. Askari Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK82ASCM0000020100579916

    04. Bank Alfalah Limited, Title of Account # Prime Minister’s Flood Relief Fund Account-2022, IBAN PK60ALFH0005001007990397

    05. Bank Al Habib Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK32BAHL1001186690500301

    06. Bank Islami Pakistan Limited, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT, 2022, IBAN PK02BKIP0100339720620001

    07. Bank of China, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK37BKCH0100002600005375

    08. Bank of Khyber, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK66KHYB0001002008277365

    09. Bank of Punjab, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK52BPUN6010000181500176

    10. Citi Bank, Title of Account PRIME MINISTER’S FLOOD RELIEF FUND, IBAN PK28CITI1000000103660009

    11. Dubai Islamic Bank Limited, Title of Account # PRIME MINISTER FLOOD RELIEF FUND 2022, IBAN PK22DUIB0000000807647001

    12. Faysal Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK97FAYS3554Z17000001562

    13. FINCA Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK25FINC0223183643011000

    READ MORE: SBP issues instructions to banks for flood relief donation awareness

    14. Habib Metro Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK58MPBL0101027140665909

    15. Habib Bank Limited, Title of Account # PM’s Flood Relief Fund Account, 2022, IBAN PK43HABB000042792244003

    16 Habib Bank Limited Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK62FMFB0021012862868015

    17. ICBC, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK76ICBK0010000000239638

    18. JS Bank, Title of Account # PRIME MINISTER’S FLOOD ACCOUNT 2022, IBAN PK56JSBL9001000002029796

    19. Khushhali Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK85khbl0000012075443288

    20 MCB, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK13MUCB0729483241037873

    21. MCB Islamic Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58MCIB0351004196150001

    22. Meezan Bank Limited, Title of Account Prime Minister’s Flood Relief Fund Account, IBAN PK39MEZN0001540107020124

    23. National Bank of Pakistan, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK92NBPA0002004181048973

    24. NRSP Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK60NRSP0000020010002760

    25. Samba Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND, 2022, IBAN PK83SAMB0000002000117199

    26. Silk Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK68SAUD0000012010847043

    27. Sindh Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT,2022, IBAN PK21SIND0003016411713500

    28. SME Bank, Title of Account # PRIME MINISTER’s RELIEF FUND, 2022, IBAN PK16SMES1001000664000001

    29. Soneri Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK81SONE0000220010110875

    30. Standard Chartered Bank, Title of Account Prime Minister’s Flood Relief Fund 2022, IBAN PK75SCBL0000001701259101

    31. Summit Bank, Title of Account # PRIME MINISTERS FLOOD RELIEF FUND ACCOUNT -2022, IBAN PK57SUMB0201027140181164

    32. U Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK26UMBL0107000093500096

    33. United Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK86UNIL0109000286613095

    READ MORE: Tax exemption granted to donations for PM flood relief fund

  • SBP issues KIBOR rates – August 26, 2022

    SBP issues KIBOR rates – August 26, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on August 26, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.9515.45
    2 – Week14.9915.49
    1 – Month15.0915.59
    3 – Month15.6615.91
    6 – Month15.7516.00
    9 – Month15.7916.29
    1 – Year15.8416.34

    READ MORE: SBP issues KIBOR rates – August 25, 2022