KARACHI: The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on May 31, 2022.
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SBP issues KIBOR rates – May 30, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on May 30, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.67 14.17 2 – Week 13.72 14.22 1 – Month 13.79 14.29 3 – Month 14.24 14.49 6 – Month 14.46 14.71 9 – Month 14.50 15.00 1 – Year 14.51 15.01 -
SBP’s customer forex rates – May 30, 2022
KARACHI: The State Bank of Pakistan (SBP) released the foreign exchange rates for customers on May 30, 2022.
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FBR extends working hours on May 30 – 31 for tax collection
ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday directed the offices of Inland Revenue to observe extended working hours to facilitate taxpayers in payment of duties and taxes.
The FBR in an office memorandum directed all Large Taxpayers Offices (LTOs)/ Medium Tax Office (MTO)/ Corporate Tax Offices (CTOs)/ Regional Tax Offices (RTOs) to open and observed extended working hours till 20:00 hrs on Monday May 30, 2022 and till 22:00 hrs on Tuesday, May 31, 2022 to facilitate the taxpayers in payment of duties and taxes.
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The FBR asked chief commissioners of Inland Revenue to establish liaison with the State Bank of Pakistan (SBP) and authorized branches of National bank of Pakistan (SBP) to ensure transfer of tax collected by these branches to the respective branches of the SBP on the same date to account for the same towards collection for the month of May 2022.
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The SBP has also issued a statement in regard. The central bank said that in order to facilitate the collection of government receipts / duties / taxes, it has been decided that the field offices of SBP Banking Services Corporation (SBP-BSC) and authorized branches of National Bank of Pakistan (NBP) will observe extended banking hours till 8:00 P.M. and 10:00 P.M. on 30th and 31st May, 2022 respectively.
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Accordingly NIFT has been advised to arrange a special clearing at 8:00 P.M. on 31st May, 2022 (Tuesday) for same day clearing of payment instruments.
All banks are advised to keep their concerned branches open on 31st May, 2022 (Tuesday) till such time that is necessary to facilitate the special clearing for Government transactions by the NIFT.
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SBP directs banks to report digital fraud cases
KARACHI: The State Bank of Pakistan (SBP) has directed banks to submit reports of all digital frauds and scams related to their account holders.
The SBP issued a circular dated May 26, 2022 said it had been decided that all banks and microfinance banks (MFBs) would additionally submit data of all digital frauds and scams on monthly basis.
“This will include all frauds and scams reported at call centers or through other means such as email, letters, etc. or otherwise detected by the banks/ MFBs themselves,” the central bank said.
The banks/ MFBs shall report data as per the prescribed format to the Banking Supervision Department (BSD)-2 of SBP on monthly basis.
The data shall be reported in soft copy in Microsoft Excel format (Annexure – A) within 10 days from the close of every month at email ID [email protected].
The SBP directed the banks to submit reports of frauds and scams related to digital products. The report shall also include the cases of frauds related to: number of accounts/cases; mobile app/wallet (Android); mobile app/Wallet (IOS); E-Commerce Transactions/Merchant Payment Authorization (via USSD/Mobile App/Internet Banking; internet banking; USSD; Branchless Banking Agent Retail Application; ATMs; Point of Sale; and other digital channels.
The banks are required to provide details of digital fraud including number of affected accounts and amount disputed. Further, related to digital scams, the banks are required to provide number of affected accounts and amount disputed.
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SBP injects Rs3.22 trillion to banking system through OMO
KARACHI: The State Bank of Pakistan (SBP) on Friday injected a hefty amount of Rs3.22 trillion to the banking system through 7-day and 63-day Open Market Operation (OMO).
The SBP conducted the 63-day Open Market Operation (OMO) and injected Rs1.8 trillion at a rate of 13.84 per cent. Analysts at Topline Securities said that the SBP conducted the 63-day operation after a gap of three months.
The SBP also injected Rs1.4 trillion in 7-day OMO at 13.78 per cent.
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To recall, SBP last injected Rs425 billion at a rate of 9.91 per cent on January 7, 2022 for 63-days. Similarly, it also conducted such 63 day OMO injections on December 17,2022, December 24, 2022 and December 31,2022 by injecting Rs689 billion, Rs382 billion and Rs274 billion, respectively.
Normally, SBP conducts short duration OMO of 7-days. This 63 days OMO provides banks liquidity for longer term that stabilizes rates in the money market, the analysts said.
OMO is a tool used by a Central Bank (or monetary authority) to inject or mop-up funds, based on the liquidity requirements, from the banking system via the purchase or sale of eligible securities.
Operationally, in case of OMO (Injections), SBP lends funds to banks against eligible collateral to address liquidity shortage in the system.
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Yields specially in the shorter tenure rose sharply due to delay in IMF program, huge subsidy on petrol/diesel, and depleting foreign exchange reserves, the analysts added.
In 2022 to date, 6-month/12-month T-Bill yields were up around 330 basis points to 14.61 per cent to 14.65 per cent till yesterday. Yields on 3-year and 5-year bonds increased by 200 basis points and 130 basis points to 13.51 per cent and 12.76 per cent, respectively.
To recall, SBP in its last analyst briefing post Monetary Policy Announcement stated that it can use various monetary policy tools to bring stability in secondary market yields.
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As a result of this development and announcement of increase in petrol prices, secondary market yields have started showing downward trend. As per our channel checks, yields on shorter tenure instruments 6-month/12-month T-Bills are down by 20-40 basis points to around 14.4 per cent, down from a recent high of around 15.1 per cent on May 16, 2022.
Pakistan Stock Market and currency market has also reacted positively to the development. PSX is thus far up 1.3 per cent or 556 points to 43,098 index level. Similarly, PKR has appreciated by Rs2 against USD in the interbank market.
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SBP issues KIBOR rates – May 27, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on May 27, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.65 14.15 2 – Week 13.72 14.22 1 – Month 13.79 14.29 3 – Month 14.29 14.54 6 – Month 14.47 14.72 9 – Month 14.53 15.03 1 – Year 14.53 15.03 -
SBP’s customer forex rates – May 27, 2022
KARACHI, May 27, 2022: The State Bank of Pakistan (SBP) provided customers with the foreign exchange rates on May 27, 2022. These rates, derived from the weighted average rates of commercial banks, are a vital reference point for businesses and individuals engaged in international transactions.
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Pakistan’s forex reserves ease to $16.15 billion
KARACHI: Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022.
READ MORE: Pakistan’s forex reserves fall to $16.37 billion
The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.
READ MORE: Pakistan’s forex reserves dip to $16.55 billion
The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago.
The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high.
READ MORE: SBP forex reserves shrink to 1.69 months import cover
The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.
The foreign exchange reserves of held by commercial banks however inched up by $64 million to $6.061 billion by week ended May 20, 2022 as compared with $5.997 billion a week ago.
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SBP issues KIBOR rates – May 26, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on May 26, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.60 14.10 2 – Week 13.71 14.21 1 – Month 13.81 14.31 3 – Month 14.40 14.65 6 – Month 14.57 14.82 9 – Month 14.60 15.10 1 – Year 14.60 15.10