The State Bank of Pakistan (SBP) has released the foreign exchange rates for August 26, 2022, offering valuable insights into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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SBP opens account for Balochistan Flood Relief, Rehabilitation Fund
KARACHI: The State Bank of Pakistan (SBP) on Thursday opened an account for collection of donations to Balochistan Flood Relief and Rehabilitation Fund 2022.
According to a circular issued by the central bank, the Government of Balochistan [GoB] has notified establishment of a flood relief fund, namely, Balochistan’s Flood Relief and Rehabilitation Fund, for providing relief and rehabilitation to the affected population due to torrential rains and flash floods in the Province.
The Fund shall accept donations / contributions both from domestic and international sources for aforesaid purpose. The Director General, Provincial Disaster Management Authority (PDMA) will administer the Fund while the Accountant General Balochistan will maintain accounts of the Fund.
READ MORE: Tax exemption granted to donations for PM flood relief fund
In this regard, the SBP has opened “Balochistan’s Flood Relief and Rehabilitation Fund Account 2022” for collection of donations / contributions to the Fund. All the commercial and microfinance banks shall open the account of the Fund and shall receive donations / contributions in cash, through cheques, payorder and demand drafts, at all their branches across the country.
Donors have been provided multiple options for making donation/ contribution to the Fund as described below:
A. Overseas Donors:
a. Roshan Digital Account (RDA) Holders: The Non Resident Pakistanis (NRPs) can contribute in the “Balochistan’s Flood Relief and Rehabilitation Fund” by clicking the fund icon on their bank’s Roshan Samaji Khidmat Page. The RDA banks shall create the “Balochistan’s Flood Relief and Rehabilitation Fund” button/link on their Roshan Samaji Khidmat page by 7th September 2022.
READ MORE: SBP issues instructions to banks for flood relief donation awareness
b. Wire Transfer: the overseas donors including NRPs not having RDA may donate to the Fund through wire transfer in the Fund account of any commercial bank in Pakistan. They would simply advise their respective banks to transmit the donation amount in the Fund Account by debiting their accounts.
c. Transfer through Money Service Bureaus, Money Transfer Operators and Exchange Houses: Overseas donors may also donate / contribute through Money Service Bureaus (MSBs), Money Transfer Operators (MTOs) (e.g. MoneyGram, Western Union) and Exchange Houses (EHs) in line with the arrangements in place for receiving home remittances.
B. Domestic Donors:
a) Cash Deposits at Banks’ Counters: Donors may make their donations / contributions to the fund in cash at any branch of any bank operating in Pakistan. Similarly, donations/ contributions may also be made at any of the field offices of SBP Banking Services Corporation. The banks and SBP BSC offices shall ensure availability of preprinted deposit slips at their cash counters.
b) Deposit of Crossed Cheques in the Name of the Fund in Bank’s Drop Boxes: The donors and contributors may make their donations / contributions to the Fund by dropping crossed cheques in the name of the Fund in their respective bank’s drop box. All banks shall make available drop box facility at their selected branches for donors where they may drop their crossed cheques in favor of the Fund. The banks shall, accordingly debit the customer’s account and transfer the amount of such proceeds daily on consolidated basis through RTGS to the SBP.
c) Digital Channels: The donor may also use digital channels e.g. interbank fund transfer facility (IBFT), RAAST, mobile banking, mobile wallets and ATMs etc. to donate to the Fund. The commercial and microfinance banks shall prominently display the IBAN of the Fund at their websites.
The banks receiving / collecting donations from overseas as well as domestic donors in the Fund Account shall transfer the consolidated amount through RTGS to the SBP on daily basis.
The banks shall maintain the details of individual donors i.e. name of donor the amount of his/her contribution, mode of payment etc. with them and shall be made available to SBP as and when needed.
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Pakistan’s forex reserves fall to $13.52 billion
KARACHI: Pakistan’s foreign exchange reserves fell by $91 million to $13.522 billion by week ended August 19, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $13.613 billion a week ago i.e. August 12, 2022.
READ MORE: Pakistan’s forex reserves increase by $52 million
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 $13.703 billion.
The official foreign exchange reserves of the State Bank witnessed a decline of $87 million to $7.81 billion by week ended August 19, 2022 as against $7.897 billion a week ago.
READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 billion
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.336 billion.
The country is hoping to receive a $1.17 billion tranche under Extended Fund Facility (EFF) from the International Monetary Fund (IMF). This will help Pakistan to boost its foreign exchange reserves.
READ MORE: Pakistan’s foreign reserves dip to $14.21 billion
A meeting of IMF executive board is scheduled on August 29, 2022 to approve the tranche for the country.
The foreign exchange reserves held by commercial banks also slipped by $4 million to $5.712 billion by week ended August 19, 2022 when compared with $5.716 billion a week ago.
READ MORE: Pakistan forex reserves deplete to $14.42 billion
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SBP issues KIBOR rates – August 25, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on August 25, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.96 15.46 2 – Week 15.01 15.51 1 – Month 15.10 15.60 3 – Month 15.67 15.92 6 – Month 15.75 16.00 9 – Month 15.79 16.29 1 – Year 15.83 16.33 -
State Bank’s foreign exchange rates – August 25, 2022
The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for August 25, 2022, presenting valuable information on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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SBP issues instructions to banks for flood relief donation awareness
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued instructions to banks for raising awareness among the potential donors for contributing in flood relief fund.
The central bank said that with a view to raise awareness among the potential donors and facilitate them in contributing to the PM’s Flood Relief Fund 2022, banks are advised to undertake following measures on immediate priority and submit compliance by August 30, 2022:
READ MORE: Pakistan current account deficit widens by 42% in July 2022
a) Banks shall prominently display banners at all their branches bearing the description “DONATIONS TO THE PRIME MINISTER’S (PM) FLOOD RELIEF FUND ARE ACCEPTED HERE”.
b) Banks shall highlight the IBAN of the Fund at their websites and ATMs screens enabling their clients to donate to the fund digitally.
c) Banks shall also send SMS alerts to all their clients informing them about the establishment of the Prime Minister Flood Relief Fund and its IBAN.
READ MORE: Pakistan’s FY22 current account deficit widens to $17.41 bn
d) To facilitate the walk-in customers in making cash deposits in the fund “pre-printed deposit slips” shall be available at the banks’ counters.
e) The banks offering Roshan Digital Account (RDA) shall make the “PM Flood Relief Fund” available on their Roshan Samaji Khidmat page/portal enabling RDA holders to contribute to the Fund in hassle free manner. The donations received through RDA shall be transmitted to SBP along with donations received through other sources on daily-basis through RTGS as advised earlier.
READ MORE: Pakistan’s CAD balloons to $15.19 billion in 11 months
The Banks are also encouraged to advertise the PM Flood Relief Fund through their social media pages including their webpages, Facebook pages, twitter accounts etc. to create maximum awareness about the fund and the mechanism to make the donations in the fund.
The banks shall ensure that their branch staff has full awareness and understanding of establishment of the fund and the mechanism to collect the donations in the fund account.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
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SBP issues KIBOR rates – August 24, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 24, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.96 15.46 2 – Week 15.01 15.51 1 – Month 15.08 15.58 3 – Month 15.66 15.91 6 – Month 15.76 16.01 9 – Month 15.80 16.30 1 – Year 15.83 16.33 -
Pakistan current account deficit widens by 42% in July 2022
Pakistan current account deficit (CAD) widened by 42 per cent in the first month (July) of the fiscal year 2022/2023 as compared with the same month of the last fiscal year, according to data released by the central bank on Wednesday.
According to the Balance of Payment (BoP) data issued by the State Bank of Pakistan (SBP), the current account deficit ballooned to $1.21 billion in July 2022 as compared with the deficit of $851 million in the same month of last year.
READ MORE: Pakistan’s FY22 current account deficit widens to $17.41 bn
However, the current account deficit narrowed in July 2022 when compared with the previous month. The current account deficit was recorded at $2.19 billion in June 2022.
Analysts at Arif Habib Limited said that the country posted current account deficit of $1.2 billion for the month of July 2022 compared to a deficit of $851 million during July 2021, up 42 per cent YoY.
On a YoY basis, the primary reason behind the deficit was an 8 per cent YoY decline in remittances along with a 0.4 per cent YoY increase in total imports to $6.2 billion.
READ MORE: Pakistan’s CAD balloons to $15.19 billion in 11 months
However, total exports increased by 4 per cent YoY during July 2022. On a MoM basis, CAD was significantly down (by 45 per cent) aided by a 27 per cent decline in Balance of Trade.
Workers’ remittances too posted a decline on MoM basis, down 9 per cent.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
To recall, SBP had mentioned in its latest MPS that lower (MoM) imports on account of a decline in energy imports as well as non-energy imports, improved the current account position in July 2022. Albeit, exports too showed a decline on a MoM basis amid Eid Holidays and “emerging signs of slower global demand.”
READ MORE: Pakistan’s CAD hit $13.17 billion in July – March
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State Bank’s foreign exchange rates – August 24, 2022
The State Bank of Pakistan (SBP) has issued the foreign exchange rates for August 24, 2022, providing crucial information on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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SBP issues KIBOR rates – August 23, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 23, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 15.02 15.52 2 – Week 15.04 15.54 1 – Month 15.09 15.59 3 – Month 15.65 15.90 6 – Month 15.75 16.00 9 – Month 15.78 16.28 1 – Year 15.83 16.33