KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on August 18, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.93 | 15.43 |
| 2 – Week | 14.96 | 15.46 |
| 1 – Month | 15.03 | 15.53 |
| 3 – Month | 15.66 | 15.91 |
| 6 – Month | 15.76 | 16.01 |
| 9 – Month | 15.78 | 16.28 |
| 1 – Year | 15.83 | 16.33 |
The State Bank of Pakistan (SBP) has officially released the foreign exchange rates for August 18, 2022. The rates are based on the weighted average rates of commercial banks and are crucial for individuals and businesses engaged in international transactions.
(more…)KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 17, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.93 | 15.43 |
| 2 – Week | 14.96 | 15.46 |
| 1 – Month | 15.02 | 15.52 |
| 3 – Month | 15.66 | 15.91 |
| 6 – Month | 15.74 | 15.99 |
| 9 – Month | 15.78 | 16.28 |
| 1 – Year | 15.82 | 16.32 |
The State Bank of Pakistan (SBP) has announced the foreign exchange rates for customers on August 17, 2022. These rates are based on the weighted average rates of commercial banks, reflecting the buying and selling prices of various foreign currencies against the Pakistani Rupee (PKR).
(more…)KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on August 16, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.92 | 15.42 |
| 2 – Week | 14.94 | 15.44 |
| 1 – Month | 15.00 | 15.50 |
| 3 – Month | 15.65 | 15.90 |
| 6 – Month | 15.74 | 15.99 |
| 9 – Month | 15.78 | 16.28 |
| 1 – Year | 15.81 | 16.31 |
KARACHI, August 16, 2022 — The State Bank of Pakistan (SBP) has released the foreign exchange rates for customers on this Tuesday, based on the weighted average rates of commercial banks.
(more…)KARACHI: Exchange Companies Association of Pakistan (ECAP) on Tuesday said that the State Bank of Pakistan (SBP) has allowed export of dollar.
“Today [August 16, 2022] the SBP issued a circular to allow export of dollar,” said Malik Bostan, Chairman, ECAP in a statement.
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In a recent meeting with SBP governor, the ECAP apprised that the exchange companies had requested public to deposit their dollar in cash as the foreign currency hit Rs245 in the open market.
“We requested people to encash foreign currencies this will help in brining dollar value down to Rs185,” he added.
Malik Bostan said people responded to the appeal and sell millions of dollars at the counters of exchange companies, which helped the country to avoid default.
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ECAP chief apprised the SBP governor that banks were not buying cash dollars from exchange companies. “Due to this exchange companies were exporting dollars with prior SBP permission,” he added.
He further added that this process takes five days for transferring the amount into exchange companies accounts. “This results in huge losses to exchange companies.”
Bostan urged the SBP to allow one time export of US dollars as it had been already allowed in case of Saudi Riyal, UAE Dirham, UK Pound and Euro.
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“The exchange companies capital will not stuck in case permission is granted,” he added.
Once the SBP allows, the exchange companies will export dollars on daily basis and spread on buying and selling of dollar will also minimize.
“On this demand, the SBP issued a circular in this regard,” Bostan said and urged ECAP members to buy dollars from public at lower margin and export dollars.
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on August 15, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.87 | 15.37 |
| 2 – Week | 14.91 | 15.41 |
| 1 – Month | 14.96 | 15.46 |
| 3 – Month | 15.63 | 15.88 |
| 6 – Month | 15.72 | 15.97 |
| 9 – Month | 15.77 | 16.27 |
| 1 – Year | 15.81 | 16.31 |
KARACHI: The State Bank of Pakistan (SBP) on Monday directed banks to complete the development of Mobile Phone applications incorporating account opening facility for all types of Roshan Digital Accounts (RDAs).
The SBP in a statement said that a circular was issued on September 09, 2020 regarding the Service Standards for Roshan Digital Accounts for Non-Resident Pakistanis (NRPs) in terms of which RDA participating banks were advised to provide an exceptional and seamless digital experience to their customers via their web portals, mobile apps and other digital channels.
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In this regard, Banks are advised to complete the development of their Mobile Applications incorporating the following minimum features pertaining to the Roshan Digital Account (RDA) within 3 months from the date of issuance of this Circular Letter i.e. November 15, 2022:
Full-fledged account opening facility for all types of RDA accounts and customer segments that the bank is offering
Investment in NPCs (both conventional & Islamic)
Requests for Redemption/encashment of NPCs
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Requests for repatriation of funds from RDA
Fund transfer services including interbank fund transfers via Raast and other platforms
Bill Payment services including utility and 1Bill payments
Online application/request and related processes for various RDA products including Roshan Apni Car and Roshan Apna Ghar showing updated status of the application
Online access to Roshan Samaaji Khidmat services
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Option to Invest in Roshan Equity and Bank’s own products, if available and offered
Online option of currency conversion transaction, with live visibility of exchange rate
Online request for Cheque Books, debit cards, credit cards (if offered) etc.
Request for account statement, withholding tax certificate, account maintenance certificate, etc.
Instant confirmation of transactional activity
Complaint lodging and its resolution status
Live chat option and any other option that would facilitate RDA customers
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In addition, option for investments in Mutual Funds, Insurance, Government Securities such as T-Bills, PIBs, etc. shall also be offered to customers, when available.
In case the banks are offering services that redirects the banks’ customers to a third-party interface, then the banks shall mandatorily conduct third-party security assessments of the mobile apps and the channels providing connectivity to these third-party interfaces.
Banks shall ensure compliance with all other relevant SBP’s instructions on mobile applications’ operations and security, etc. issued from time to time.
KARACHI: The State Bank of Pakistan (SBP) has assured the business community of allowing to release all the containers with consignments of banned imported goods.
In a statement issued on Monday, President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Idrees said that the State Bank of Pakistan (SBP) has agreed to release all the containers which arrived at the Ports until July 5, 2022 but remained stuck up awaiting approval from SBP.
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While referring to a message received from Deputy Governor SBP Dr. Inayat Hussain, President KCCI said that Deputy Governor SBP has assured that all the cases wherein the Bill of Lading is prior to issuance of SBP’s instructions on July 5, 2022 which have been submitted by KCCI will be released within the next 2 to 3 days whereas any other pending request for release of similar stuck-up consignment may also be referred to SBP for timely release.
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Muhammad Idrees said that thanks to the untiring efforts made the leadership of Karachi Chamber, particularly Chairman Businessmen Group Zubair Motiwala who constantly remained in touch with Finance Minister Miftah Ismail and kept convincing him to resolve this matter, relief has finally been provided to perturbed importers which the business community warmly welcomes.
READ MORE: Pakistan allows release of banned items stuck up at ports
He thanked Finance Minister Miftah Ismail for taking keen interest in all the issues being raised by KCCI and issuing prompt directives for resolving the same on top priority which has help in restoring the confidence of the entire business and industrial community.
“This particular step to release stuck up containers along with some other pro-business measures and the government seriousness towards resolving the pressing issues suffered by the economy would ensure that the wheels of the industry keep on spinning without any interruption,” he added.