KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on May 09, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 12.28 | 12.78 |
| 2 – Week | 12.36 | 12.86 |
| 1 – Month | 12.87 | 13.37 |
| 3 – Month | 14.43 | 14.68 |
| 6 – Month | 14.62 | 14.87 |
| 9 – Month | 14.60 | 15.10 |
| 1 – Year | 14.61 | 15.11 |
KARACHI, May 09, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Monday, May 09, 2022.
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KARACHI: The State Bank of Pakistan (SBP) has launched a portal in order to facilitate investors of national savings schemes.
The SBP highlighted that Special Savings Certificates (SSCs) with a (maturity period of three years) was launched on February 4, 1990 that offers a unique investment opportunity for small and medium savers to meet their periodic financial needs.
SSCs are available in the denominations of Rs. 500/-, Rs.1000/-, Rs. 5,000/-, Rs. 10,000/-, Rs. 50,000/-, Rs. 100,000/-, Rs. 500,000/-, and Rs. 1,000,000/-
Profit Payment Period
Profit is payable on the completion of each period of six months up to 3 years from their date of issuance.
Who Can Invest
All Pakistani Nationals as well as Foreign Nationals can purchase SSCs being a single adult, a minor or two adults jointly where the payments can be received either by the both jointly (Joint-A) or any one of the holders (Joint-B). An adult can also purchase SSCs on behalf of a single minor, two minors jointly or as a joint with a minor.
How to Purchase
SSCs can be purchased from any National Savings Centre (NSC), Pakistan Post Office (PPO) or authorized branch of a Scheduled Bank and the State Bank of Pakistan (SBP) by filling in the SC-1 (Application form). Documents Required with Application Form:
For Adult Pakistanis: Copy of CNIC,
For Overseas Pakistanis: Copy of NICOP or Pakistan Origin Card
For Minors: Copy of Form B or Child Registration Certificate Issued by NADRA,
For Foreign Individuals: Copy of Passport.
SSC can be purchased by depositing cash at the Issuing Office or by presenting a cheque/ draft/ pay-order. The Certificate shall be issued immediately against the cash payment. However, in the case of deposit through cheque/ draft/ pay-order, the Certificate shall be issued with effect from the date of realization of the cheque/ draft/ pay-order after receiving the clearance advice.
Minimum: Rs.500/-. No maximum investment limit.
SSCs are encashable at any time after the date of purchase. However, no profit is payable if the encashment is made before completion of six months. The Certificates issued/purchased/re-invested on or after November 15, 2010 shall not be re-invested on maturity.
Tax
Filers: 15% on profit earned/realized.
Non-Filers: 30% on profit earned/realized.
Zakat shall be collected at source as per rules.
KARACHI: The State Bank of Pakistan (SBP) will observe five days working in a week, according to a notification issued on Friday.
The SBP will observe following working days and timings with immediate effect:
Monday to Thursday from 9:00 a.m. to 5:30 p.m. with prayer/ lunch break from 1:30 p.m. to 2:15 p.m. whereas on Friday office hours will be from 9:00 a.m. to 6:00 p.m. with prayer/lunch break from 1:00 p.m. to 2:30 p.m.
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Banks / Microfinance Banks (MFBs) may prescribe business (banking) hours for public dealing as per their business requirements provided the business (banking) hours being observed by the field offices of SBP Banking Services Corporation (SBP-BSC) are complied with as a minimum benchmark for this purpose.
The central bank said, in order to ensure the availability of basic banking facilities to business community and public at large, banks / MFBs may open their selected branches situated in major cities / business centers / commercial markets & hubs / ports etc. on Saturdays as per their business requirements.
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The collection booths of banks located at Custom Houses / Ports shall remain open 24/7 as per existing practice. However, banks / MFBs shall submit a complete list of branches that will be opened on Saturdays to the Banking Policy & Regulations Department and also place the updated list of such branches on their websites. For the information of customers, banks / MFBs shall prominently display in the concerned branch that this branch will remain open on Saturdays.
The above instructions shall continue to remain in force unless modified or withdrawn.
Previously, on April 13, 2022 the SBP issued timings for six-day working week.
READ MORE: SBP issues bank timings as per six-day working week
The SBP had issued new banking timings after federal government’s announcement of six days working in a week.
The SBP in a statement said that as per decision of the Federal Government the State Bank of Pakistan (SBP) will observe six days working week with the following office hours during the month of Ramadan-ul-Mubarak, which shall also be followed by all banks, Development Finance Institutions and Microfinance Banks:
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Monday to Thursday and Saturday from 8:00 am to 3:00 pm with prayer break from 1:00 pm to 1:30 pm whereas on Fridays office hours will be from 8.00 am to 1:00 pm without break.
Banks / Microfinance banks are further advised to observe the following minimum business (banking) hours for public dealing:
Monday to Thursday and Saturday from 8:00 am to 1:00 pm without prayer break whereas on Fridays office hours will be from 8.00 am to 12:00 pm without break.
KARACHI: Pakistan’s foreign exchange reserves fell by $115 million to $16.553 billion by week ended April 30, 2022, according to data released by the State Bank of Pakistan (SBP) on Friday.
The foreign exchange reserves of the country were $16.668 billion a week ago i.e. April 30, 2022.
READ MORE: SBP forex reserves shrink to 1.69 months import cover
The official foreign exchange reserves of the SBP declined by $109 million to $10.449 billion by week ended April 30, 2022 as compared with $10.558 billion a week ago.
The official reserves of the central bank witnessed a consistent decline during past couple of months due to external debt repayments. The SBP reserves have declined below two-month cover for import payments.
The foreign exchange reserves held by commercial banks also fell by $56 million to $6.054 billion from previous week’s level of $6.11 billion.
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on May 06, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 12.27 | 12.77 |
| 2 – Week | 12.35 | 12.85 |
| 1 – Month | 12.78 | 13.28 |
| 3 – Month | 14.42 | 14.67 |
| 6 – Month | 14.62 | 14.87 |
| 9 – Month | 14.59 | 15.09 |
| 1 – Year | 14.60 | 15.10 |
KARACHI, May 06, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Friday, May 06, 2022.
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KARACHI: Dr. Murtaza Syed, being the most senior deputy governor, has assumed the charge of acting governor of the State Bank of Pakistan (SBP), a statement said on Thursday.
Dr. Murtaza assumed the charge with effect from May 5, 2022. It may be mentioned here that the term of Dr. Reza Baqir (former Governor SBP) ended on May 4, 2022.
READ MORE: Murtaza Syed takes over SBP governor charge
He was appointed as Deputy Governor of SBP by the Federal Government on January 27, 2020 for a period of three years.
Dr. Syed has more than 20 years of experience in macroeconomic research and policy making. He worked with the International Monetary Fund (IMF) for 16 years before resigning to join SBP.
At the IMF, he was involved in IMF programs and surveillance of emerging markets and advanced economies, including the Euro Area, Japan, and Korea, as well as overseeing IMF training and technical assistance programs around the world.
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He also served as the IMF’s Deputy Resident Representative in China between 2010 and 2014.
Dr. Syed started his career in the late 1990s as a Senior Policy Analyst at the Islamabad-based Human Development Center under former Finance Minister of Pakistan, Dr Mahbub ul Haq.
Later, he worked for the Institute for Fiscal Studies (IFS), a London-based public policy think tank, where he conducted research projects on business investment and employment behavior, as well as evaluating Latin American antipoverty programs.
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Dr. Syed has a PhD in economics from Nuffield College at the University of Oxford. He has published papers on a variety of macroeconomic issues, including fiscal and monetary policy, financial stability, economic crises, investment, demographics, poverty and inequality. He has also delivered lectures on public policy at Cambridge and Oxford Universities.
KARACHI: Dr. Murtaza Syed, most senior deputy governor of the State Bank of Pakistan (SBP), has taken over the charge as governor of the central bank.
Dr. Murtaza Syed takes over the charge after Dr. Reza Baqir completed his three-year tenure as the governor of the SBP.
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“As the term of Governor SBP Dr. Reza Baqir has come to an end, as per law, the senior most deputy governor takes over until,” Finance Minister Miftah Ismail said in a Tweet.
“Therefore, Dr. Murtaza Syed, an eminently qualified economist with rich IMF experience, will take over as Governor SBP,” he added.
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Dr. Raza Baqir, who completed his tenure on May 04, 2022, said in a statement: “I completed my 3 years as Governor of our central bank. Allah has been kind to give me the chance to serve my country in public office. To other fellow Pakistanis, especially overseas, I encourage you to consider public service.”
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Baqir said during his tenure he initiated many measures to counter the adverse impact of COVID-19. “SBP’s COVID response package and many new facilities for the first time in SBP history, which included TERF, Rozgar payroll loans, hospital financing etc.
The State Bank of Pakistan (SBP) on Saturday released the latest Karachi Interbank Offered Rates (KIBOR) as of April 30, 2022. KIBOR is a benchmark rate for lending and borrowing between banks, influencing a wide range of financial products and transactions in the market.
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