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  • SBP’s customer exchange rates – April 18, 2022

    SBP’s customer exchange rates – April 18, 2022

    KARACHI: The State Bank of Pakistan (SBP) has announced the latest exchange rates for customers, effective April 18, 2022, based on the weighted average rates of commercial banks.

    These indicative rates are provided for informational purposes, reflecting estimates quoted by various commercial banks to their clients.

    Karachi, April 16, 2022 – In its ongoing commitment to transparency, the State Bank of Pakistan (SBP) released the exchange rates for customers on Monday, April 18, 2022. These rates, calculated on the basis of weighted average rates of commercial banks, serve as a key reference for individuals and businesses engaged in foreign currency transactions.

    The SBP clarified that the data is compiled and disseminated solely for informational purposes. These exchange rates are indicative estimates quoted by various commercial banks to their clients, guiding them in commercial transactions involving foreign currencies.

    Here is a breakdown of the buying and selling rates for different foreign currencies in Pakistani Rupees (PKR) as of April 18, 2022:

    Currency Buying Rate Selling Rate

    • AED 49.4787 49.5882

    • AUD 133.5848 133.8886

    • CAD 143.7027 144.0171

    • CHF 192.3438 192.7773

    • CNY 28.5072 28.5674

    • EUR 196.0415 196.4956

    • GBP 236.5760 237.1300

    • JPY 1.4340 1.4372

    • SAR 48.4374 48.5442

    • USD 181.6052 182.0280

    The SBP emphasized that these rates are indicative and provided for informational purposes, guiding customers in their commercial transactions involving foreign currencies. It is essential for businesses and individuals to stay informed about these rates, as they can impact the cost of international trade and transactions.

    To stay updated on the latest developments in the foreign exchange market, customers are encouraged to regularly check for updates from their respective banks or visit the official website of the State Bank of Pakistan. The SBP remains dedicated to fostering a transparent and well-informed financial environment for all stakeholders.

  • SBP issues KIBOR rates – April 16, 2022

    SBP issues KIBOR rates – April 16, 2022

    KARACHI: State Bank of Pakistan (SBP) on Saturday issued the Karachi Interbank Offered Rates (KIBOR) as on April 16, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week12.2112.71
    2 – Week12.2512.75
    1 – Month12.3012.80
    3 – Month12.5112.76
    6 – Month12.9213.17
    9 – Month12.8913.39
    1 – Year12.9313.43
    SBP issues KIBOR rates – April 15, 2022

    Source: State Bank of Pakistan

  • SBP’s customer exchange rates – April 16, 2022

    SBP’s customer exchange rates – April 16, 2022

    Karachi, April 16, 2022 – The State Bank of Pakistan (SBP) has unveiled the latest exchange rates for various foreign currencies against the Pakistani Rupee (PKR), based on the weighted average rates of commercial banks.

    (more…)
  • E-banking transactions up 23% in Jul-Dec: SBP

    E-banking transactions up 23% in Jul-Dec: SBP

    KARACHI: The e-banking based transactions have increased by 23 per cent to Rs33.38 trillion during the quarters of October – December 202 as compared with Rs27.19 trillion in the previous quarter (July – September 2021), the State Bank of Pakistan (SBP) said on Friday.

    The SBP issued quarterly report stating that the volume of e-banking recorded 10.7 per cent to 400 million transactions as compared with previous quarter of 361.6 million.

    READ MORE: Banks approve Rs180 bn for low-cost housing loans

    E-banking includes transactions conducted via electronic channels including real-time online Branches, ATMs, mobile banking, internet banking, call center banking, POS and e-Commerce.

    It would be pertinent to note that the growth in e-banking transactions is much steeper relative to paper based transactions, albeit the value of transactions is higher in the case of later.

    The volume and value of paper based transactions increased by 3.4 per cent and 12.2 per cent respectively.

    READ MORE: Banks approve housing loans worth Rs7.4 billion in event

    While the volume of e-banking transactions is almost four times higher at 400 million than paper based transactions at 101.4 million, the value of transactions of the former stands at Rs33.4 trillion compared with Rs41.6 trillion paper based transactions.

    All around growth in e-banking included expansion in both mobile and internet banking with a double-digit increase in value and volume of transactions during the second quarter. The number of mobile banking transactions amounted to 94 million, while the value reached Rs2.2 trillion, which comes to 18.8 per cent and 35.4 per cent growth respectively on QoQ basis. Meanwhile, number of mobile banking users grew by 5 per cent on QoQ basis, reaching a total of 11.9 million users. The internet banking users reached 6.9 million, conducting 33.8 million transactions, amounting to Rs2.4 trillion, which translate to a strong 13.9 per cent progress in terms of volume and 28 per cent increase in the value of these transactions compared to preceding quarter.

    READ MORE: Financing for Mera Pakistan Mera Ghar gains momentum

    Retail sector also continued its upswing in adoption of digital payments. During the quarter, a total of 31.4 million transactions amounting to Rs178.1 billion were processed via 92,153 Point-of-Sale (POS) terminals. This shows an impressive double-digit QoQ growth of 11.8 per cent by volume and 32.1 per cent by value. Similarly, the number of e-Commerce merchants also increased by 32.6 per cent reaching a total of 3,968. Onboarding of QR merchants largely added to this growth. These merchants processed 13.6 million transactions worth Rs26.7 billion, showing QoQ growth of 7.2 per cent by volume and 19.8 per cent by value.

    READ MORE: State Bank amends regulations for housing loans

    As of end-December 2022, there were 5.4 per cent more cards than the preceding quarter, reaching 48.6 million cards in circulation which mainly comprised of Debit Cards (63.5 per cent), Social Welfare Cards (22.8 per cent), ATM only Cards (9.9 per cent), Credit Cards (3.6 per cent), and Prepaid Cards (0.3 per cent). During this quarter, paper based transactions showed relatively slower growth of 3.4 per cent in volume and 12.2 per cent in value on QoQ basis. In Large-value (wholesale) payments segment, SBP’s Real-time Inter-Bank Settlement Mechanism (PRISM) processed a total of 1.1 million transactions amounting to Rs161.3 trillion, showing QoQ growth of 5.9 per cent in volume and 1.4 per cent in value.

  • SBP issues KIBOR rates – April 15, 2022

    SBP issues KIBOR rates – April 15, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on April 15, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week12.2212.72
    2 – Week12.2612.76
    1 – Month12.3012.80
    3 – Month12.4912.74
    6 – Month12.9213.17
    9 – Month12.9013.40
    1 – Year12.9313.43
    SBP issues KIBOR rates – April 14, 2022
  • SBP’s customer exchange rates – April 15, 2022

    SBP’s customer exchange rates – April 15, 2022

    KARACHI, April 15, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Friday, April 15, 2022.

    (more…)
  • Pakistan receives highest ever monthly remittances

    Pakistan receives highest ever monthly remittances

    KARACHI: Overseas Pakistanis workers have sent $2.8 billion during March 2022, which is the highest ever monthly remittances received, the State Bank of Pakistan (SBP) said on Thursday.

    “With $2.8 billion of inflows during March 2022, workers’ remittances continued their unprecedented run of remaining above $2 billion since June 2020. This is the highest ever monthly level for workers’ remittances,” the SBP added.

    The latest number of remittances showed the inflows grew by 28.3 per cent in March 2022 when compared with $2.19 billion in February 2022.

    Meanwhile, the inflows also grew by 3.2 per cent in March 2022 when compared with $2.72 billion in the same month of the last year.

    Analysts attributed the record remittances to the holy month of Ramazan and festival of Eid ul Fitr. They said that overseas Pakistanis send money to their relatives ahead of festival. Furthermore, the worldwide high prices of end products also one of the reasons for record remittances during March 2022.

    Overall the country received $22.95 billion during July – March 2021/2022 as compared with $21.44 billion in the corresponding months of the last fiscal year, showing an increase of 7 per cent.

    Remittances inflows during March 2022 were mainly sourced from Saudi Arabia ($678 million), United Arab Emirates ($515 million), United Kingdom ($401 million) and United States of America ($300 million).

    — SBP receives $2.2 bn as workers remittances in February

    — Remittances increase to record $18 billion in 7 months

    — Exchange companies get incentive for dollar surrender

    — Incentives approved for exchange companies on dollar surrender

    — Pakistan’s remittances fall by 6.6% in November 2021

  • Pakistan’s forex reserves deplete to $17.03 billion

    Pakistan’s forex reserves deplete to $17.03 billion

    KARACHI: Pakistan’s total foreign exchange reserves fell by $447 million to $17.03 billion by week ended April 08, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were $17.477 billion a week ago i.e. April 01, 2022.

    READ MORE: Pakistan’s foreign exchange reserves shrink to $17.48 bn

    The official reserves of the State Bank fell by $469 million to $10.85 billion by week ended April 08, 2022 as compared with $11.32 billion a week ago. The SBP attributed the decline in foreign exchange reserves to external debt repayments.

    The foreign exchange reserves held by commercial banks however increased by $20 million to $6.178 billion by week ended April 08, 2022 as compared with $6.158 billion a week ago.

    READ MORE: Pakistan’s weekly forex reserves deplete by $2.88 billion

  • Banks approve Rs180 bn for low-cost housing loans

    Banks approve Rs180 bn for low-cost housing loans

    KARACHI: Banks have approved Rs180 billion as loan for low cost housing, the State Bank of Pakistan (SBP) said on Thursday.

    The SBP said building upon current momentum, banks have shown strong progress in approving and disbursing the financing under Mera Pakistan Mera Ghar Scheme against the manifold increase in applications by borrowers to avail housing finance.

    READ MORE: Banks approve housing loans worth Rs7.4 billion in event

    Up to April 11, 2022, banks received applications for housing finance amounting to Rs409 billion, which was merely Rs57 billion a year ago, reflecting an increase of more than 7 times. Out of these, banks have approved applications amounting to Rs180 billion and disbursed Rs66 billion against the approved applications.

    This shows an increase in approvals of applications of more than 11 times as, a year ago, in April 2021, the banks had approved only Rs16 billion.

    READ MORE: Financing for Mera Pakistan Mera Ghar gains momentum

    Similar trends can also be observed in the overall financing to the housing and construction sector by banks. Banks almost doubled their housing and construction finance portfolio to Rs404 billion as of March 31, 2022 from Rs204 billion a year earlier. In increasing their housing and construction finance, banks have also achieved, almost 100 per cent, the first quarter target of Rs405 billion for 2022.

    To improve provision of financing for the housing and construction sector to increase adequate housing in the country and boost construction sector activities, State Bank of Pakistan (SBP) with the support of Government of Pakistan has taken several measures since July 2020. In October 2020, the Government of Pakistan augmented these efforts by introducing the Government Markup Subsidy Scheme, now commonly known as Mera Pakistan Mera Ghar (MPMG) Scheme. Available in both conventional and Islamic mode, this scheme enables banks to provide financing for the construction and purchase of houses at very low financing rates for low to middle income segments of the population.

    READ MORE: State Bank amends regulations for housing loans

    Key initiatives taken under MPMG scheme included allowing acceptance of third party guarantee during the construction period, waiver of Debt Burden Ratio (DBR) in case of informal income and the introduction of standard facility offer letter by the banks. SBP also advised banks to develop and deploy income estimation models for borrowers with informal sources of income. In addition to gauge readiness, knowledge and appropriateness of behavior of banking staff towards customers, regular mystery shopping of banking branches were also conducted by State Bank all over the country.

    The current progress under MPMG is also attributed to banks’ improved preparedness for handling housing finance that includes alignment of banks’ strategic focus, continued improvements in their systems and procedures, training and capacity building of staff, extensive marketing and leverage of technology to reach out to customers. These improvements have helped banks in better handling of financing requests of potential customers. The huge influx of applications and subsequent approvals of financing by banks under the Scheme indicates that current momentum of disbursements under MPMG will continue in the coming months as well.

    housing finance
    STATE BANK OF PAKISTAN

    SBP also advised housing and construction finance targets to banks on July 15, 2020. Banks were required to increase their housing and construction finance portfolio to 5 percent of their domestic private sector advances by the end of 2021. As a result, banks’ financing to housing and construction sector increased to Rs367 billion as of December 31, 2021 from Rs148 billion as of June 30, 2020. For 2022, banks have been advised to increase their housing and construction portfolio to 7 percent of their domestic private sector advances i.e. up to Rs560 billion.

  • SBP issues KIBOR rates – April 14, 2022

    SBP issues KIBOR rates – April 14, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on April 14, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week12.2312.73
    2 – Week12.2612.76
    1 – Month12.3112.81
    3 – Month12.4612.71
    6 – Month12.8613.11
    9 – Month12.8713.37
    1 – Year12.9013.40
    SBP issues KIBOR rates – April 13, 2022

    Source: State Bank of Pakistan