KARACHI: March 28, 2022 – The State Bank of Pakistan (SBP) on Monday announced the latest Karachi Interbank Offered Rates (KIBOR), a key benchmark used by financial institutions to determine borrowing costs for businesses and consumers.
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Customers’ exchange rates on March 28, 2022
KARACHI, March 28, 2022 – The State Bank of Pakistan (SBP) has published the exchange rates for Monday, March 28, 2022. These rates are determined based on the weighted average rates of commercial banks and are provided for informational purposes only, according to the SBP.
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IR offices to work till midnight on March 31
ISLAMABAD: The offices of Inland Revenue (IR) will observe extended working hours on last two days of the current month and facilitate tax payment till midnight on March 31, 2022.
According to a notification issued by the Federal Board of Revenue (FBR) on Monday, the offices of Inland Revenue including Large Tax Offices (LTOs), Medium Tax Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) will remain open and observe extended working hours till 8:00 PM on Wednesday March 30, 2022 and till 12:00 midnight on Thursday March 31, 2022 to facilitate the taxpayers in payment of duty and taxes.
READ MORE: Banks to observe extended hours for tax collection
The FBR directed Chief Commissioners 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 collection by these branches to the respective branches of SBP on the same date to account for the same towards the collection for the month of March 2022.
READ MORE: Tax collection from property purchase climbs up 24%
Earlier on March 24, 2022 the SBP issued instructions in this regard.
The SBP in a statement 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 31 March, 2022, respectively.
READ MORE: FBR registration made mandatory for housing projects
Accordingly, NIFT has been advised to arrange a special clearing at 8:00 P.M. on 31st March, 2022 (Thursday) for same day clearing of payment instruments.
All banks are advised to keep their concerned branches open on 31″ March, 2022 (Thursday) till such time that is necessary to facilitate the special clearing for Government transactions by the NIFT.
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SBP issues KIBOR rates on March 25, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of March 25, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.86 10.36 2 – Week 10.07 10.57 1 – Month 10.82 11.32 3 – Month 11.71 11.96 6 – Month 12.24 12.49 9 – Month 12.27 12.77 1 – Year 12.30 12.80 -
SBP takes regulatory action against exchange company
KARACHI: The State Bank of Pakistan (SBP) has taken regulatory actions against an exchange company and suspended its operations, according to a statement issued on Friday.
The central bank suspended with immediate effect the authorization of an Exchange Company namely M/s. Noble Exchange International (Pvt) Limited till further orders for violation of SBP rules and regulations, according to a statement issued on Friday.
The Exchange Company, its head office, branches, franchises have been debarred from undertaking any kind of business activity during the suspension period.
READ MORE: Banks to observe extended hours for tax collection
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Banks to observe extended hours for tax collection
The State Bank of Pakistan (SBP) has directed banks to observe extended working hours on the last two days of March 2022. This decision aims to streamline the tax payment process and provide convenience to individuals and businesses fulfilling their financial obligations.
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Customers’ exchange rates on March 25, 2022
KARACHI, March 25, 2022 – The State Bank of Pakistan (SBP) has disclosed the exchange rates for Friday, March 25, 2022. These rates are established on the weighted average rates of commercial banks and are presented for informational purposes only, as stated by the SBP.
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SBP launches report on SDGs from banking perspective
KARACHI: Dr. Reza Baqir, Governor State Bank of Pakistan (SBP) has unveiled a report titled ‘SDGs and sustainability report – Pakistan banking sector perspective’ in Dubai on March 23, 2022, the central bank said on Friday.
The report was launched in an event on the theme ‘The Future of Green and Sustainable Finance – The Role of the Sustainable Development Goals (SDGs) organized by the Global Ethical Finance Initiative (GEFI) in collaboration with the Government of Scotland and United Kingdom Islamic Finance Council (UKIFC).
READ MORE: Banks approve housing loans worth Rs7.4 billion in event
This is the first ever report from the banking perspective that not only maps progress on Sustainable Development Goals (SDGs) 2030, set by the United Nations, by banks but also highlights specific gaps in achieving them. Other speakers included Ivan McKee, Minister for Trade, Scotland and the event was attended by policy makers, senior bank executives, financial advisors, diplomats and academics who shared insights on the SDGs.
In his keynote address, Dr. Reza Baqir highlighted SBPs and Government of Pakistan’s commitment to the SDGs, demonstrated by initiatives to achieve these goals and work to ensure sustainability. He emphasized that Pakistan is one of the first few countries to adopt SDGs 2030 agenda through a unanimous resolution of Parliament. He highlighted that the seven pillars of Vision-2025 of Government of Pakistan are fully aligned with the SDGs and provide a comprehensive long-term strategy for achieving inclusive growth and sustainable development.
READ MORE: Financing for Mera Pakistan Mera Ghar gains momentum
In pursuit of SDGs, Dr. Reza highlighted some of the key initiatives undertaken by State Bank of Pakistan in the recent times including a landmark policy entitled ‘Banking on Equality’ to address gender gap in financial inclusion and flagship Mera Pakistan Mera Ghar (MPMG) scheme to provide financing for low cost and affordable housing in the country, which was nonexistent prior to 2021.
He stated that MPMG has helped to provide shelter to those who are underprivileged but also stimulated the economy. The flagship scheme has so for attracted applications amounting to Rs357 billion out of which housing loans of Rs157 billion has been approved with disbursement of Rs56 billion.
The Governor specially mentioned SBP’s innovative renewable energy financing facility, which encourages banks to increase green financing portfolio and reduce carbon footprint.
READ MORE: Court hearing on Riba-free banking in Pakistan
Dr. Reza Baqir lauded the work done so far by Pakistani banks on SDGs. However he stressed that Banks Boards and management should explicitly convey their commitment and support for implementation of SDGs to their teams and other stakeholders to embed this message.
He also said that banks should develop implementations plans with identification of time lines and responsibilities to achieve SDGs in conjunction with capacity building programs.
In conclusion, Dr. Baqir emphasized on the need to institutionalize and deepen the reforms to advance the implementation of SDGs to making our planet a better place to live for the generations to come.
The Governor SBP also participated in the fireside chat during the event with Ivan McKee, Minister for Trade, Scotland. During discussion, Dr. Reza Baqir brought attention to the important role of private sector finance in the funding of the SDGs commitments.
READ MORE: Pakistan’s CAD mounts to $12 billion in eight months
He said that space for private sector investments is huge, and in this regard the Government is providing the required facilitation and regulatory flexibility. He also emphasized that emerging market countries also need innovative financial structures from International Financial Institutions and multilaterals to meet the enormous financial needs to meet sustainability requirements.
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Pakistan’s foreign exchange reserves fall to $21.44 billion
KARACHI: Pakistan’s foreign exchange reserves have declined by $843 million to $21.44 billion by week ended March 18, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $22.283 billion a week ago i.e. March 11, 2022.
READ MORE: Pakistan’s forex reserves dip to $22.283 billion
The foreign exchange reserves are continuously falling since February 04, 2022. The country’s foreign exchange reserves have declined by around $2.28 billion during past six weeks till March 18, 2022. The foreign exchange reserves of the country have reached record high at $27.228 billion by week ended August 27, 2021.
READ MORE: SBP’s reserves slip by $250 million on foreign payments
The official foreign exchange reserves of the SBP fell by $869 million to $14.963 billion by March 18, 2022 as compared with $15.832 billion a week ago. The SBP attributed the decline in foreign exchange reserves to external payments.
READ MORE: Pakistan’s forex reserves decline to $22.875 billion
The foreign exchange reserves held by commercial banks witnessed a nominal increase of $24 million to $6.477 billion by week ended March 18, 2022 as compared with $6.453 billion a week ago.
READ MORE: Pakistan’s foreign exchange reserves dip to $23.226 bn
Miftah Ismail, Former Finance Minister, in a tweet said a $2.3 billion decrease in SBP foreign exchange reserves in six weeks. SBP reserves have come down from $17.3 billion on February 4 to $14.96 today.
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SBP issues KIBOR rates on March 24, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of March 24, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.89 10.39 2 – Week 10.03 10.53 1 – Month 10.70 11.20 3 – Month 11.71 11.96 6 – Month 12.22 12.47 9 – Month 12.23 12.73 1 – Year 12.27 12.77