KARACHI, May 27, 2022: The State Bank of Pakistan (SBP) provided customers with the foreign exchange rates on May 27, 2022. These rates, derived from the weighted average rates of commercial banks, are a vital reference point for businesses and individuals engaged in international transactions.
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Pakistan’s forex reserves ease to $16.15 billion
KARACHI: Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022.
READ MORE: Pakistan’s forex reserves fall to $16.37 billion
The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.
READ MORE: Pakistan’s forex reserves dip to $16.55 billion
The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago.
The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high.
READ MORE: SBP forex reserves shrink to 1.69 months import cover
The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.
The foreign exchange reserves of held by commercial banks however inched up by $64 million to $6.061 billion by week ended May 20, 2022 as compared with $5.997 billion a week ago.
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SBP issues KIBOR rates – May 26, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on May 26, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.60 14.10 2 – Week 13.71 14.21 1 – Month 13.81 14.31 3 – Month 14.40 14.65 6 – Month 14.57 14.82 9 – Month 14.60 15.10 1 – Year 14.60 15.10 -
SBP’s customer forex rates – May 26, 2022
KARACHI, May 26, 2022 — The State Bank of Pakistan (SBP) has released the foreign exchange rates for customers on Thursday, May 26, 2022. These rates are calculated based on the weighted average rates of commercial banks operating in the country.
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SBP issues KIBOR rates – May 25, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on May 25, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.62 14.12 2 – Week 13.72 14.22 1 – Month 13.80 14.30 3 – Month 14.41 14.66 6 – Month 14.58 14.83 9 – Month 14.60 15.10 1 – Year 14.61 15.11 -
SBP’s customer forex rates – May 25, 2022
KARACHI, May 25, 2022 — The State Bank of Pakistan (SBP) has released the foreign exchange rates for customers on Wednesday, May 25, 2022.
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SBP governor inaugurates Meezan Roshan Digital Center
KARACHI: The Acting Governor of State Bank of Pakistan (SBP) Dr. Murtaza Syed has inaugurated Meezan Roshan Digital Center, which is built for catering the needs of Roshan Digital Account holders.
The acting SBP governor recently visited Meezan Bank’s Head Office in Karachi along with the Deputy Governor Ms. Sima Kamil and the Bank’s senior management.
Chairman Meezan Bank’s Board Riyadh S.A.A. Edrees, Meezan Bank’s Founding President & CEO Irfan Siddiqui and the Bank’s senior officials were also present on this occasion.
READ MORE: Meezan Bank leads Rs1 bn finance for solar project
In his brief address, the Acting Governor congratulated the management and RDA team of the Bank to channel substantial volume of remittances and achieving remittances of $1 billion in RDA and added that other banks should also focus their attention towards increasing remittances through RDA and come up with innovative means for achieving this milestone.
He noted that overseas Pakistanis have always made Pakistan proud through their achievements and dedication to their motherland. He observed that the country needs more investment from abroad to fund the current account deficit and raise much needed foreign exchange reserves.
READ MORE: Meezan Bank, SNGPL sign deal for digital bill collection
He recalled while various other banks joined the RDA at a later stage, Meezan Bank was amongst the first eight banks that launched this service since its inception.
Dr. Syed acknowledged the elements behind this success such as the Bank’s dedicated focus on the product, its joint initiatives with SBP to create awareness about RDA, Shariah-inclination of overseas Pakistanis and availability of all necessary support from the regulators.
Dr. Murtaza Syed was also accompanied by Managing Director, Deposit Protection Corporation, Syed Irfan Ali, Executive Director Saleemullah, Executive Director Sohail Javaad and the Chief Spokesperson SBP Abid Qamar.
READ MORE: Meezan Bank provides bill discounting facility for Huawei
Irfan Siddiqui thanked the State Bank for their support in the RDA initiative and their patronage in inaugurating Meezan Roshan Digital Centre and said that Meezan Bank has always been fully committed to supporting this important initiative.
Speaking on the occasion, Meezan Bank’s Chairman Riyadh S. A. A. Edrees expressed his gratitude to SBP for their untiring support and efforts in promoting Islamic banking in Pakistan. He assured SBP’s leadership that the Board of Meezan Bank is committed towards supporting SBP’s various initiatives including RDA, Low-Cost Housing and SME Financing.
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SBP issues KIBOR rates – May 24, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on May 24, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.68 14.18 2 – Week 13.72 14.22 1 – Month 13.82 14.32 3 – Month 14.44 14.69 6 – Month 14.61 14.86 9 – Month 14.60 15.10 1 – Year 14.61 15.11 -
SBP cuts car loan tenure to three years
KARACHI: The State Bank of Pakistan (SBP) on Tuesday reduced the tenure for car loan to three years from five years in order to curb demand to support balance of payment and devaluation of Pakistan Rupee (PKR).
The SBP issued Circular No. 19 of 2022 to amend prudential regulations related to consumer financing.
READ MORE: SBP makes permission must for import of mobile phone, cars
The central bank amended the Regulation No. 11 to reduce the maximum tenure for car financing. According to the circular, the maximum tenure of auto financing has been reduced to three years from five years for vehicles above 1000CC engine displacement and to five years from seven years for vehicles up to 1000CC engine displacement and locally assembled / manufactured electric vehicles.
However, the regulatory treatment of Roshan Apni car product communicated earler to Roshan Digital Account (RDA) participant banks will continue to remain effective.
READ MORE: Car sales register 50% growth in 10MFY22
It is pertinent to mention that the government last week imposed a complete ban on import of luxury and non-essential items. The import of cars in Completely Built Unit (CBU) has also been banned under the new policy. The import of Completely Knocked Down (CKD) cars are still allowed for imports but with certain restrictions.
The SBP on May 20, 2022 issued a circular imposing restrictions for making import payments.
The SBP said it has been decided that banks, with immediate effect, shall seek prior permission from Foreign Exchange Operations Department (FEOD), SBP-BSC before initiating transactions for import of goods listed in the enclosed Annexure, subject to following conditions:
READ MORE: Peshawar Customs auctions motor cars on May 16, 2022
The above requirement shall be applicable for all import transactions initiated by Authorized Dealers through (i) issuance/ amendment of letter of credit; (ii) registration/ amendment of contract; (iii) making advance payment; (iv) authorizing transactions on open account or collections basis;
The above requirement shall not be applicable on import transactions initiated by the Authorized Dealers on or before the date of issuance of this circular letter;
The banks may approach Director, FEOD, SBP-BSC, Head Office, Karachi, along with appropriate documents and its recommendation on a case to case basis;
The banks shall be required to suitably amend the importer’s bank profile in Pakistan Single Window to ensure that the aforementioned import transaction shall not be initiated on open account basis without prior permission from State Bank.
READ MORE: SBP increases interest rate by 150bps to 13.75%
It is noteworthy that the SBP has also increased the key policy rate to 13.75 per cent in an announcement on May 23, 2022. The rise in interest rate will increase the cost of loans which will subsequently reduce the demand for car loans.
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SBP’s customer exchange rates – May 24, 2022
KARACHI, May 24, 2022 — The State Bank of Pakistan (SBP) has disclosed the foreign exchange rates for customers on Tuesday, May 24, 2022. These rates are computed based on the weighted average rates of commercial banks, providing valuable insights into the prevailing conditions of the foreign exchange market.
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