KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on April 06, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.87 | 10.37 |
| 2 – Week | 10.11 | 10.61 |
| 1 – Month | 10.56 | 11.06 |
| 3 – Month | 11.77 | 12.02 |
| 6 – Month | 12.39 | 12.64 |
| 9 – Month | 12.43 | 12.93 |
| 1 – Year | 12.48 | 12.98 |
Source: State Bank of Pakistan
Karachi, April 06, 2022 – The State Bank of Pakistan (SBP) has released the latest exchange rates for foreign currencies against the Pakistani Rupee (PKR) on Wednesday, April 06, 2022.
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KARACHI: The State Bank of Pakistan (SBP) on Wednesday said that around 20 applications were received for digital bank license by end of deadline i.e. March 31, 2022.
The application process registered an overwhelming response whereby SBP received twenty (20) applications from a diverse range of applicants, including domestic commercial banks, microfinance banks, electronic money institutions and FinTech players, the SBP said in a statement issued on Wednesday.
Foreign players already operating in the digital banking space overseas have also expressed their interest to venture into Pakistani market.
The strong interest shown by both local and international players into SBP’s digital banks’ initiative reflects their confidence in the financial sector of Pakistan and the potential of the investment opportunities available in the country.
Earlier this year on January 03, 2022, SBP launched its “Licensing and Regulatory Framework for Digital Banks”.
While setting foundation for the customers’ convenience, providing cost effective digital financial services and promoting innovation for achieving SBP’s overall goal of digitization in the banking business, the Framework is primarily aimed at providing financial services to unserved and underserved segments of the society.
To achieve the intended objectives under this regulatory initiative, the applications were solicited from interested applicants who can demonstrate strong value proposition, robustness of technological infrastructure, sufficiency of financial strength, high level of technical expertise and effectiveness of their risk management culture in the Digital Banks’ space.
SBP developed and finalized this Framework after an extensive consultative process. Initially, SBP released an exposure draft of this Framework and a targeted survey was launched to invite feedback from a wide range of local as well as international stakeholders. Subsequently, a number of meetings were held with all the stakeholders to further enrich the consultative exercise.
Later, SBP also organized two interactive webinars titled ‘Digital Banks – A New Era in Pakistan’ and ‘The Promise of Digital Banks’ with leading local as well as international speakers to discuss the opportunities and challenges associated with digital banks as well as disseminate awareness about Pakistan’s digital bank licensing framework.
During the application window opened from January 03 till March 31, 2022, SBP has remained extensively engaged with all the interested applicants and held various rounds of discussions/ meetings with all of them.
Moreover, SBP team also remained committed to provide exclusive support and necessary facilitation required for preparation and submission of applications to all the applicants. This initiative of State Bank would greatly help in providing financial services to underserved and unserved segments of the society.
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on April 05, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.85 | 10.35 |
| 2 – Week | 10.01 | 10.51 |
| 1 – Month | 10.59 | 11.09 |
| 3 – Month | 11.76 | 12.01 |
| 6 – Month | 12.29 | 12.54 |
| 9 – Month | 12.34 | 12.84 |
| 1 – Year | 12.38 | 12.88 |
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) Tuesday urged the central bank to immediate intervene in to stop further devaluation of Pakistan rupee (PKR).
In a statement KCCI President Muhammad Idrees expressed deep concerns over continuous devaluation of rupee against dollar as the foreign currency hit a new all-time high by crossing Rs186.
READ MORE: Dollar continues record spree against PKR; hits 185.23
He urged the State Bank of Pakistan (SBP) to play its role and devise effective strategy to stop further devaluation rupees which was having a deep negative impact on the economy, particularly the inflation.
“Although the experts are attributing the rupee devaluation to political uncertainty but the SBP, being the regulator, has to play a role otherwise, it will create a lot of problems for the economy which is sinking as it faces a lot of challenges due to widening current and fiscal deficits,” he said.
READ MORE: Businessmen want early resolution of political uncertainty
Muhammad Idrees said that rising dollar against rupee was raising the cost of doing business, making Pakistani goods uncompetitive in the export markets and unaffordable for common man at the local markets as the impact of rising dollar value is usually passed onto end-users.
He said that it has to be understood that the share of exports in GDP stood at around 10 percent while the rest of 90 percent was local trade and imports hence the devaluation is hurting and has reached to a level where it has become unbearable.
“Due to lack of effective price control mechanism, an abnormal upsurge has been witnessed in the prices of almost all the commodities of household usage which have to be controlled to ease the already overburdened and miserable life of the inflation stricken common man,” he stressed.
READ MORE: Direct flights between Pakistan, Tajikistan needed
“Severe devaluation of rupee has raised the cost of doing business and fostered the inflation, therefore, it is really crucial to review the current strategies being pursued by the regulator,” he reiterated.
President KCCI feared that the economic crises including energy crises, devaluing rupee against dollar and rising trade deficit etc. would push the economy to a point of ‘no return’ and may even put Pakistan’s survival at stake. “All the efforts made to maintain GDP growth of 5 percent plus will go wasted if the ongoing political uncertainty continues for long period.”
READ MORE: Withholding tax should be on income: FBR Chairman
He stressed that the emerging situation has to be efficiently addressed and handled very carefully otherwise, the excessive devaluation will continue to increase the cost of doing business, which would terribly affect the industrial performance, raise unemployment and open the floodgates of inflation, particularly for the middle and lower segments of the society, besides making the already poor poorer due to unbearable inflation.
KARACHI, April 05, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Tuesday, April 05, 2022.
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KARACHI: Meta is collaborating with the National Institute of Banking and Finance (NIBAF), a subsidiary of the State Bank of Pakistan (SBP) to train and up-skill Pakistani women entrepreneurs in order to foster sustainability and resilience of women-led businesses in the country, a statement said on Friday.
The program is being implemented under the ‘Business Resilience through Financial Education (BRFE)’ component of Meta’s flagship women empowerment program ‘SheMeansBusiness’. SheMeansBusiness was introduced in Pakistan in May 2020 in partnership with the SBP and USAID to bolster financial inclusion and resiliency of women-led businesses, particularly during the Covid-19 induced economic slowdown.
Under the arrangement, Meta, in collaboration with National Institute of Banking & Finance (NIBAF), will be hosting a series of online training sessions to up-skill 3,000 women entrepreneurs who are part of NIBAF’s National Financial Literacy Program for Youth (NFLP-Y).
The primary aim of the program is to strengthen women’s business financial understanding and help them grow their businesses for enhancing their socioeconomic standing and role in the society. NFLP-Y program focuses on managing personal finances and has a wide reach within Pakistan.
“Financial empowerment is one of the key drivers of women empowerment. NIBAF is excited to collaborate with META to strengthen the financial literacy and digital skills of Pakistani women. We hope that this partnership will help our women craft their own entrepreneurship journeys”, says Riaz Nazarali Chunara, Managing Director NIBAF.
“We are excited to collaborate with NIBAF to foster financial education and training for Pakistan women entrepreneurs”, Beth Ann Lim, Director, APAC Policy Programs and Government Outreach – Meta said. “Financial education is crucial for sustainability and resilience of small and medium enterprises, especially when combined with digital skills. Over the last 2 years we’ve found that entrepreneurs that have adopted digital tools have been more resilient, financial education would further enable them to adapt and grow their businesses. I hope this arrangement goes on to make a significant difference for women led businesses in the country.”
The Meta-NIBAF partnership aims to build on the two organizations’ shared experience in upskilling and enabling up and coming entrepreneurs for improved business prospects. While Meta has been leveraging its social media platforms and digital expertise for human development and economic recovery post Covid-19, NIBAF also boasts extensive capabilities and expertise in designing, and delivering a range of training programs, workshops, and seminars in subjects relevant to economics, banking, finance, and management for capacity building of commercial bankers, micro and rural finance providers, management professionals and entrepreneurs in the country. Its National Financial Literacy Program for Youth (NFLP-Y) educates the Pakistani youth and school-going children on money management skills.
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of April 01, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.86 | 10.36 |
| 2 – Week | 10.02 | 10.52 |
| 1 – Month | 10.69 | 11.19 |
| 3 – Month | 11.64 | 11.89 |
| 6 – Month | 12.25 | 12.50 |
| 9 – Month | 12.29 | 12.79 |
| 1 – Year | 12.34 | 12.84 |
KARACHI: Yarn merchants have urged the State Bank of Pakistan (SBP) to stop the rupee depreciation against the US dollar otherwise it will make industry to continue business.
Chairman Pakistan Yarn Merchants Association (PYMA), Saqib Naseem and Vice Chairman Sindh Balochistan Region, Muhammad Junaid Teli, while expressing deep concern over the continuous depreciation of the rupee and the sharp rise in the value of the dollar, requested the Governor State Bank of Pakistan, Reza Baqir, to adopt effective strategies for stability of rupee.
READ MORE: PYMA seeks duty, taxes cut on yarn in budget 2022/2023
In a statement, PYMA office-bearers warned that rupee devaluation was going to have a deep impact on inflation as it would raise the cost of doing business, making Pakistani goods non-competitive in the export market and unaffordable in the domestic markets.
READ MORE: PYMA fears cancellation of export orders
They highlighted the negative effects of the rising value of the dollar on the country’s economy, especially business activities, and said that on the one hand, the relentless storm of inflation was in full swing. On the other hand, the continuous depreciation of the rupee and the high level of the dollar has led to a huge increase in the production cost of the yarn business and industries.
READ MORE: Saqib Naseem elected central chairman PYMA
PYMA office-bearers Said, “Raw materials are not available in the country as per the industrial demand, the industries have to import the raw materials from abroad in order to continue uninterrupted production activities. However, these days the soaring value of the dollar has put the business community in a difficult position, especially the production costs of SMEs have skyrocketed.”
READ MORE: PYMA demands cotton import through land routes
Saqib Naseem and Junaid Teli requested the Governor State Bank, Reza Baqir to prevent further depreciation of rupee and to prevent the dollar from appreciating, adopt strategies that reduce the cost of doing business. This will definitely boost trade and industry and create ample employment opportunities.
Otherwise it will be difficult to do business and run industries which will affect exports and also increase unemployment in the country.
KARACHI, April 01, 2022 – The State Bank of Pakistan (SBP) has published the exchange rates for customers on Friday, April 01, 2022.
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