KARACHI, April 28, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Thursday, April 28, 2022.
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SBP directs all banks to open on April 30 before Eid holidays
KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to remain open on Saturday April 30, 2022 to facilitate customers ahead of Eid holidays.
The central bank clarified that all banks and their branches shall remain open on Saturday, April 30, 2022 in line with SBP’s instructions embodied in BPRD Circular Letter No. 11 of April 13, 2022.
In the wake of public holidays announced by the Government of Pakistan on the occasion of Eid-ul-Fitr from 2nd to 5th May, 2022, the general public is encouraged to undertake their banking transactions on Saturday, April 30, 2022.
Further, banks have also been advised to ensure 24/7 availability of Alternate Delivery Channels (ADCs) such as ATMs, Mobile Banking and Internet Banking etc. during these Eid holidays.
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SBP issues KIBOR rates – April 27, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on April 27, 2022.
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SBP imposes penalty of Rs109 million on four banks
KARACHI: The State Bank of Pakistan (SBP) has imposed an amount of Rs109 million as monetary penalty on four banks for violating regulatory provisions, including anti-money laundering (AML) and countering financing of terrorism (CFT).
READ MORE: SBP imposes Rs1.45 billion penalty on 18 banks in 2021
The central bank on Wednesday issued details of monetary penalty imposed on banks during quarter (January – March) 2022 for regulatory violations.
According to details the highest penalty amount of Rs40.90 million has been imposed on Albaraka Bank (Pakistan) Limited for violating regulatory instructions pertaining to AML/CFT, Asset Quality, FX & General Banking Operations etc.
READ MORE: SBP imposes penalty of Rs58 million on five banks
In addition to penal action, the SBP directed the bank to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
The second highest penal amount Rs38.50 million has been imposed on Askari Bank Limited for violation of regulatory instructions pertaining to Customer Due Diligence (CDD) / Know Your Customer (KYC), asset management and general banking operations.
READ MORE: SBP slaps Rs280 million penalty on National Bank
The SBP directed Askari Bank to strengthen its controls/processes in the identified areas.
The central bank also imposed monetary penalty amounting Rs19.27 million and Rs10.265 million on National Bank of Pakistan (NBP) and U Microfinance Bank Limited, respectively.
READ MORE: SBP imposes monetary penalty on eight banks
The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of regulatory regime which involves imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.
In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose significant enforcement actions.
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SBP’s customer exchange rates – April 27, 2022
KARACHI, April 27, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Wednesday, April 27, 2022.
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SBP issues KIBOR rates – April 26, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on April 26, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.13 12.63 2 – Week 12.24 12.74 1 – Month 12.44 12.94 3 – Month 13.41 13.66 6 – Month 13.85 14.10 9 – Month 13.78 14.28 1 – Year 13.78 14.28 -
SBP’s customer exchange rates – April 26, 2022
KARACHI, April 26, 2022 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers on Tuesday, April 26, 2022.
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SBP issues KIBOR rates – April 25, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on April 25, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 12.14 12.64 2 – Week 12.25 12.75 1 – Month 12.45 12.95 3 – Month 13.39 13.64 6 – Month 13.81 14.06 9 – Month 13.75 14.25 1 – Year 13.76 14.26 -
SBP’s customer exchange rates – April 25, 2022
KARACHI, April 25, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Monday, April 25, 2022.
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Pakistan’s CAD hit $13.17 billion in July – March
KARACHI: Pakistan’s current account deficit (CAD) hit record $13.17 billion during first nine months (July – March) 2021/2022, according to balance of payment (BoP) data released on Saturday.
The current account deficit for July – March 2021/2022 widened to $13.169 billion as compared with the deficit of $275 million in the corresponding months of the last fiscal year, the State Bank of Pakistan (SBP) said.
READ MORE: Pakistan’s CAD mounts to $12 billion in eight months
The massive widening of current account deficit may be attributed to sharp increase in imports and repayment of external debt.
The trade deficit widened by 71 per cent to $35.52 billion during first nine months of the current fiscal year as compared with $20.8 billion in the corresponding period of the last fiscal year, according to Pakistan Bureau of Statistics (PBS).
READ MORE: Current account deficit widens to $11.58 bn in 7MFY22
Import bill of the country recorded an increase of 49 per cent to $58.87 billion during July – March 2021/2022 as compared with $39.49 billion in the same period of the last fiscal year. On the other hand exports of the country also grew by 25 per cent to $23.35 billion during the first nine months of the current fiscal year as compared with $18.68 billion in the corresponding period of the last fiscal year.
The inflows of workers remittances increased to $22.95 billion during July – March 2021/2022 as compared with $21.43 billion in the corresponding period of the last fiscal year.
READ MORE: Pakistan’s current account deficit balloons to $9.1 bn
The current account deficit for the month of March 2022 widened to $1.028 billion as compared with the deficit of $369 million in the last year and deficit of $519 million in February 2022.
Pakistan’s current account deficit had reached dollar $4.45 billion in fiscal year 2019/2020. However the deficit shrank to $2.82 billion in fiscal year 2020/2021.
READ MORE: Pakistan’s CAD balloons to $7.1 billion in five months