Karachi, February 21, 2022: The State Bank of Pakistan (SBP) has issued the official exchange rates for February 21, 2022, providing important information on currency values against the Pakistani Rupee.
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SBP launches electronic warehouse receipt financing
KARACHI: The State Bank of Pakistan (SBP) is launching Electronic Warehouse Receipt Financing (EWRF) on Tuesday February 22, 2022 for Maize Crop.
The financing scheme will be launched at an event in Tehsil Chunian, District Kasur, according to a SBP statement issued on Monday.
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At the event banks will be signing their System Usage Agreements with Naymat Collateral Management Company Ltd. (NCMCL) to commence operations under this newly developed system.
This mechanism will not only provide farmers with an adequate facility to store their produce, but also address their liquidity requirement as these receipts will be used as a collateral to avail financing from banks.
The warehouse receipts will be issued by approved collateral management companies in arrangement with their accredited storage facility operators.
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The value of stored harvest will be assessed and marked on the electronically issued warehouse receipts, which can then be used to avail financing from banks.
Through this initiative, SBP aims to achieve multiple objectives including; enhanced availability of formal credit to farmers who otherwise do not have acceptable collateral to secure bank financing; minimize post-harvest losses through a network of accredited warehouses where standardized agricultural produce can be stored; and ensure better price discovery to increase farmers’ profitability and guide them in making better farming decisions.
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The system has been developed through collaborative efforts of various stakeholders including the State Bank of Pakistan, Securities & Exchange Commission of Pakistan, Federal and Provincial Governments, and banks, among others.
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SBP issues Rs70 coin to mark Pakistan, Germany relations
KARACHI: The State Bank of Pakistan (SBP) on Friday issued Rs.70 Commemorative Coin to Mark 70th Anniversary of Diplomatic Relations between Germany and Pakistan.
A ceremony was held at the SBP office in Islamabad to mark the issuance of a special 70 Rupee Commemorative Coin on the occasion of the 70th anniversary of establishment of diplomatic relations between Germany and Pakistan.
It may be recalled that the diplomatic relationship between Germany and Pakistan was established on October 15, 1951.
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The Foreign Secretary of Pakistan, Sohail Mahmood graced the occasion as Chief Guest, which was also attended by the Ambassador of Germany Bernhard Schlagheck, as the Guest of Honor. The ceremony was hosted by Deputy Governor SBP Dr. Murtaza Syed.
In his address, Dr. Syed welcomed both the Foreign Secretary Sohail Mahmood and the Ambassador of Germany, Bernhard Schlagheck and paid tribute to the longstanding friendly relations between the two countries.
He highlighted the strong financial and banking connections, which have helped to promote bilateral trade, remittances and investment. Dr. Murtaza also shed light on the exemplary cooperation between the two central banks of Pakistan and Germany, and said that SBP has benefitted immensely from the training and development programs organized by the Bundesbank.
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In his address, Dr. Syed paid tribute to the German-Pakistani nun Dr. Ruth Pfau for her untiring and selfless efforts to fight leprosy in Pakistan. He recalled that Pakistan had also issued a commemorative coin to honor her services in 2018.
The ambassador of Germany His Excellency Bernhard Schlagheck expressed his appreciation to the Government of Pakistan and the SBP for the ceremony. While noting the design features of the coin, he remarked on the historic importance of the buildings depicted, the Brandenburg Gate and the Minar-e-Pakistan.
He noted that Germany and Pakistan have a long history of development cooperation, reflected most recently by the ongoing visit of the Deputy Development Minster of Germany. He also highlighted the history of close interaction between the two countries at the highest levels, alluding to the planned visits of the Prime Minister of Pakistan to Germany and the German foreign minister to Pakistan.
He emphasized that the two countries have strong relations in the areas of finance, culture, and education. The ambassador also extoled the contributions of the Pakistani diaspora in Germany, noting that they were playing an important role in promoting social prosperity and economic development in Germany.
Foreign Secretary, Sohail Mahmood in his address discussed the strong relations that Germany and Pakistan have established over many decades.
He highlighted the cooperation between Pakistan and Germany in diverse fields including trade and investment, energy, environment, education, science and technology, and defense & security. He noted that Germany is the largest trading partner of Pakistan within the European Union and appreciated the investment made by German institutions in Pakistan.
On a human level, he also highlighted the significant influence of Germany in the intellectual evolution of Allama Iqbal.
The commemorative coin has a diameter of 30 mm and weighs 13 grams, with milled serrations on the edge. The metal composition of the coin is Cupro-Nickel with 75 per cent Copper and 25 per cent Nickel.
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SBP issues KIBOR rates on February 18, 2022
Karachi, February 18, 2022 – The State Bank of Pakistan (SBP) announced the latest Karachi Interbank Offered Rates (KIBOR) on Friday, reflecting the lending and borrowing rates for various tenors in the interbank market. The KIBOR is a crucial benchmark rate, serving as a reference for lending rates in the banking sector and providing an indication of prevailing market conditions.
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Customers’ exchange rates on February 18, 2022
Karachi, February 18, 2022: The State Bank of Pakistan (SBP) has announced the official exchange rates for February 18, 2022, offering insights into currency values against the Pakistani Rupee.
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Pakistan’s foreign exchange reserves slip to $23.49 bn
KARACHI: The total liquid foreign exchange reserves of Pakistan have declined by $231 million to $23.49 billion by week ended February 11, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $23.721 billion by week ended February 04, 2022.
The official reserves of the central bank fell by $241 million to $17.096 billion by week ended February 11, 2022 as compared with $17.337 billion a week ago.
However, the foreign exchange reserves held by commercial banks slightly increased by $10 million to $6.394 billion by week ended February 11, 2022 as compared with $6.384 billion a week ago.
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Foreign investment surges by 176% during July – January
KARACHI: The overall inflow of foreign investment in the country recorded 176 per cent during first seven months (July – January) 2021/2022 due to the inflows of debt securities to the tune of $1.057 billion received in January 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.
The total foreign investment increased to $1.817 billion during the first seven months of the current fiscal year as compared with $659 million in the corresponding months of the last fiscal year.
READ MORE: Pakistan’s foreign investment surges by 73% in 5 months
The net foreign private investment is showing increase of 5.7 per cent to $859 million during July – January 2021/2022 as compared with $812.4 million.
The net inflow of foreign direct investment (FDI), a major component of foreign private investment, into Pakistan has recorded 11.3 per cent during first seven months (July – January) of 2021/2022.
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The net inflow of the foreign direct investment increased to $1.17 billion during first seven months of the current fiscal year as compared with $1.05 billion in the corresponding period of the last fiscal year.
The increase in net inflow of FDI can be attributed to significant contraction in outflow during the period. The outflow fell by 40 per cent to $468.7 million during the period under review as compared with the outflow of $786 million in the same period of the last fiscal year.
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However, the portfolio investment, the other component of foreign private investment, recorded a 31 per cent decline during first seven months of the current fiscal year. The outflow under foreign portfolio investment recorded at $308 million during July – January 2021/2022 as compared with outflow of $236 million in the corresponding period of the last fiscal year.
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SBP issues KIBOR rates on February 17, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of February 17, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.77 10.27 2 – Week 9.81 10.31 1 – Month 9.87 10.37 3 – Month 10.19 10.44 6 – Month 10.57 10.82 9 – Month 10.64 11.14 1 – Year 10.72 11.22 -
Customers’ exchange rates on February 17, 2022
Karachi, February 17, 2022: The State Bank of Pakistan (SBP) has issued the official exchange rates for February 17, 2022, offering crucial information on currency values against the Pakistani Rupee.
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SBP expands export finance scheme to improve inflows
KARACHI: The State Bank of Pakistan (SBP) on Wednesday expanded the export finance scheme (EFS) to facilitate exporters and encourage timely foreign inflows.
The central bank said that it had enhanced the scope of EFS with a to further facilitate exporters and encourage timely inflow of export proceeds.
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The EFS has been enhanced for both conventional as well as Sharia based and allowing the exporters to obtain financing against their export proceeds through discounting of export bills/receivables.
Discounting of bills/receivables is essentially a financial transaction where the exporter surrenders its future export proceeds and obtain financing in PKR for the remainder of the time period of exports proceeds realization.
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This initiative will help exporters meet their working capital needs and also incentivize them to bring in their export proceeds in a timely manner that will help to improve foreign exchange inflows in the interbank market.
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Exporter can obtain financing from banks by discounting their export bills/receivables (both post-shipment & pre-shipment) under this scheme, at rates ranging from 2 per cent to 3 per cent depending upon the tenor of discounting. In the first three months, this facility will be available at introductory lower rates of 1 per cent and 2 per cent. Banks will obtain refinance equal to discounted amount for the tenor of discount at tier-based rates ranging from 1 per cent to 2 per cent.
In addition to supportive rates for working capital needs of exporters, SBP has also provided special relaxation under this facility by increasing the export proceed realization period up to 180 days if the exporter avails this discounting facility.
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