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KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on June 28, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 13.11 | 13.61 |
| 2 – Week | 13.31 | 13.81 |
| 1 – Month | 13.54 | 14.04 |
| 3 – Month | 14.52 | 14.77 |
| 6 – Month | 15.06 | 15.31 |
| 9 – Month | 15.13 | 15.63 |
| 1 – Year | 15.19 | 15.69 |
KARACHI: The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on June 28, 2022.
(more…)KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on June 27, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 13.15 | 13.65 |
| 2 – Week | 13.33 | 13.83 |
| 1 – Month | 13.56 | 14.06 |
| 3 – Month | 14.54 | 14.79 |
| 6 – Month | 15.07 | 15.32 |
| 9 – Month | 15.14 | 15.64 |
| 1 – Year | 15.21 | 15.71 |
KARACHI: The prize bonds of various denominations issued by the government of Pakistan are expiring on June 30, 2022.
So far no decision came from the finance ministry to extend the last date for exchanging bearer prize bonds. The federal government has already extended the last date for converting or exchanging the bearer prize bonds up to June 30, 2022.
The State Bank of Pakistan (SBP) issued a circular on March 30, 2022 to extend the date up to June 30, 2022 for exchanging or converting the bearer prize bonds including denominations of Rs40,000/- Rs25,000/-, Rs15,000/- and Rs7,500.
Earlier, the last date for exchanging the bearer prize bonds was March 31, 2022.
READ MORE: SBP directs banks to accept bearer prize bonds
The SBP instructed the banks to accept requests for encashment / conversion / redemption of cited denominations from general public till June 30, 2022.
“Further, the banks shall submit branch / region wise consolidated data of cited denomination national prize bonds held by them on last date i.e. June 30, 2022 latest by July 04, 2022, as per the instructions stipulated in aforementioned CMD Circulars.
READ MORE: Prize bond (bearer) holders given 3 months to document
The finance ministry launched the withdrawal of the unregistered prize bonds in a phased manner. The federal government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.
Since June 2019 the government repeatedly extended the date for exchanging the bearer bonds. Previously, the last date for exchanging the unregistered bonds was December 31, 2021.
READ MORE: History of Prize Bonds in Pakistan
The government is aiming to document the bearer bonds so the exchanging the unregistered bond with cash has been prohibited. The ministry of finance issued various procedure to convert the bond without exchanging with the cash.
The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation (BSC), and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.
READ MORE: Income tax on prize bonds, lottery winning
The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.
The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP BSC as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.
KARACHI: The State Bank of Pakistan (SBP) has released the foreign exchange rates for customers on June 27, 2022.
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KARACHI: The State Bank of Pakistan (SBP) on Saturday said it had approached Shariat Appelate Bench of the Supreme Court for guidance on decision of Federal Shariat Court in Riba case.
In a statement the central bank said the SBP welcomes the Federal Shariat Court’s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision.
READ MORE: IPS demands implementation of court judgment on Riba
As the prime custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan, SBP is deeply committed to ensuring compliance with the injunctions of Islam, in particular those pertaining to riba, while protecting the stability and security of the financial sector of the country that functions as part of the global financial system.
In this context, SBP has always remained at the forefront in promoting Islamic banking in the country. SBP is among the few regulators across the globe where comprehensive legal, regulatory and Shariah Governance frameworks have been successfully developed and implemented.
READ MORE: Court judgment: Riba is Haram in any form
Currently, 22 Islamic Banking Institutions (5 full- fledged Islamic banks and 17 conventional banks having standalone Islamic banking branches) with a branch network of 3,983 branches along with 1,418 Islamic banking windows (Islamic banking counters at conventional branches) are operational across the country. The industry now accounts for 19.4 percent of the country’s overall banking system in terms of assets while in terms of deposits the share is 20 percent (as of March 31, 2022).
READ MORE: FSC reserves judgment in Riba free banking case
In addition, SBP has also been taking measures to bring the legal and regulatory infrastructure in compliance with Shariah principles.
After detailed review of the judgment and based upon the advice of our Chief Legal Adviser and external counsel, we have sought guidance from the honorable Shariat Appelate Bench of the Supreme Court in terms of its implementation and practicalities involved.
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on June 24, 2022.
(more…)KARACHI: On June 24, 2022, the State Bank of Pakistan (SBP) published the foreign exchange rates for customers.
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KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) have decreased around 32-month low at $8.238 billion by week ended June 17, 2022, official data revealed on Thursday.
The official reserves of the central bank fell by $747 million to $8.238 billion by week ended June 17, 2022 as compared with $8.985 billion by week ended June 10, 2022.
Previously, the foreign exchange reserves of the SBP were seen on November 01, 2019 when those were at $8.358 billion.
READ MORE: Pakistan’s central bank reserves shrink to one month import cover
Considering the current official reserves of the State Bank at $8.238 billion, the import cover is only for 1.21 months.
The central bank attributed the decline in foreign exchange reserves for external debt repayments. However, SBP reserves are expected to increase in coming days on realization of proceeds of China Development Bank (CDB) loan, the central bank added.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021.
READ MORE: SBP’s forex reserves slip 2½-year low to $9.226 billion
Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.91 billion by week ended June 17, 2022 from touching the peak on August 27, 2021.
The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.
The falling foreign exchange reserves also put pressure on the local currency. The Pakistani Rupee (PKR) is also depreciating to record low against the US dollar on daily basis.
The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.21 billion by week ended June 17, 2022. Previously, the foreign exchange reserves of the country were seen at $14.259 billion by week ended July 5, 2019.
READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion
The country’s foreign exchange reserves have fallen by $733 million to $14.21 billion by week ended June 17, 2022 as compared with $14.943 billion a week ago i.e. June 10, 2022.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.018 billion.
The foreign exchange held by commercial banks however slightly up by $14 million to $5.972 billion by week ended June 17, 2022 as compared with $5.958 billion a week ago.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on June 23, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 13.40 | 13.90 |
| 2 – Week | 13.54 | 14.04 |
| 1 – Month | 13.75 | 14.25 |
| 3 – Month | 14.77 | 15.02 |
| 6 – Month | 15.19 | 15.44 |
| 9 – Month | 15.29 | 15.79 |
| 1 – Year | 15.33 | 15.83 |