KARACHI: On June 23, 2022, the State Bank of Pakistan (SBP) issued the foreign exchange rates for customers.
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SBP allows bankers to work from home for fuel, energy conservation
KARACHI: The State Bank of Pakistan (SBP) has allowed banks to grant their employees to work from home in order to conserve energy including fuel and energy.
The SBP on Wednesday issue a circular stating that the Federal and Provincial Governments are taking a number of actions to address the prevailing energy situation in the country.
READ MORE: Total bank accounts in Pakistan grow to 66.13 million
In a similar bid, the SBP has taken a number of measures to conserve energy. It is expected that the banking industry will also play its role for energy and fuel conservation.
The SBP said that the banks may formulate a policy on “Work From Home (WFH)” whereby banks’ offices (other than branches) can observe, one/two days in every week, as WFH to achieve the intended objectives.
READ MORE: Internet banking posts 20% growth in 3Q: State Bank
The banks may close all of its premises including branches at 7:00 pm or earlier and switch-off their electric supply except for any emergency use, call centers, monitoring of Alternative Delivery Channels (ADCs), back-ups and maintaining necessary electrical/ IT equipment. Moreover, the air-conditioners at ATMs vestibules may be used economically.
The electrically illuminated sign-boards of branches and other offices shall remain switched-off, at all times.
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The banks are encouraged to hold their meetings (intra/inter-city etc.) virtually and also curtail their local as well as international travelling expenses.
The banks shall encourage their staff to pool their transportation for commuting to and from their respective offices and take any other measure(s) for reducing the commutation time of the bank staff.
The banks may adopt the use of alternate and cost effective sources of energy such as deployment of solar technologies and encourage use of energy efficient equipment, fixtures and appliances in their premises.
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The banks may take any other steps/ actions to curtail the consumption of electricity and fuel in their respective offices including branches.
The banks shall enhance awareness of their employees as well as customers about energy conservation initiatives and encourage them to take part in this energy conservation drive.
In order to achieve the intended objectives, the banks are advised to ensure adequate oversight and monitoring mechanism of energy conservation drive.
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In view of foregoing, banks are advised to take appropriate measures and share their energy conservation plan with SBP latest by June 24, 2022 (Friday). Such measures should be effective latest from July 01, 2022.
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SBP issues KIBOR rates – June 22, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on June 22, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.37 13.87 2 – Week 13.52 14.02 1 – Month 13.74 14.24 3 – Month 14.76 15.01 6 – Month 15.19 15.44 9 – Month 15.28 15.78 1 – Year 15.32 15.82 -
SBP’s customer forex rates – June 22, 2022
KARACHI: On June 22, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers.
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SBP issues KIBOR rates – June 21, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on June 21, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.37 13.87 2 – Week 13.52 14.02 1 – Month 13.73 14.23 3 – Month 14.73 14.98 6 – Month 15.18 15.43 9 – Month 15.25 15.75 1 – Year 15.30 15.80 -
SBP’s customer forex rates – June 21, 2022
KARACHI: On June 21, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers.
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SBP issues KIBOR rates – June 20, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on June 20, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 13.44 13.94 2 – Week 13.57 14.07 1 – Month 13.75 14.25 3 – Month 14.77 15.02 6 – Month 15.18 15.43 9 – Month 15.26 15.76 1 – Year 15.31 15.81 -
Last date June 30, 2022 to exchange prize bonds
KARACHI: The bearer prize bonds of various denominations will not be exchangeable or convertible after June 30, 2022, which is the last date set by the government.
The federal government has 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.
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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.
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SBP’s customer forex rates – June 20, 2022
KARACHI: On June 20, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers.
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Total bank accounts in Pakistan grow to 66.13 million
KARACHI: The number of bank accounts in Pakistan increased to 66.13 million by end of March 2022, showing a jump of 6.66 per cent when compared with 62 million bank accounts by end of same month last year, according to data released by the State Bank of Pakistan (SBP).
It is interesting to note that the statistics showed the population grew much faster than increase in bank accounts. The SBP showed estimated population of the country at 227 million by end of March 2022 as compared with 212 million in the same period of the last year, showing a growth of 7.07 per cent.
READ MORE: Internet banking posts 20% growth in 3Q: State Bank
During past one year the number of total banks in the country is same at 44. However, the number of bank branches grew to 16,788 by end of March 2022 as compared with 16,223 by end of same month last year.
The SBP presented following key highlights of Payment System Review for quarter ended March 30, 2022.
One EMI, M/s China Mobile Pakistan Electronic Commerce Company (CMPECC), was granted commercial license in Q3-FY22.
Number of POS machines reached to 96,975 while the number of payment cards declined slightly to 47.2 million from 48.7 million from the last quarter.
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E-banking volume and value grew by 2.6 per cent and 6.5 per cent respectively on Quarter-on-Quarter (QoQ) basis.
The number of internet banking users reached 7.6 million recording QoQ growth of 10.6 per cent. These users conducted 38.3 million transactions amounting to PKR 2,906.9 billion amounting to a quarterly growth of 13.5 per cent by volume and 19.9 per cent by value.
During the same quarter, 38.3 million POS transactions amounting to PKR 189.7 billion were conducted showing quarterly growth of 21.9 per cent by volume and 6.5 per cent by value.
A total of 9.1 million e-commerce transactions amounting to PKR 27.0 billion were conducted digitally showing quarterly growth in value by 1.3 per cent though volume decline by -32.7 per cent.
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Number of ATMs increased by 1.1 per cent as compared to previous quarter. Value of ATM transactions amounted to PKR 2,437.0 billion of which 90.5 per cent transactions were related to cash withdrawals and 5.1 per cent related to Inter Bank Funds Transfer (IBFT).
The number of mobile banking users declined by -1.0 per cent reaching to 12.0 million. Over 101.5 million transactions valuing around PKR 3,085.8 billion were conducted via mobile banking channels during the quarter, showing a growth of 8.1 per cent by volume and 5.4 per cent by value.
Branch network of Banks and MFBs has reached to 16,788 branches, which includes 16,643 Real-Time Online Branches (RTOB), 48 manual branches and 97 overseas branches.
Value of total RTGS (PRISM) transactions during the quarter amounted PKR 155.7 trillion of which PKR 106.2 trillion were related to Government Securities.