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  • SBP imposes penalty of Rs58 million on five banks

    SBP imposes penalty of Rs58 million on five banks

    KARACHI: The State Bank of Pakistan (SBP) has imposed penalty of Rs58 million on five commercial banks for violating regulatory provisions during quarter ended December 31, 2021.

    According to an official note released on Tuesday, the SBP said it had imposed penalty on five commercial banks, included: Bank Alhabib Limited, The Bank of Punjab, Standard Chartered Bank (Pakistan) Limited), Askar Bank Limited and National Bank of Pakistan.

    READ MORE: SBP slaps Rs280 million penalty on National Bank

    The central bank said that the penalty was imposed on the banks for violating regulatory instructions pertaining to general banking operations.

    The details of monetary penalties on the banks are: Bank Alhabib Limited, Rs13.684 million; The Bank of Punjab, Rs12.545 million; Askari Bank Limited, Rs10.300 million, National Bank of Pakistan, Rs10.26 million.

    The SBP said that in addition to penal action, the bank has been advised to strengthen processes with respect to identified areas.

    READ MORE: SBP imposes monetary penalty on eight banks

    The total monetary penalty on banks during past six months (July – December) 2021 has increased to Rs523 million.

    Previously, the SBP imposed monetary penalty of Rs455 million on four banks for the quarter ended September 30, 2021. During this quarter the SBP imposed heavy penalty of Rs280.51 million on National Bank of Pakistan (NBP) for violating regulator instructions pertaining to AML/CFT. Similarly, an amount of Rs132.437 has been imposed on Silk Bank Limited for violating provisions of anti-money laundering and counter financing of terrorism.

    READ MORE: Habib Bank pays penalty of Rs42.2 million to SBP

    Furthermore, the central bank imposed penalties of Rs38.55 million and Rs13.54 million on United Bank Limited and Industrial and Commercial Bank of China-Pakistan Branches.

  • UBL gets DD approval to acquire Telenor Microfinance Bank

    UBL gets DD approval to acquire Telenor Microfinance Bank

    KARACHI: United Bank Limited (UBL) has been granted regulatory approval to commence due diligence (DD) of Telenor Microfinance Bank Limited.

    In a communication shared with the Pakistan Stock Exchange (PSX) on Tuesday, UBL said that the State Bank of Pakistan (SBP) had granted in-principle approval to UBL to commence the due diligence of Telenor Microfinance Bank Limited (TMB) for proposed acquisition of 55 per cent sponsor shares in TMB, currency held by Telenor Pakistan BV (operating under the Easypaisa brand name), subject to the compliance with the applicable laws, rules, regulations.

    It was second approval granted by the SBP in less than two weeks to UBL to initiate due diligence in two different acquisitions.

    On January 26, 2022, the bank informed the PSX that that SBP had granted in-principle approval to UBL to commence the due diligence of Samba Bank Limited in respect of acquisition of 84.51 per cent shareholding of SBL, currently held by Saudi National Bank.

  • SBP issues KIBOR rates on February 07, 2022

    SBP issues KIBOR rates on February 07, 2022

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of February 07, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7610.26
    2 – Week9.8010.30
    1 – Month9.8410.34
    3 – Month10.1310.38
    6 – Month10.4910.74
    9 – Month10.5811.08
    1 – Year10.7011.20
    SBP issues KIBOR rates on February 04, 2022
  • SBP welcomes Pakistanis in KSA for RDA support

    SBP welcomes Pakistanis in KSA for RDA support

    KARACHI: The State Bank of Pakistan (SBP) has welcomed the Pakistani diaspora in the Kingdom of Saudi Arabia (KSA) for their support of the SBP’s initiative of Roshan Digital Account (RDA).

    (more…)
  • Customers’ exchange rates on February 07, 2022

    Customers’ exchange rates on February 07, 2022

    Karachi, February 07, 2022: The State Bank of Pakistan (SBP) has unveiled the official exchange rates for February 07, 2022, providing essential information on currency values against the Pakistani Rupee.

    (more…)
  • Banks directed to aware exchanging old banknotes

    Banks directed to aware exchanging old banknotes

    KARACHI: The State Bank of Pakistan (SBP) on Friday directed all commercial banks and microfinance banks to display messages to create awareness in general public regarding last date for exchanging old design banknotes.

    The SBP said that the last date for exchanging the old banknotes of denominations of Rs10, 50, 100 and 1000 is December 31, 2022.

    READ MORE: Last date extended to exchange old banknotes: SBP

    The central bank said that it had issued FD Circular No.2 of 2015 dated June 11, 2015, regarding demonetization of old design banknotes of Rs. 10, 50, 100 and 1000, and cessation of legal tender status of these banknotes with effect from December 01, 2016.

    Thereafter, these old design banknotes were exchangeable only from the offices of the SBP Banking Services Corporation offices up till December 31, 2021.

    READ MORE: Old currency notes can be exchanged till December 2022

    The Federal Government vide Gazette Notification F.No.2 (1) IF-III/2010 dated December 23, 2021, has extended the last date of exchange of these old design banknotes from the field offices of the SBP Banking Services Corporation up till December 31, 2022.

    In order to enhance public awareness about extension in last date of exchange of these old design banknotes from the field offices of SBP Banking Services Corporation, the banks are advised to make the following arrangements on immediate basis:

    READ MORE: SBP’s instructions on pensioners biometric verification

    — Ensure display of message regarding the last date of exchange of old design banknotes at their websites. The message shall remain visible at their websites up to December 31, 2022.

    — The messages shall be shown through an interactive web icon displaying attached poster regarding extension in the last date of exchange of old demonetized banknotes along with separate video message.

    READ MORE: SBP continues banking relaxations amid rising COVID cases

  • SBP issues KIBOR rates on February 04, 2022

    SBP issues KIBOR rates on February 04, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of February 04, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7410.24
    2 – Week9.7810.28
    1 – Month9.8310.33
    3 – Month10.1310.38
    6 – Month10.4810.73
    9 – Month10.5811.08
    1 – Year10.7111.21
    SBP issues KIBOR rates on February 03, 2022
  • Customers’ exchange rates on February 04, 2022

    Customers’ exchange rates on February 04, 2022

    Karachi, February 04, 2022: The State Bank of Pakistan (SBP) has issued the official exchange rates for February 04, 2022, providing essential information on currency values against the Pakistani Rupee.

    (more…)
  • Exchange companies get incentive for dollar surrender

    Exchange companies get incentive for dollar surrender

    KARACHI: The State Bank of Pakistan (SBP) on Thursday introduced an incentive scheme of surrendering dollars of home remittances for exchange companies.

    The scheme is operational from February 04, 2022, the SBP said in a circular.

    Home remittances are a major source of income for families of expatriate Pakistanis and contribute significantly in country’s economic activities.

    READ MORE: Incentives approved for exchange companies on dollar surrender

    The SBP together with the government has introduced various policy initiatives, from time to time, to increase the flow of home remittances through formal channels.

    In order to further encourage the exchange companies to mobilize home remittances, the government has decided that the exchange companies will be provided an incentive of Re1 for each US dollar of home remittances surrendered in interbank market provided that the exchange companies surrender 100 per cent of the foreign exchange received as inward home remittances.

    The incentive of Re 1 for each US dollar surrendered in interbank market will be fixed irrespective of exchange rate, however, it is clarified that the incentive will not be allowed to exceed one per cent of exchange rate in case of Pak Rupee appreciation.

    READ MORE: Exchange companies asked to deploy BVS from Nov 6

    In order to become eligible for the incentive, the exchange companies shall open and maintain a separate foreign currency account for receiving inward home remittances through Money Transfer Operators (MTOs) and surrendering the foreign exchange in the interbank market.

    The said foreign currency account will be used for transactions related to inward home remittances only and any amount received as commission or exchange gain etc. from MTOs shall not be credited in this account.

    READ MORE: SBP cuts SLR requirement for exchange companies to 15pc

    The requirement for surrendering foreign exchange vide Para 9 (ii) (d), Chapter 3 of Exchange Companies Manual, has been amended accordingly, as follows, to effect above mentioned incentive scheme: “(d) Exchange Companies shall surrender 100 per cent of foreign currencies received on account of inward home remittances, in equivalent US Dollars, in the interbank market on the same day.”

    The exchange companies shall maintain complete record of transactions related to inward home remittances, amount surrendered in the interbank market and claims submitted to the State Bank of Pakistan under this scheme.

    READ MORE: Exchange companies allowed export foreign currencies on consignment basis

    The Standard Operating Procedures regarding submission of claims by the Exchange Companies will be issued separately.

    The exchange companies will ensure availability of all relevant record for examination by State Bank’s inspection teams. The violation of any instruction on the part of Exchange Companies would attract enforcement action under the relevant provisions of the Foreign Exchange Regulation Act, 1947, the SBP added.

  • Pakistan’s forex reserves decline to $22.085 billion

    Pakistan’s forex reserves decline to $22.085 billion

    KARACHI: Pakistan’s liquid foreign exchange reserves declined by $397 million to $22.085 billion by week ended January 28, 2022, the central bank said on Thursday.

    The country’s foreign exchange reserves were at $22.482 billion by week ended January 21, 2022, the State Bank of Pakistan (SBP) said.

    The official reserves of the central bank also declined by $462 million to $15.728 billion by week ended January 28, 2022 as compared with $16.19 billion a week ago. The SBP attributed the decline to external and other repayments.

    The foreign exchange reserves held by commercial banks however increased by $65 million to $6.357 billion by week ended January 28, 2022 as compared with $6.292 billion a week ago.

    Pakistan’s forex reserves plunge by $866 million