Karachi – The State Bank of Pakistan (SBP) released the latest exchange rates for customers on Monday, shedding light on the currency landscape for January 31, 2022.
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SBP issues KIBOR rates on January 28, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of January 28, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.72 10.22 2 – Week 9.76 10.26 1 – Month 9.79 10.29 3 – Month 10.11 10.36 6 – Month 10.48 10.73 9 – Month 10.62 11.12 1 – Year 10.73 11.23 -
Customers’ exchange rates on January 28, 2022
Karachi, Pakistan – The State Bank of Pakistan (SBP) announced the official exchange rates for January 28, 2022, based on the weighted average rates of commercial banks.
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Rules amended on remittances on behalf of Hajj, Umrah organizers
KARACHI: The State Bank of Pakistan (SBP) on Thursday amended instructions in Foreign Exchange Manual regarding remittances on behalf of Hajj group and Umrah organizers.
The SBP invited attention of banks and exchange companies to Para 45A and 45B, Chapter 17 (Travel) of Foreign Exchange Manual in terms of which banks and exchange companies are allowed to make advance remittances on behalf of the Hajj Group Organizers and the Umrah Organizers, subject to compliance of applicable terms and conditions.
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In order to streamline the instructions relating to advance payments by Hajj and Umrah Organizers, the sub-para (viii) of Para 45A and sub-para (viii) of Para 45B of Chapter 17 stand omitted.
The omitted instructions are:
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“viii) In the case of repatriation of advance payment, exchange gain, if any, will not be passed on to the HGO, rather the same will be deposited in favor of State Bank of Pakistan. To this effect, the Authorized Dealer should get consent/agreement signed by the concerned HGO at the time of effecting remittance. 7The exchange gain should be deposited in favor of the State Bank through RTGS Clearing Account No. 427518. In this respect, a consolidated statement regarding all such cases will be submitted by Head/Principal Offices of the Authorized Dealers to the Director, Foreign Exchange Operations Department, SBP-Banking Services Corporation on monthly basis as per prescribed format (Appendix V-141).”
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“viii) In case of repatriation of advance payment(s), exchange gain, if any, will not be passed on to the Umrah Organizer, rather the same will be deposited in favor of State Bank of Pakistan. To this effect, the Authorized Dealer should get consent/ agreement signed by the concerned Umrah Organizer. 9The exchange gain should be deposited in favor of the State Bank through RTGS Clearing Account No. 427518. In this respect, a consolidated statement regarding all such cases will be submitted by Head/Principal Offices of the Authorized Dealers to the Director, Foreign Exchange Operations Department, SBP-Banking Services Corporation on monthly basis as per prescribed format (Appendix V-143).”
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Pakistan’s forex reserves plunge by $866 million
KARACHI: Pakistan’s liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022, the central bank said on Thursday.
The country’s foreign exchange reserves were at $23.35 billion by week ended January 14, 2022, the State Bank of Pakistan (SBP) said.
The official reserves of the central bank sharply declined by $846 million to $16.19 billion by week ended January 21, 2022 as compared with $17.036 billion a week ago.
The SBP attributed the decline to external and other repayments.
The foreign exchange reserves held by commercial banks also fell by $22 million to $6.292 billion by week ended January 21, 2022 as compared with $6.314 billion a week ago.
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SBP issues KIBOR rates on January 27, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of January 27, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.74 10.24 2 – Week 9.78 10.28 1 – Month 9.82 10.32 3 – Month 10.08 10.33 6 – Month 10.49 10.74 9 – Month 10.63 11.13 1 – Year 10.77 11.27 -
Customers’ exchange rates on January 27, 2022
Karachi, Pakistan – On Thursday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for January 27, 2022, providing customers with crucial information based on the weighted average rates of commercial banks.
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SBP organizes SME exhibition in Multan
KARACHI: State Bank of Pakistan (SBP) in collaboration with Multan Chamber of Commerce & Industry (MCCI) organized a two-day SME Exhibition on January 24-25, 2022.
The event was attended by officials and members of chambers of industry & commerce, associations of traders and women entrepreneurs, and SMEs clusters of Multan, Khanewal, Vehari, D.G. Khan besides officials of SBP BSC and banks.
Muhammad Usman Dar, Special Assistant to Prime Minister on Youth Affairs, speaking in the inaugural session of the Mela, highlighted the progress of Prime Minister’s Kamyab Jawan Program especially designed for young entrepreneurs in the country.
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He praised the personal commitment of Governor SBP, Dr Reza Baqir, in expanding the access to credit at grass root levels including small businesses, women entrepreneurs, and people dreaming to own their home through new credit schemes such as SME Asaan finance (SAAF), Mera Pakistan Mera Ghar (MPMG) and SBP Refinance Scheme for Women Entrepreneurs.
Muhammad Ashraf Khan, Managing Director SBP Banking Services Corporation (SBP BSC) inaugurated the event and while giving his keynote address said that SBP is making all its efforts to enhance collaboration with the industry and chambers across the country to spread awareness of its credit schemes to boost their utilization.
Besides, SBP BSC in partnership with Industry Chambers and Women Associations is working under a new mechanism to identify potential businesses and their employees to apply in the banks for loans under concessional credit schemes for SMEs and housing.
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Highlighting the objectives of the SME Mela, he stated that this would bring banks and business community under one roof, providing an opportunity to micro, small, and medium enterprises to seek guidance from concerned officials of SBP and commercial banks about concessionary refinance schemes.
He encouraged those SMEs to apply under SBP’s SAAF that have strong business viability but do not have collateral to offer.
At this occasion, Khawaja Muhammad Hussain, President MCCI thanked both Special Assistant to Prime Minister and MD SBP BSC, assuring full support of all regional chambers for creating awareness about GoP and SBP concessional financing schemes among the business community of Multan and surrounding areas.
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On day one of the Mela, participants were briefed about the key features of SAAF and PM Kamyab Jawan Youth Entrepreneurship Scheme. Under SAAF Scheme, collateral free financing of up to Rs10 million is available through eight participating banks.
Similarly, under Kamyab Jawan Scheme, concessional loans of up to Rs25 million are available at end user rate of 3 per cent to 5 per cent. On the second day of Mela, participants were apprised about key features of SBP’s financing scheme for renewable energy and Mera Pakistan Mera Ghar (MPMG) Scheme.
Over 600 businesses and firms attended the Mela and visited the banks’ stalls to seek knowledge of SBP’s financing schemes and banks’ loan products. Notably, 264 participants registered themselves at various bank’s stalls to express interest in concessional schemes, including 105 SMEs and women entrepreneurs who applied on the spot for financing under different SBP’s schemes and Kamyab Jawan Program. During the event, MD SBP BSC also distributed cheques among the borrowers of HBL, Bank of Punjab and Bank Alfalah under SBP’s SAAF.
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SBP issues KIBOR rates on January 26, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of January 26, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.71 10.21 2 – Week 9.76 10.26 1 – Month 9.81 10.31 3 – Month 10.03 10.28 6 – Month 10.80 11.05 9 – Month 10.91 11.41 1 – Year 11.03 11.53 -
Customers’ exchange rates on January 26, 2022
Karachi, Pakistan – The State Bank of Pakistan (SBP) issued the official exchange rates for January 26, 2022, on Wednesday, providing customers with valuable insights based on the weighted average rates of commercial banks.
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