Karachi, Pakistan – On Thursday, the State Bank of Pakistan (SBP) issued the official exchange rates for January 20, 2022, providing customers with essential information based on the weighted average rates of commercial banks.
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SBP digitizes process to facilitates export refinance
KARACHI: State Bank of Pakistan (SBP) has facilitated exporters and banks by digitizing the process for obtaining refinance under Export Finance Scheme (EFS).
The process has been digitized for both conventional and Shariah compliant versions, the SBP said on Wednesday.
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Digitization of the refinance process is envisioned to effectively use technology for enhancing operational efficiency. Now EFS related cases and other relevant data will be submitted electronically to State Bank by banks through an online platform for expeditious regulatory decisions.
Initially, the digitized process of EFS cases will run in parallel with existing manual submission for a short period. Thereafter, the paper based submission of cases by banks will permanently give way to electronic submission of cases.
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This online platform will also enable banks to track the updated status of EFS related cases submitted to SBP/SBPBSC, on real time basis. Banks will be able to retrieve the system‐generated reports for updated status for onward sharing with their customers.
The implementation of digitization of EFS functions will enable SBP to delegate some of the operations to banks, such as sub-allocation of EFS limits by banks as per their own requirements. Under digitized mechanism, there will be no need of transferring an exporter’s limit from one SBP BSC office to another SBP BSC office. This will ensure swift processing of EFS cases and benefit the banks / exporters availing financing facility under EFS.
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The digitization of EFS functions is expected to conserve resources and bring efficiency by reducing turn-around time and replacing the paper based submissions of cases that are prone to logistic and storage issues. This initiative is a part of SBP’s Vision 2020, aiming to implement a modern framework for the retention and sharing of information and bring ease of doing business.
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SBP issues KIBOR rates on January 19, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of January 19, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.62 10.12 2 – Week 9.71 10.21 1 – Month 9.82 10.32 3 – Month 10.18 10.43 6 – Month 11.19 11.44 9 – Month 11.24 11.74 1 – Year 11.27 11.77 -
Customers’ exchange rates on January 19, 2022
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued customers’ exchange rates for January 19, 2022. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 47.9489 48.0609 AUD 126.5699 126.8501 CAD 140.7621 141.0817 CHF 192.1473 192.5899 CNY 27.7490 27.8089 EUR 199.4714 199.9373 GBP 239.4942 240.0496 JPY 1.5394 1.5430 SAR 46.9174 47.0258 USD 175.9956 176.4184 -
SBP issues KIBOR rates on January 18, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of January 18, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.64 10.14 2 – Week 9.72 10.22 1 – Month 9.81 10.31 3 – Month 10.16 10.41 6 – Month 11.17 11.42 9 – Month 11.22 11.72 1 – Year 11.26 11.76 -
Customers’ exchange rates on January 18, 2022
Karachi, Pakistan – On Tuesday, the State Bank of Pakistan (SBP) released the official exchange rates for January 18, 2022, providing customers with essential information based on the weighted average rates of commercial banks.
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SBP issues KIBOR rates on January 17, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of January 17, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.73 10.23 2 – Week 9.77 10.27 1 – Month 9.84 10.34 3 – Month 10.21 10.46 6 – Month 11.20 11.45 9 – Month 11.24 11.74 1 – Year 11.28 11.78 -
SBP warns banks of penal action for delaying transaction alerts
KARACHI: State Bank of Pakistan (SBP) on Monday warned commercial banks of harsh penal action for delaying transmitting transaction alerts to their account holders.
The SBP issued a circular related to security of digital payments. The central bank said that earlier on November 28, 2018, it issued guidelines wherein the banks and microfinance banks (MFBs) were directed to send free of cost transaction alerts to their customers through both SMS and email (where email addresses of customers are available) for all international and domestic digital transactions including but not limited to ATMs, POS terminals and Internet banking transactions.
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It was also mentioned that such transaction alerts shall be generated and relayed to the customers immediately after execution of the transaction.
“However, it has been observed that these instructions are not being meticulously complied with; and customers do not receive SMS alerts immediately despite posting of transactions in their accounts resulting in non-compliance of regulatory instructions as well as causing difficulty for sender and receiver of funds,” the SBP said.
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Similarly, a number of times, customers also do not receive their One-Time Passwords (OTPs) via SMS on time due to which they face difficulty in completing their transactions.
Banks/MFBs are henceforth advised to ensure that all OTPs as well as SMS alerts for financial transactions are generated and sent immediately after customers’ accounts are either debited or credited.
In addition, customers shall also receive the credit/debit confirmation advice through email and in-app notifications (where applicable and available).
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The central bank said that the instructions are applicable with immediate effect and failure to comply with the above instructions will lead to penal action by SBP as per the relevant legal and regulatory provisions.
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Customers’ exchange rates on January 17, 2022
Karachi, Pakistan – On Monday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for January 17, 2022, providing customers with essential information based on the weighted average rates of commercial banks.
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Pakistani overseas workers send $15.8 billion in 1HFY22
KARACHI: Pakistani workers living abroad have sent $15.8 billion to their homeland during first half (July – December) of the fiscal year 2021/2022, State Bank of Pakistan (SBP) said on Friday.
The workers’ remittances grew by 11.26 per cent when compared with $14.2 billion in the same period of the last fiscal year.
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The central bank said that with $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020.
In terms of growth, remittances increased by 2.5 per cent Month on Month and 3.4 per cent Year on Year in December 2021.
Remittance inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).
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The central bank said that proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year.
The Jul-Nov FY22 data of Workers’ Remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.).
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Since data on these conversions was not previously available by country, these were reported under ‘other private transfers’ in the balance of payments statistics. The December 2021 data is also compiled accordingly, and this treatment will be followed going forward.
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