KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of January 14, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.76 | 10.26 |
| 2 – Week | 9.79 | 10.29 |
| 1 – Month | 9.84 | 10.34 |
| 3 – Month | 10.23 | 10.48 |
| 6 – Month | 11.21 | 11.46 |
| 9 – Month | 11.24 | 11.74 |
| 1 – Year | 11.28 | 11.78 |
Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) released the official exchange rates for January 14, 2022, providing customers with crucial information based on the weighted average rates of commercial banks.
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KARACHI: Pakistan’s total liquid foreign exchange reserves declined by $118 million during a week, the State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $23.901 billion by week ended January 07, 2022 as compared with $24.019 billion by week ended December 31, 2021.
The official reserves of the central bank came down by $88 million to $17.598 billion by week ended January 07, 2022 as compared with $17.686 billion a week ago.
Likewise, the foreign exchange reserves held by commercial banks declined by $30 million to $3.303 billion by week ended January 07, 2022 as compared with $6.333 billion a week ago.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of January 13, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.74 | 10.24 |
| 2 – Week | 9.78 | 10.28 |
| 1 – Month | 9.84 | 10.34 |
| 3 – Month | 10.16 | 10.41 |
| 6 – Month | 11.15 | 11.40 |
| 9 – Month | 11.18 | 11.68 |
| 1 – Year | 11.26 | 11.76 |
KARACHI: The State Bank of Pakistan (SBP) has won the best bank award for promoting Islamic finance announced by Islamic Finance News (IFN), an arm of RED money Group, Malaysia.
The IFN announced the SBP as the best Central Bank of 2021 across the world in promoting Islamic finance. The results of global voting were disclosed today. IFN Best Banks Poll is regarded as one of the prestigious accolades in the global Islamic finance space. Bank Negara Malaysia stood second while the Saudi Central Bank secured third position.
READ MORE: Bank deposits surge to historic high at Rs20.97 trillion
The category of the Best Central Bank in promoting Islamic Finance is one of the closely fought contests among regulators competing for supremacy through exceptional advances made during the year. SBP is honored to have won this award for the 5th time during last seven years.
Previously, SBP was bestowed with this coveted award for the year 2015, 2017, 2018, and 2020. IFN in its cover story while congratulating State Bank of Pakistan for yet another win as the Best Central Bank in Promoting Islamic Finance stated that they welcome back a leading light of the industry. In a closely fought contest, 2020’s victor came roaring back to take the crown, said the IFN.
READ MORE: Last date extended to exchange old banknotes: SBP
IFN while announcing the poll result also stated that with its Governor, Dr Reza Baqir, recently promoted to be the new chairman of the Council of the IFSB, from his role as the Deputy Chairman in 2021, they can hopefully look forward to even stronger support and leadership from the central bank over the coming year.
The IFN Award to SBP as the best central bank is the global endorsement of its initiatives for promotion of Islamic banking in the country. The award reflects an international recognition of the strategic measures undertaken by SBP to put in place a robust policy environment for Islamic banking to prosper.
READ MORE: SBP’s instructions on pensioners biometric verification
The State Bank of Pakistan has consistently promoted and encouraged Islamic finance within Pakistan, and has taken several significant steps. These include launch of 3rd five year Strategic Plan for Islamic banking 2021-25, Shariah compliant standing ceiling facility and open market operations, strengthening of Shariah governance mechanism, Shariah compliant regulations for the lender of the last resort (LOLR) facility and licensing regime for digital banking covering the Islamic segment; besides taking initiatives for promoting better awareness amongst the masses, and strengthening international linkages. The Strategic plan 2021-25 envisages to take Islamic banking share of 30% in terms of assets and 35% in terms of deposits in the overall banking system.
READ MORE: SBP continues banking relaxations amid rising COVID cases
Amidst the COVID-19 chaos throwing unforeseen challenges to the global financial market, Islamic banking industry in Pakistan continued to maintain its impressive growth trajectory and assets and deposits of Islamic banking industry grew on year-on-year basis by 28.2% and 26% respectively by September 30, 2021. The market share of Islamic banking assets and deposits stood at 17% and 18.6% respectively of the overall banking system in the country as of September 30, 2021. The industry operates through a huge network of 3,651 branches and 1,579 Islamic banking windows (dedicated counters at conventional branches) steered by twenty-two (22) Islamic Banking Institutions (IBIs) which include 5 full-fledged Islamic banks and 17 conventional banks having dedicated Islamic Banking Branches and windows. The industry is growing on the back of continued support by the Government of Pakistan which remains committed to provide an enabling platform for this industry to operate.
KARACHI: The State Bank of Pakistan (SBP) on Thursday issued customers’ exchange rates for January 13, 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 | 4 7.9899 | 4 8.1007 |
| AUD | 1 28.3554 | 1 28.6464 |
| CAD | 1 40.9363 | 1 41.2606 |
| CHF | 1 92.6223 | 1 93.0582 |
| CNY | 2 7.7208 | 2 7.7809 |
| EUR | 2 01.5940 | 2 02.0628 |
| GBP | 2 41.4968 | 2 42.0780 |
| JPY | 1 .5371 | 1 .5407 |
| SAR | 4 6.9350 | 4 7.0427 |
| USD | 1 76.1456 | 1 76.5684 |
KARACHI: The Pak Rupee (PKR) strengthened by 40 paisas against the dollar on Wednesday in interbank foreign exchange market. The rupee ended Rs176.23 to the dollar from previous day’s closing of Rs176.63 in the interbank foreign exchange market.
It was second consecutive day when the rupee made gain. The local currency recovered around 45 paisas during the past two days.
Currency experts said that positive sentiments were prevailed during the day that helped the local unit to make gain. They said that the mandatory requirement of realizing export receipts helped inflows in the market.
The State Bank of Pakistan (SBP) on January 05, 2022 issued directives to realize their export receipts within 120 days from date of shipment instead 150 days.
The experts however said that the falling foreign exchange reserves big challenge for the rupee stability in coming days.
The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $170 million to $17.686 billion by week ended December 31, 2021 as compared with $17.856 billion a week ago.
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of January 12, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.70 | 10.20 |
| 2 – Week | 9.76 | 10.26 |
| 1 – Month | 9.84 | 10.34 |
| 3 – Month | 10.21 | 10.46 |
| 6 – Month | 11.21 | 11.46 |
| 9 – Month | 11.26 | 11.76 |
| 1 – Year | 11.31 | 11.81 |
To mark the 100th Anniversary of establishment of University of Engineering & Technology (UET), Lahore, the Government of Pakistan has decided to issue a commemorative coin of Rs.100.
(more…)Karachi, Pakistan – On Wednesday, the State Bank of Pakistan (SBP) released the official exchange rates for January 12, 2022, providing customers with valuable information based on the weighted average rates of commercial banks.
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