Karachi, Pakistan – The State Bank of Pakistan (SBP) has issued the official exchange rates for January 24, 2022, providing customers with essential information based on the weighted average rates of commercial banks.
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Pakistan’s current account deficit balloons to $9.1 bn
KARACHI: Pakistan’s current account deficit ballooned to $9.1 billion during first half (July – December) 2021/2022 as compared with a surplus of $1.25 billion in the corresponding half of the last fiscal year, State Bank of Pakistan (SBP) said on Saturday.
READ MORE: Pakistan’s CAD balloons to $7.1 billion in five months
The significant current account deficit was due to sharp rise in import bill. The country’s import bill sharply increased by 66.23 per cent to $40.65 billion during first half (July – December) 2021/2022 as compared with $24.45 billion in the same period of the last fiscal year.
READ MORE: July-Oct current account deficit widens to $5.08 billion
Meanwhile, the exports of the country also increased by 25 per cent to $15.127 billion during the period under review as compared with $12.11 billion in the same period of the last fiscal year, Pakistan Bureau of Statistics (PBS) said.
This resulted in massive widening of trade deficit of 107 per cent to $25.52 billion during July – December 2021/2022 as compared with the deficit of $12.34 billion in the corresponding half of the last fiscal year.
READ MORE: Current account deficit swells to $3.4 billion in 1QFY22
Remittances sent by overseas Pakistanis have increased by 11.26 per cent to $15.8 billion during the first half (July – December) of the fiscal year 2021/2022. The inflow of remittances was $14.2 billion in the same half of the last fiscal year.
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SBP issues KIBOR rates on January 21, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of January 21, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.70 10.20 2 – Week 9.78 10.28 1 – Month 9.85 10.35 3 – Month 10.15 10.40 6 – Month 11.18 11.43 9 – Month 11.22 11.72 1 – Year 11.27 11.77 -
Customers’ exchange rates on January 21, 2022
Karachi, Pakistan – The State Bank of Pakistan (SBP) has issued the official exchange rates for January 21, 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 20, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of January 20, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.62 10.12 2 – Week 9.69 10.19 1 – Month 9.80 10.30 3 – Month 10.18 10.43 6 – Month 11.20 11.45 9 – Month 11.24 11.74 1 – Year 11.29 11.79 -
Pakistan’s foreign exchange reserves drop to $23.35 bn
KARACHI: Pakistan’s liquid foreign exchange reserves dropped by $551 million to $23.35 billion by week ended January 14, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $23.901 billion by week ended January 07, 2022.
The official foreign exchange reserves of the SBP fell by $562 million to $17.036 billion by week ended January 14, 2022 as compared with $17.598 billion a week ago. The SBP attributed the fall in foreign exchange reserves to external debt and other payments.
The foreign exchange reserves held by commercial banks up by $11 million to $6.314 billion by week ended January 14, 2022 as compared with $6.303 billion a week ago.
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Customers’ exchange rates on January 20, 2022
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.
READ MORE: SBP warns banks of penal action for delaying transaction alerts
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.
READ MORE: SBP wins IFN global award for promoting Islamic finance
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.
READ MORE: Bank deposits surge to historic high at Rs20.97 trillion
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.
READ MORE: Last date extended to exchange old banknotes: SBP
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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