KARACHI: The State Bank of Pakistan (SBP) on Wednesday announce bank holiday on occasion of Quaid-e-Azam Day and Christmas.
The SBP said that it will remain closed on December 25, 2021 (Saturday) being public holiday on the occasions of Quaid-e-Azam Day and Christmas, as declared by the Government of Pakistan.
The central bank communicated the message to presidents and chief executives of all banks, development financial institutions and microfinance banks.
Karachi, Pakistan – On Wednesday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for December 22, 2021, providing customers with essential information based on the weighted average rates of commercial banks.
(more…)KARACHI: State Bank of Pakistan (SBP) on Tuesday directed commercial banks to accept bearer prize bonds of high denomination till March 31, 2021.
Through a circular, the SBP informed that Circular No. 1 dated April 30, 2021, and Circular No. 3 dated September 29, 2021, were issued wherein the last date for encashment/conversion/redemption of captioned denominations of National Prize Bonds (NPBs) was communicated as December 31, 2021.
READ MORE: Prize bond (bearer) holders given 3 months to document
The Finance Division, Government of Pakistan has extended the last date for encashment/replacement/conversion of Rs. 40,000/-, Rs. 25,000/-, Rs. 15,000/- & Rs. 7,500/- denomination National Prize Bonds (bearer) up to March 31, 2022, vide Notification Nos. F.16(3)GS-I/2014-1869, 1870, 1871 & 1872 dated December 16, 2021.
READ MORE: History of Prize Bonds in Pakistan
Accordingly, the SBP directed all branches shall be advised to accept requests for encashment/conversion/redemption of cited denominations from the general public till March 31, 2022.
Further, the banks shall submit branch/region-wise consolidated data of cited denomination NPBs held by them on the last date i.e. March 31, 2022, latest by April 1, 2022, as per the instructions stipulated in the aforementioned CMD Circulars.
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of December 21, 2021.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.60 | 10.10 |
| 2 – Week | 9.72 | 10.22 |
| 1 – Month | 9.86 | 10.36 |
| 3 – Month | 10.20 | 10.45 |
| 6 – Month | 10.95 | 11.20 |
| 9 – Month | 11.06 | 11.56 |
| 1 – Year | 11.17 | 11.67 |
Karachi, Pakistan – On Tuesday, the State Bank of Pakistan (SBP) released the official exchange rates for December 21, 2021, providing customers with crucial information based on the weighted average rates of commercial banks.
(more…)Pakistan’s economic landscape faces a significant challenge as the country’s current account deficit (CAD) has sharply widened to $7.1 billion during the initial five months of the current fiscal year.
(more…)KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of December 20, 2021.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.68 | 10.18 |
| 2 – Week | 9.78 | 10.28 |
| 1 – Month | 9.88 | 10.38 |
| 3 – Month | 10.24 | 10.49 |
| 6 – Month | 11.01 | 11.26 |
| 9 – Month | 11.10 | 11.60 |
| 1 – Year | 11.20 | 11.70 |
ISLAMABAD: The holders of unregistered or bearer prize bonds have been given three months to exchange or covert with the documented ways otherwise the bills will have no worth after the deadline.
Through different notifications, the Finance Division has notified extension to exchange or conversion of high denomination unregistered/bearer prize bonds up to March 31, 2022, from the existing date of December 31, 2021.
READ MORE: History of Prize Bonds in Pakistan
The government allowed to exchange the bearer prize bonds with denominations including Rs7,500, Rs15,000, Rs25,000, and Rs40,000.
In June 2019, the government decided to discontinue high denomination bearer bonds in a phased manner. The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.
The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of SBP Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.
READ MORE: Income tax on prize bonds, lottery winning
The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.
The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP Banking Services Corporation as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.
READ MORE: Sale of Prize Bonds Rs7,500, Rs15,000 stopped forthwith
The State Bank of Pakistan (SBP) data showed that bearer bonds worth Rs28 billion were still in the possession of the investors by the end of October 2021.
However, the bondholders surrendered these bills worth Rs437.59 billion during the last one year. The stock of these bearer bonds is Rs465.59 billion by October 2020.
Karachi, Pakistan – On Monday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for December 20, 2021, providing customers with essential information based on the weighted average rates of commercial banks.
(more…)KARACHI: State Bank of Pakistan (SBP) has issued instructions to exchange companies and set limits for the sale of foreign currency to individuals.
The SBP issued a circular dated December 19, 2021 and revised instructions in Exchange Companies Manual.
The central bank said that exchange companies may sell foreign currency to individuals while ensuring the following limits:
Maximum limit per person per day for buying foreign currency (in the form of cash or outward remittance) from all ECs/ECs-B, is $10,000 or equivalent in other foreign currencies.
Maximum limit per person per calendar year for buying foreign currency (in the form of cash or outward remittance) from all ECs/ECs-B, is $100,000 or equivalent in other foreign currencies.
READ MORE: SBP revises manual on remittances for petroleum sector
For this purpose, the Exchange Companies shall obtain an undertaking from individual customer at the time of each sale transaction exceeding $1,000/- (or equivalent in other currencies) that they have not already reached the limit of $100,000/- per calendar year or $10,000/- per day from all ECs/ ECs-B and these limits will not be breached after the current transaction.
In order to enhance documentation and transparency and to further strengthen the regulatory regime for ECs/ECs-B, the SBP decided to amend the applicable regulations relating to the business of ECs/ECs-B. Accordingly, the relevant instructions in the following Paras of Exchange Companies Manual stand amended as under:
READ MORE: State Bank reduces retention period for foreign exchange
For all foreign currency sale transactions equivalent to $500/- or above Exchange Companies will retain copies of identification documents i.e., Computerized National Identity Card (CNIC) /National Identity Card for Overseas Pakistanis (NICOP)/ Pakistan Origin Card (POC) / Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan) after having seen the document in original.
In addition, Exchange Companies shall also carry out biometric verification of Pakistani Nationals for all such transactions and maintain the record thereof. Exchange Companies will also obtain supporting documents related to the purpose (as stated by the customer) of FCY sale transactions, exceeding USD 1,000 or equivalent in other currencies.
READ MORE: SBP revises manual to facilitate cross border payments