KARACHI, November 24, 2021 – The State Bank of Pakistan (SBP) has unveiled the official exchange rates for November 24, 2021, providing a comprehensive overview of the market dynamics based on the weighted average rates of commercial banks.
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KIBOR rates on November 23, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on November 23, 2021.
Tenor BID OFFER 1 – Week 8.79 9.29 2 – Week 8.84 9.34 1 – Month 8.96 9.46 3 – Month 9.65 9.90 6 – Month 9.97 10.22 9 – Month 10.28 10.78 1 – Year 10.52 11.02 -
SBP issues customers exchange rates for November 23
Karachi, November 23, 2021 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers, effective as of November 23, 2021.
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Age limit of banks CEO/President reduced to 65 years
KARACHI: The State Bank of Pakistan (SBP) has reduced the maximum age of a president of Chief Executive Officer (CEO) to be appointed by banks.
The SBP in a notification stated that the maximum age of a President or CEO has been reduced from 70 years to 65 years.
This change in age will be applicable to new Presidents or CEOs. The existing Presidents or CEOs will continue till the completion of their current tenures irrespective of their age and may also be considered for another term till the age of 70 years.
The central bank issued the revised ‘Corporate Governance Regulatory Framework’ with the objective to further strengthen the corporate governance regime of banks and DFIs and to align the same with international standards and best practices.
The framework, which has been developed in consultation with key stakeholders, covers Fit & Proper Test (FPT) Criteria and other Corporate Governance regulatory requirements for the sponsor shareholders and beneficial owners, members of the Board of Directors, Presidents and CEOs and key executives of banks and DFIs.
All the existing regulatory requirements related to corporate governance have been consolidated and rationalized in this framework to improve consistency, understanding and usability for stakeholders. It may be noted that the last such amendments were introduced in 2007.
Among other changes made in the framework, the board is now required to collectively have adequate knowledge, expertise, and skill mix related to the business model, overall size, complexity and risk profile of the bank and DFI.
Moreover, the board should have at least one female director who should not be a family member of any other director or sponsor shareholder of the bank or DFI.
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KIBOR rates on November 22, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on November 22, 2021.
Tenor BID OFFER 1 – Week 8.79 9.29 2 – Week 8.86 9.36 1 – Month 8.98 9.48 3 – Month 9.49 9.74 6 – Month 9.78 10.03 9 – Month 10.13 10.63 1 – Year 10.31 10.81 -
SBP issues customers exchange rates for November 22
Karachi, November 22, 2021 – The State Bank of Pakistan (SBP) has announced the official exchange rates for customers, effective as of November 22, 2021.
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Comparing inflation target not correct: State Bank
KARACHI: State Bank of Pakistan (SBP) on Monday said that comparing inflation target or average inflation forecast with the other countries is not correct.
The SBP said that in some sections of the media, SBP’s average inflation forecast of 7-9 per cent in FY22 is being interpreted as the ‘inflation target’ and being compared to the inflation targets of other countries. This is incorrect.
SBP’s inflation forecast represents our projections for the current fiscal year. On the other hand, Pakistan’s inflation target is set by the Government and is 5 – 7 per cent. This target is to be achieved over the medium term.
Monetary policy is anchored on achieving the government’s inflation target over the medium term, i.e. over the next 18-24 months,” the SBP added.
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SBP for close liaison to fight cyber-attacks, online frauds
KARACHI: Dr. Reza Baqir, governor, State Bank of Pakistan (SBP) on Saturday held talks with Federal Investigation Agency (FIA) and banks to fight money laundering, cyber attacks, and online bank frauds.
Governor State Bank of Pakistan, Dr. Reza Baqir, chaired a meeting today with Director General FIA Sanaullah Abbasi to strengthen and coordinate efforts of SBP, banks and Federal Investigation Agency (FIA) to fight money laundering, cyber-attacks and online frauds. The meeting was also attended by the Presidents of Banks and senior officers of FIA and SBP.
Governor SBP emphasized the need for close cooperation amongst banks, SBP, and FIA so those white-collar crimes are expeditiously investigated and fraudsters are apprehended and prosecuted.
SBP has taken several measures in the recent past to strengthen its work on Anti-money Laundering (AML) as well as taken regulatory and supervisory measures to improve banks’ controls to prevent digital and social engineering frauds.
In addition to better controls at the level of Financial Institutions and enhanced customers awareness, effective investigation and prosecution of criminals is needed to substantially reduce incidences of money laundering, digital frauds and cyber-attacks.
FIA team offered support in strengthening cyber security at banks and suggested banks carry out an Information Security (IS) audit of their systems. Welcoming the suggestion SBP informed that as per existing regulations banks are required to regularly carry out their information system audit and penetration testing, however, it would be reemphasized to the industry through PBA.
The meeting identified key follow-up areas and associated timelines for strengthening cooperation between SBP, FIA, and banks in these areas.
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SBP announces overnight repo ceiling, floor rates
KARACHI: The State Bank of Pakistan (SBP) on Friday announced overnight repo and overnight reverse repo rates following an increase in the key policy rate to 8.75 per cent.
The SBP said that it decided to increase the ‘Policy Rate’ (Target Rate) from 7.25 per cent to 8.75 per cent.
SBP Overnight Reverse Repo (Ceiling) rate will be at 9.75 per cent i.e. 100 basis points above the SBP Policy Rate.
The SBP Overnight Repo (Floor) rate will be at 7.75 per cent i.e. 100 basis points below the SBP Policy Rate.
Accordingly, the Floor and Ceiling levels for the Interest Rate Corridor are 7.75 per cent and 9.75 per cent per annum respectively (i.e. the width of 200 basis points).
The SBP said that it will continue to ensure that the money market overnight rate remains close to the SBP Policy Rate (Target Rate).
The changes are effective from November 22, 2021. Other instructions on the subject shall, however, remain unchanged, the SBP added.
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KIBOR rates on November 19, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on November 19, 2021.
Tenor BID OFFER 1 – Week 7.75 8.25 2 – Week 7.86 8.36 1 – Month 7.98 8.48 3 – Month 8.55 8.80 6 – Month 8.91 9.16 9 – Month 9.24 9.74 1 – Year 9.46 9.96