Karachi, November 09, 2021 – The State Bank of Pakistan (SBP) has published the official exchange rates for customers as of November 09, 2021.
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FPCCI disagrees with high markup on SME financing
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has denounced high mark-up rate on financing to Small and Medium Enterprises (SMEs) under a scheme announced by the State Bank of Pakistan (SBP).
In a statement on Monday, FPCCI President Mian Nasser Hyatt Maggo expressed shock over the interest rate of up to 9 per cent under SBP’ SME Asaan Finance Scheme (SAAF).
The SMEs were appreciative of the announcement of collateral-free SAAF Scheme; but, the interest rate of 9 per cent makes it unaffordable, unproductive and unsupportive for SMEs, he added.
Maggo said that it is a welcome step that SBP has selected eight banks to get financing under SAAF Scheme from SBP; however, it makes no economic and commercial sense to allow these eight banks to charge up to 8 per cent in addition to 1 per cent of SBP’s lending fee to banks.
The FPCCI chief demanded that SAAF scheme should not have a total interest rate over 3 per cent, which will make it at par with TERF to make it affordable for SMEs, i.e. 1 per cent for SBP financing and 2 per cent for banks’ margin.
He said that in the post-pandemic scenario, nowhere in the world SMEs can afford to get capital at 9 per cent and pay it back without getting bankrupted. Maggo also noted, with concern, that SBP itself sets maximum interest rate under TERF Scheme at 3 per cent for larger enterprises and business groups; and, for SMEs, it has taken a discriminatory and unsupportive stance.
Iftikhar Ghani Vohra, Convener of FPCCI’s Central Standing on SMEs, said that based on the feedback from across Pakistan, he can say that SMEs are not happy with the exorbitant interest rate; as 9 per cent will make the SAAF Scheme unaffordable for them.
Vohra added that his committee had a detailed meeting with the SBP officials in the mid-September; and, they categorically conveyed their concerns to the officials. However, FPCCI’s concerns have fallen on deaf ears and no change in interest rate has been announced.
Maggo said that he disagrees with the assertion by SBP that all stakeholders have been taken onboard on SAAF Scheme; as FPPCI’s proposal has not been taken into account. It is pertinent to note that FPCCI is the apex representative body of all the SMEs, chambers & associations of Pakistan and; therefore, the biggest stakeholder in the policies affecting SMEs, he added.
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KIBOR rates on November 08, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on November 08, 2021.
Tenor BID OFFER 1 – Week 7.24 7.74 2 – Week 7.28 7.78 1 – Month 7.36 7.86 3 – Month 8.33 8.58 6 – Month 8.62 8.87 9 – Month 8.87 9.37 1 – Year 9.04 9.54 -
SBP issues customers exchange rates for November 08
Karachi, November 08, 2021 – The State Bank of Pakistan (SBP) has unveiled the official exchange rates for customers as of November 08, 2021.
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FPCCI alleges SBP for misguiding on Pak-Iran trade
KARACHI: The apex trade body of the country has alleged the State Bank of Pakistan (SBP) for misguiding the ministry of commerce on Pak-Iran trade.
Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in a statement on Saturday said that the SBP had misdirected the commerce ministry by advising against banking channels with Iran for sanctions-related concerns; and, not offering and advocating its due and required facilitative role for the barter trade. “Any State Bank should be an enabler of trade and growth; not a block and disruptor like SBP,” the FPCCI said.
The FPCCI chief hailed the Ministry of Commerce’s efforts to kick start barter trade with Iran on a mass scale; however, he has expressed his concerns and apprehensions pertaining to the conduct of the SBP for creating obstacles and showing inaction for the same.
Maggo maintained that when Europe, India and China can do barter trade with Iran, why Pakistan can not do that; while, Pakistan is at the greater advantage on the back of long border and geographical contiguity as compared to all other countries and regions.
Nasir Khan, VP FPCCI from Balochistan, emphasized that it is in the national interest of Pakistan to have barter trade with Iran and have marketplaces in the border areas of the two brotherly countries.
He added that he considers the conduct of the Governor SBP against the national interest and detrimental to the economic growth and prosperity of Pakistan.
Nasir Khan added that Pakistani exporters can export large quantities of rice, meat, pharmaceuticals and textiles to Iran and that can translate into upwards of equivalent of five billion dollars annually; which, in turn, will create millions of jobs.
Nasir Khan further said that the current Governor SBP is an imported one and is not taking care of Pakistani interests into account. We need a die-hard Pakistani at the helm of the affairs, he added.
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KIBOR rates on November 05, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on November 05, 2021.
Tenor BID OFFER 1 – Week 7.25 7.75 2 – Week 7.28 7.78 1 – Month 7.34 7.84 3 – Month 8.28 8.53 6 – Month 8.60 8.85 9 – Month 8.87 9.37 1 – Year 9.01 9.51 -
SBP issues customers exchange rates for November 05
Karachi, November 05, 2021 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers as of November 05, 2021.
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Exchange companies asked to deploy BVS from Nov 6
KARACHI: The exchange companies are required to deploy biometric verification system (BVS) for transactions of foreign currencies from November 6, 2021.
“All exchange companies are advised to deploy BVS as provided by NADRA at their outlets for biometric verification after November 05, 2021,” the State Bank of Pakistan (SBP) said in a communication on Thursday.
The SBP said that exchange companies were required to implement the BVS latest by October 22, 2021. Towards this, State Bank had requested National Database Registration Authority (NADRA) to facilitate the exchange companies in the implementation of BVS.
“However, given the technical challenges currently faced by the exchange companies (EC Sector), NADRA proposed to offer an android based BVS for exchange companies.”
The State Bank on request of the Exchange Companies Association of Pakistan (ECAP) allowed the exchange companies to accommodate its customers by using the services of another facility of NADRA named e-Sahulat till the implementation of android based BVS i.e. November 05, 2021.
The SBP said that it forwarded the technical requirements, received from NADRA, to exchange companies with an objective to ensure implementation of BVS with the given timelines. The SBP further stated that any technical and financial matter related to implementation of BVS is the sole discretion of NADRA and respective exchange companies. “Therefore, ECAP or individual exchange company may like to approach NADRA directly for any technical / financial issues, regarding implementation and procurement of systems, devices etc.”
The SBP advised all exchange companies to deploy BVS as provided by NADRA at their outlets for biometric verification after November 05, 2021. However, any relaxation / extension in the timeline shall only be allowed to the companies that will approach the SBP with genuine reasons along with an explicit time bound implementation plan.”
The SBP said NADRA has informed that the android-based BVS could also be integrated with the core business application of the exchange companies. “Therefore, all exchange companies are required to continue their coordination with NADRA to ensure that the integrated system is implemented within the stipulated timeline of June 30, 2022,” the SBP added.
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KIBOR rates on November 04, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on November 04, 2021.
Tenor BID OFFER 1 – Week 7.25 7.75 2 – Week 7.28 7.78 1 – Month 7.33 7.83 3 – Month 8.27 8.52 6 – Month 8.59 8.84 9 – Month 8.80 9.30 1 – Year 8.94 9.44 -
SBP issues customers exchange rates for November 04
Karachi, November 04, 2021 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers as of November 04, 2021.
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