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.
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SBP sets limits for sale of foreign exchange to individuals
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
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SBP issues KIBOR rates on December 17, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of December 17, 2021.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.84 10.34 2 – Week 9.89 10.39 1 – Month 9.98 10.48 3 – Month 10.32 10.57 6 – Month 11.12 11.37 9 – Month 11.19 11.69 1 – Year 11.24 11.74 -
Pakistan’s foreign investment surges by 73% in 5 months
KARACHI: Pakistan’s total foreign investment surged by 73 per cent during the first five months of the current fiscal year, according to data released by the State Bank of Pakistan (SBP) on Friday.
The total foreign investment increased to $455.5 million during July – November 2021/2022 as compared with $263.4 million in the same period of the last fiscal year.
The total foreign private investment registered a growth of 1.8 per cent to $534 million during the first five months of the current fiscal year as compared with Rs525 million in the same period of the last fiscal year.
Out of total foreign private investment, the Foreign Direct Investment (FDI) registered a growth of 12.3 per cent to $797.7 million during the first five months of the current fiscal year as compared with $710 million in the corresponding period of the last fiscal year.
The other component of the foreign investment, the portfolio investment registered a decline of 42 per cent. The portfolio investment recorded an outflow of $263 million during the first five months of the current fiscal year as compared with the outflow of $185.5 million in the corresponding period of the last fiscal year.
The foreign public investment recorded an increase of 70 per cent due to decline in outflow of investment against debt securities. The outflow in debt securities recorded $79 million during July – November of fiscal year 2021/2022 as compared with the outflow of $261 million in the same period of the last fiscal year.
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Customers’ exchange rates on December 17, 2021
Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for December 17, 2021, providing customers with essential information based on the weighted average rates of commercial banks.
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Pakistan’s forex reserves fall to $25.028 billion
KARACHI: Pakistan’s foreign exchange reserves declined by $123 million to $25.028 billion by the week ended on December 10, 2021, the State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $25.151 billion by the week ended December 03, 2021.
The official reserves of the State Bank came down by $90 million to $18.568 billion by the week ended December 10, 2021 as compared with $18.658 billion a week ago.
Similarly, the foreign exchange reserves held by commercial banks fell by $33 million to $6.46 billion by the week ended December 10, 2021 as compared with $6.493 billion a week ago.
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SBP issues KIBOR rates on December 16, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of December 16, 2021.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.85 10.35 2 – Week 9.89 10.39 1 – Month 10.00 10.50 3 – Month 10.56 10.81 6 – Month 11.28 11.53 9 – Month 11.27 11.77 1 – Year 11.31 11.81 -
Customers’ exchange rates on December 16, 2021
Karachi, Pakistan – On Thursday, the State Bank of Pakistan (SBP) released the official exchange rates for December 16, 2021, offering valuable insights for customers engaged in international transactions.
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SBP issues KIBOR rates on December 15, 2021
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of December 15, 2021.
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Customers’ exchange rates on December 15, 2021
Karachi, Pakistan – On Wednesday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for December 15, 2021, providing customers with crucial information based on the weighted average rates of commercial banks.
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