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Tag: SBP

  • SBP issues customers exchange rates on July 07, 2021

    SBP issues customers exchange rates on July 07, 2021

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.

    The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.

    They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.

     CURRENCYBUYINGSELLING
    AED43.162843.2570
    AUD118.8366119.0905
    CAD127.1442127.4146
    CHF171.5195171.8837
    CNY24.524924.5755
    EUR187.3745187.7952
    GBP218.7445219.2294
    JPY1.43151.4347
    SAR42.247042.3386
    USD158.4023158.7656
  • SBP decides to impose penalty on banks for missing housing loan disbursement target

    SBP decides to impose penalty on banks for missing housing loan disbursement target

    KARACHI: The State Bank of Pakistan (SBP) on Tuesday decided to impose penalty of banks for falling disbursement of housing loans below given targets.

    The SBP said that through Circular No. 03 of 2021, whereby Government’s Mark-up Subsidy Scheme (G-MSS) for Housing Finance was issued.

    Banks are expected to make all-out efforts to harness full potential of Scheme.

    Accordingly, in April 2021, SBP assigned monthly mandatory targets of number of housing units and amount of disbursements (G-MSS targets) to banks in proportion to share in total banking assets.

    In view of foregoing, it has been decided that penalty will be imposed on banks falling short of their G-MSS targets w.e.f July 31, 2021 on both targets of number of housing units and amount of disbursements.

    A baseline penalty will be charged on shortfall from cumulative targets till July 31, 2021 while higher penalty will be charged on shortfall from targets of subsequent months.

    The penalty charged on a bank will be adjusted after review of bank’s efforts in terms of logins of applications, approvals of housing finance, results of SBP’s latest mystery shopping surveys, involvement of bank’s management, evidence of board information and support, sale and marketing efforts, innovation in delivery channels, capacity building of staff and human resource (headcount) involved in G-MSS.

    To assess efforts, State Bank will, if required, collect information from banks which fail to meet their targets.

  • SBP announces timeline for implementing IFRS 9

    SBP announces timeline for implementing IFRS 9

    KARACHI: State Bank of Pakistan (SBP) on Tuesday announced timeline for implementing International Financial Reporting Standards 9 (IFRS 9). The central bank said that it has been decided to implement the IFRS 9 from January 01, 2022.

    The SBP said that through Circular No. 04 dated October 23, 2019 wherein the effective date of IFRS 9 implementation and its transition requirements were advised.

    However, keeping in view of COVID-19 impact and banking industry representations, it has been decided to implement the IFRS 9 from January 01, 2022 instead of its earlier implementation date of January 01, 2021.

    Meanwhile, the banks/DFIs/MFBs (hereinafter referred as Financial Institutions) are required to perform the following tasks:

    #ParticularsTimeline
    1 Submission of IFRS 9 compatible pro forma Financial Statements for
     year-ending 2020 and 2021 (as per the requirements given in para 2(a) and Annex-I of BPRD Circular No. 04 dated October 23, 2019)    		  Jul 15, 2021 Mar 31, 2022  
    2 Parallel Run Implementation of IFRS 9   Submission of Parallel Run Results for period ending Mar 31, 2021   Submission of Parallel Run Results for period ending Jun 30, 2021   Submission of Parallel Run Results for period ending Sep 30, 2021  Jul 30, 2021 Aug 31, 2021 Oct 31, 2021  

    The central bank said that it is aware of the fact that IFRS 9 implementation involves considerable judgment on part of the Financial Institutions (FIs) particularly on the Expected Credit Loss (ECL) Methodology.

    In this regard, the SBP, in line with best international practices, has developed “IFRS 9 application instructions” for ensuring smooth, robust and consistent implementation of IFRS 9 in the banking industry.

    The aim of these instructions is to achieve standardized practices with respect to the expected credit loss accounting and to draw out the SBP’s expectations from the FIs, where they are expected to exercise considerable judgment and/or elect to use simplifications and other practical expedients permitted under the Standard. Notwithstanding, the FIs are advised to develop their own Credit Conversion Factor and Loss Given Default models till Dec 31, 2021.

    The instructions enclosed herewith will be used by the FIs for their parallel reporting purposes only and these shall not be considered as final instructions, which will be issued by SBP subsequently based on the parallel run results.

    Further, for ECL to be recognized in 2022, SBP will provide timeline by Dec 2021 for absorption of ECL, for CAR purposes, after evaluation / assessment of individual FIs.

    During the parallel reporting period, FIs non-compliance will not attract punitive action; however, any non-compliance of specific provisions of these instructions will be disclosed by the FI in its pro forma financial statements and parallel run results along with reasons thereof.

  • KIBOR rates on July 06, 2021

    KIBOR rates on July 06, 2021

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on July 06, 2021.

     TenorBIDOFFER
    1 – Week6.907.40
    2 – Week6.957.45
    1 – Month7.017.51
    3 – Month7.207.45
    6 – Month7.417.66
    9 – Month7.508.00
    1 – Year7.578.07
  • SBP issues customers exchange rates on July 06, 2021

    SBP issues customers exchange rates on July 06, 2021

    KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.

    The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.

    They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.

    CURRENCYBUYINGSELLING
    AED43.088243.1824
    AUD119.9398120.1974
    CAD128.4550128.7341
    CHF171.8781172.2541
    CNY24.512324.5644
    EUR188.0485188.4634
    GBP219.6704220.1619
    JPY1.42691.4301
    SAR42.172242.2629
    USD158.1294158.4927
  • SBP reintroduces incentive scheme for banks for promoting inflow of home remittances

    SBP reintroduces incentive scheme for banks for promoting inflow of home remittances

    KARACHI: State Bank of Pakistan (SBP) on Monday reintroduced incentive scheme for banks to attract home remittances through formal channels.

    The SBP said that in order to further encourage promotion of home remittances through formal channels, the government of Pakistan has approved reintroduction of subject scheme with effective from July 01, 2021 to June 30, 2022 to cover home remittance performance for FY2021-22 compared to that of FY2020-21 as given below:

    1. Home remittances exceeding 5 per cent growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021): the incentive shall be Rs 0.50 per each incremental USD mobilized over 5 per cent growth.

    2. Home remittances exceeding 10 per cent growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021): As per (1) above, plus, Rs0.75 per each incremental USD mobilized over 10 per cent growt.

    3. Home remittances exceeding 15 per cent growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021): As per (b) above, plus, Rs1 per each incremental USD mobilized over 15 per cent growth.

  • KIBOR rates on July 05, 2021

    KIBOR rates on July 05, 2021

    KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 05, 2021.

    TenorBIDOFFER
    1 – Week6.907.40
    2 – Week6.957.45
    1 – Month7.017.51
    3 – Month7.207.45
    6 – Month7.427.67
    9 – Month7.518.01
    1 – Year7.578.07
  • SBP issues customers exchange rates on July 05, 2021

    SBP issues customers exchange rates on July 05, 2021

    KARACHI: The State Bank of Pakistan (SBP) on Monday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.

    The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.

    They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.

     CURRENCYBUYINGSELLING
    AED43.006343.1013
    AUD118.6700118.9271
    CAD127.9000128.1731
    CHF171.1654171.5309
    CNY24.459424.5100
    EUR187.1909187.6133
    GBP218.3152218.7980
    JPY1.42051.4237
    SAR42.093142.1838
    USD157.8287158.1920
  • Overseas Pakistanis deposit $1.56 billion through Roshan Digital Account: SBP

    Overseas Pakistanis deposit $1.56 billion through Roshan Digital Account: SBP

    KARACHI: State Bank of Pakistan (SBP) on Saturday said that overseas Pakistanis have deposited $1.56 billion through Roshan Digital Account during past 10 months.

    The SBP said that since its launch by the Prime Minister of Pakistan on September 10, 2020, Roshan Digital Account has attracted significant interest from overseas Pakistanis.

    “According to the new web page released today, 181,556 accounts have been opened from 171 countries across the world and $ 1.562 billion has been deposited in these accounts through end-June 2021.”

    In line with SBP’s commitment to transparency in its key policy measures, SBP from today has begun releasing regular data on the progress of Roshan Digital Account (RDA).

    This web page will be updated on a monthly basis. This periodic update was also requested by market participants.

    Since its launch by the Prime Minister of Pakistan on 10th September 2020, Roshan Digital Account has attracted significant interest from overseas Pakistanis.

    According to the new web page released today, 181,556 accounts have been opened from 171 countries across the world and $1.562 billion has been deposited in these accounts through end-June 2021.

    The webpage shows monthly trends in the number of accounts opened, deposits, and investments in Naya Pakistan Certificates (NPCs) and the stock market.

    The data shows an accelerating trend across all these dimensions over the last few months. June 2021 saw the highest monthly amount of deposits ($ 310 million) and NPC investments ($ 233 million) since the launch of Roshan Digital Account. As of end-June 2021, $ 1050 million has been invested in NPCs, with $621 million in conventional NPCs and $429 million in Islamic NPCs.

    Roshan Digital Account is a landmark initiative of the State Bank which seamlessly connects the Pakistani diaspora to the Pakistani financial system and economy.

    For the first time, it allows overseas Pakistanis to open a bank account in Pakistan in a completely digital manner, without needing to visit any bank branch or embassy.

    The account enables overseas Pakistanis to undertake all kinds of banking transactions in Pakistan, including paying school and utility bills for their families, funds transfer, e-commerce, car financing through Roshan Apni Car and making charitable donations through Roshan Samaaji Khidmat.

    At the same time, the account provides exclusive investment opportunities in Naya Pakistan certificates offering attractive returns in both conventional and Shariah-compliant forms, as well as the Pakistani stock market and real estate.

    The tax treatment is simple, freeing overseas Pakistanis from the need to file a tax return in Pakistan on income derived from investments through the account. Importantly, the account is fully repatriable, giving overseas Pakistanis the comfort of being able to remit the money in their accounts back to where they live without any difficulty.     

  • Form-E requirement to be abolished for PSW exports

    Form-E requirement to be abolished for PSW exports

    KARACHI: State Bank of Pakistan (SBP) on Friday said that requirement of Electronic Form-E (EFE) will be eliminated for carrying out exports through Pakistan Single Window (PSW).

    In this regard SBP has notified revisions in foreign exchange regulations for export of goods from Pakistan (Chapter 12 of the Foreign Exchange Manual).

    The key changes include amendments in regulations to facilitate export transactions through the Pakistan Single Window when it becomes operational.

    This will eliminate the requirement of Electronic Form-E (EFE) for carrying out exports from Pakistan.

    Another key amendment introduced in the revised export regulations is the framework for facilitating Pakistani exporters/ entrepreneurs to sell their products through international digital marketplaces including Amazon, e-Bay, Ali Baba under Business to Business to Consumer (B2B2C) e-Commerce model.

    These regulations would pave the way for Pakistani exporters particularly the SME exporters to reach out to millions of international consumers for selling their products. This would open up the window of new opportunities for the Pakistani business community and result in boosting the economic activity and creation of new employment opportunities in the entire value chain.

    It is pertinent to mention here that considering the market dynamics and keeping pace with changing business environment, SBP is in process of revising the foreign exchange regulations, in consultation with relevant stakeholders in a phased manner. The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions, removing the redundancies and delegating more powers to the Authorized Dealers for facilitation of the stakeholders.

    Earlier, SBP and Pakistan Customs had joined hands in 2015 and switched from manual export form to electronic export form by implementing EFE Module in WeBOC system. EFE is an electronic declaration submitted by exporters to the Pakistan Customs and is required before filing of Goods Declaration to the Pakistan Customs for clearance of each export consignment. However, once the Pakistan Single Window (PSW) becomes operational, the requirement for EFE will be eliminated thus enhancing ease of doing business for exporters. PSW system is a facility that will allow parties involved in trade and transport to lodge standardized information and documents with a single-entry point to fulfil all import, export, and transit-related regulatory requirements. The system will help reduce the time and cost of doing business by making trade related business processes more efficient, transparent and consistent.