KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on September 24, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.19 | 7.69 |
| 2 – Week | 7.24 | 7.74 |
| 1 – Month | 7.30 | 7.80 |
| 3 – Month | 7.51 | 7.76 |
| 6 – Month | 7.88 | 8.13 |
| 9 – Month | 8.10 | 8.60 |
| 1 – Year | 8.27 | 8.77 |
KARACHI: The Pak Rupee (PKR) continued its slide against the dollar on Friday in the interbank foreign exchange market.
The rupee fell by five paisas to close at Rs169.08 to the dollar from the previous day’s closing of Rs168.03 in the interbank foreign exchange market.
The rupee depreciated despite the initiatives taken by the State Bank of Pakistan (SBP) to support the balance of payment.
The SBP a day earlier issued revised Prudential Regulations (PRS) for Consumer Financing. The targeted step will help to moderate demand growth in the economy, leading to slower import growth and thus supporting the balance-of-payments, the SBP said.
The changes in the regulations effectively prohibit financing for imported vehicles, and tighten regulatory requirements for financing of domestically manufactured/ assembled vehicles of more than 1000 cc engine capacity and other Consumer Finance facilities like personal loans and credit cards, the SBP added.
The local currency is near to make another historic low. The rupee hit all-time low of Rs169.12 on September 15, 2021.
Karachi, September 24, 2021 – The State Bank of Pakistan (SBP) has released the exchange rates for customers on Friday, September 24, 2021.
(more…)
The State Bank of Pakistan (SBP) on Friday said that the decision had been made by the Board members of the corporation in their meeting held on September 06, 2021.
This enhanced guarantee amount now provides full protection up to 95 per cent of the eligible depositors.
The main objective of the deposit protection scheme is to safeguard depositors’ interests and further enhance their trust in the country’s banking sector.
The deposit protection facility is applicable to all eligible depositors and does not require any further subscription or registration of depositors.
The guarantee amount or protected deposit becomes payable to eligible depositors only if the State Bank of Pakistan declares a bank as a failed bank and is not payable under any other circumstances.
KARACHI: The liquid foreign exchange reserves of the country fell by $663 million during the week ended September 17, 2021.
The State Bank of Pakistan (SBP) on Thursday said that the foreign exchange reserves of the country fell to $26.402 billion by week ended September 17, 2021 as compared with $27.065 billion a week ago.
The official foreign exchange reserves of the SBP also fell by $480 million to $19.543 billion by week ended September 17, 2021 as compared with $20.023 billion a week ago.
The State Bank said that the decline in foreign exchange reserves were mainly due to external payments.
The foreign exchange reserves held by commercial bank came down by $183 million to $6.859 billion by week ended September 17, 2021 as compared with $7.042 billion a week ago.
KARACHI: The State Bank of Pakistan (SBP) on Thursday amended regulations to prohibit financing for imported vehicles.
“The changes in the PRs effectively prohibit financing for imported vehicles,” the SBP said in a statement.
According to the statement, the SBP had revised Prudential Regulations (PRS) for Consumer Financing.
This targeted step will help to moderate demand growth in the economy, leading to slower import growth and thus supporting the balance of payments.
The changes in the regulations effectively prohibit financing for imported vehicles and tighten regulatory requirements for financing of domestically manufactured/ assembled vehicles of more than 1000 cc engine capacity and other Consumer Finance facilities like personal loans and credit cards. Following changes have been made in this regard:
— Maximum tenure of auto finance has been reduced from seven (7) to five (5) years;
— Maximum tenure of personal loan has been reduced from five (5) to four (4) years
— Maximum debt-burden ratio, allowed to a borrower, has been decreased from 50 to 40 percent;
— Overall auto financing limits availed by one person from all banks/DFIs, in aggregate, will not exceed Rs3,000,000, at any point in time; and
— Minimum down payment for auto financing has been increased from 15 percent to 30 percent.
With the objective to protect lower to middle-income category purchases, these new regulations are not applicable to locally manufactured or assembled vehicles of up to 1,000 cc engine capacity, the SBP said.
They are also not applicable to locally manufactured electric vehicles to promote the use of clean energy.
The financing of these two categories of vehicles will continue to be governed by the previous set of regulations.
Further, in order to encourage Roshan Digital Accounts and facilitate overseas Pakistan who have opened these accounts, regulatory instructions for Roshan Apni Car products of the banks or DFIs have also not been changed.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on September 23, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.20 | 7.70 |
| 2 – Week | 7.24 | 7.74 |
| 1 – Month | 7.29 | 7.79 |
| 3 – Month | 7.49 | 7.74 |
| 6 – Month | 7.86 | 8.11 |
| 9 – Month | 8.06 | 8.56 |
| 1 – Year | 8.25 | 8.75 |
KARACHI: The State Bank of Pakistan (SBP) on Thursday released the customers’ exchange rates for September 23, 2021, providing a snapshot of the currency market based on data collected from commercial banks across the country.
(more…)KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the following Karachi Interbank Offered Rates (KIBOR) on September 22, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.20 | 7.70 |
| 2 – Week | 7.24 | 7.74 |
| 1 – Month | 7.30 | 7.80 |
| 3 – Month | 7.44 | 7.69 |
| 6 – Month | 7.72 | 7.97 |
| 9 – Month | 7.87 | 8.37 |
| 1 – Year | 8.09 | 8.59 |
Karachi, September 22, 2021 – The State Bank of Pakistan (SBP) has issued the exchange rates for customers on Wednesday, September 22, 2021.
(more…)