KARACHI: The State Bank of Pakistan (SBP) on Monday kept the policy rate unchanged at 7 per cent for next two months. The SBP said that at its meeting on July 27, 2021, the Monetary Policy Committee (MPC) decided to maintain the policy rate at 7 percent.
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SBP issues customers exchange rates for July 27
KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data compiled and disseminated for information only.
These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 43.9068 44.0019 AUD 118.7742 119.0267 CAD 128.3466 128.6199 CHF 175.9001 176.2776 CNY 24.9059 24.9566 EUR 190.1445 190.5572 GBP 222.6547 223.1381 JPY 1.4620 1.4652 SAR 42.9719 43.0636 USD 161.1293 161.4926 -
Procedure to make imports on open account
Procedure to make imports on open account has been issued by the State Bank of Pakistan (SBP). The SBP updated 13th Chapter of Foreign Exchange Manual to incorporate major changes made to the manual.
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KIBOR rates on July 26, 2021
KARACHI, July 26, 2021 – The State Bank of Pakistan (SBP) has released the Karachi Interbank Offered Rates (KIBOR) for various tenors on Monday, providing insight into the prevailing borrowing and lending rates in the interbank market.
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Dollar falls by Rs1.09 in interbank
KARACHI: The Pak Rupee recovered Rs1.09 against the dollar on Monday. The sharp recovery can be attributed to significant increase in foreign exchange reserves.
The rupee ended at Rs161.23 to the dollar from last Friday’s closing of Rs162.32 in the interbank foreign exchange market.
The foreign exchange reserves of the country reached $25.128 billion after transfer of $1.04 billion against the proceeds of Eurobond, according to the State Bank of Pakistan (SBP).
Currency experts said that latest measures to impose restrictions for preventing coronavirus spread also helped the rupee to make gains.
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SBP issues customers exchange rates for July 26
KARACHI: The State Bank of Pakistan (SBP) on Monday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data compiled and disseminated for information only.
These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 43.9584 44.0526 AUD 118.5650 118.8143 CAD 128.2446 128.5137 CHF 175.6443 176.0176 CNY 24.9121 24.9625 EUR 190.0924 190.5075 GBP 221.8166 222.2945 JPY 1.4626 1.4658 SAR 43.0231 43.1147 USD 161.3205 161.6838 -
SBP likely to keep policy rate unchanged at 7%
KARACHI: The State Bank of Pakistan (SBP) has scheduled to announce monetary policy for next two months on Tuesday July 27, 2021.
The present key policy rate is 7 per cent. Analysts believe that the central bank is likely to keep the policy rate unchanged.
The analysts at Arif Habib Limited expect the SBP to keep the policy rate unchanged at 7 per cent in the upcoming monetary policy statement.
To recall, the Monetary Policy Committee (MPC) convened last in May 2021 and noted that further improvement has been witnessed in the overall domestic recovery. The GDP forecast is at 3.94 per cent for FY21.
Therefore SBP might consider keeping the rate unchanged in order to boost domestic demand despite running a negative interest rate of 3 per cent at present. Moreover, the statement also hinted at a very gradual and measured monetary tightening stance, when the need arises.
It also highlighted that core inflation continues to appear restrained and although headline numbers have been inclining, inflation remains manageable. Moreover, inflation, as per SBP, is likely to hover within the 5-7 per cent range in the medium-term. Therefore, it seems likely that the central bank would let the real interest rates remain negative in the medium term.
On the external front, Pakistan closed FY21 with historic high levels of exports (goods) and remittances.
The overall trade too remained high as economic activities ramped up. All said, what could have stayed in green ended in red; Current Account posted a deficit of USD 1.9 billion in FY21, with a huge USD 1.6 billion deficit recorded alone in the month of June 2021.
However, on a YoY basis, current account deficit has come down by 58 per cent during FY21, the lowest deficit after 10-years (Surplus of USD 214 million in FY11).
Total imports increased by 17.6 per cent YoY to USD 61.6 billion during FY21 while total exports increased by 12.8 per cent YoY to USD 31.6 billion during this period. Remittances were a silver lining, reaching USD 29.4 billion by FY21 end (up 27 per cent YoY).
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KIBOR rates on July 23, 2021
The State Bank of Pakistan (SBP) has released the Karachi Interbank Offered Rates (KIBOR) for various tenors on Friday, July 23, 2021, providing a crucial snapshot of the prevailing borrowing costs in the interbank market.
KIBOR serves as a benchmark interest rate that signifies the average interest rates at which banks in Pakistan offer unsecured funds to one another in the interbank market. The rates announced by the SBP on July 23, 2021, are as follows:
Tenor Bid Offer 1 – Week 6.94 7.44 2 – Week 6.97 7.47 1 – Month 7.02 7.52 3 – Month 7.13 7.38 6 – Month 7.34 7.59 9 – Month 7.44 7.94 1 – Year 7.53 8.03 These rates provide a snapshot of the current cost of borrowing for different tenors in the interbank market. Financial institutions, businesses, and investors use KIBOR as a crucial reference point to assess prevailing market interest rates. The rates can significantly impact the pricing of various financial products, such as loans and deposits.
The transparency offered by the SBP in releasing these rates aligns with its commitment to maintaining openness in the financial markets and providing essential information for economic analysis.
Market analysts are expected to closely scrutinize these rates to gain insights into the prevailing economic conditions and make informed decisions. The KIBOR rates released by the SBP offer valuable data for financial planning and risk management.
It is essential to note that the rates mentioned represent bid and offer rates for each tenor and are provided in percentage points. The SBP’s commitment to transparency is highlighted through the release of these rates, allowing individuals, businesses, and financial institutions to make well-informed financial decisions.
Interested parties seeking further details are encouraged to visit the State Bank of Pakistan’s official website or reach out to relevant authorities. However, it is crucial to acknowledge that these rates are subject to change based on market conditions, and individuals and institutions are advised to verify the latest rates before making any financial decisions.
The SBP’s dedication to timely rate disclosures ensures that stakeholders can access accurate and up-to-date information for effective financial planning and decision-making.
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Pakistan’s foreign exchange reserves increase to $25.128 billion
KARACHI: Pakistan’s foreign exchange reserves have increased to $25.128 billion by week ended July 16, 2021.
The State Bank of Pakistan (SBP) on Friday said the weekly reserves have increased by $816 million.
The country’s foreign exchange reserves were at $24.312 billion a week ago.
The official reserves of the SBP increased by $845 million to $18.051 billion by week ended July 16, 2021. During the week the SBP received proceeds of $1.041 billion against Pakistan Euro Bonds. The official reserves were at $17.206 billion a week ago.
The reserves held by commercial banks fell by $29 million to $7.077 billion by week ended July 16, 2021. The commercial banks had foreign exchange reserves of $7.106 billion by week ended July 9, 2021.
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SBP issues customers exchange rates for July 23
KARACHI: The State Bank of Pakistan (SBP) on Friday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data compiled and disseminated for information only.
These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 44.1785 44.2727 AUD 119.5072 119.7599 CAD 128.9981 129.2658 CHF 176.2356 176.6018 CNY 25.0840 25.1346 EUR 190.8872 191.3032 GBP 223.0152 223.4961 JPY 1.4701 1.4734 SAR 43.2355 43.3261 USD 162.1309 162.4942