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KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on September 15, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.89 | 7.39 |
| 2 – Week | 6.95 | 7.45 |
| 1 – Month | 7.04 | 7.54 |
| 3 – Month | 7.23 | 7.48 |
| 6 – Month | 7.49 | 7.74 |
| 9 – Month | 7.57 | 8.07 |
| 1 – Year | 7.66 | 8.16 |
KARACHI: The State Bank of Pakistan (SBP) on Wednesday said with the rapid growth in adoption of electronic banking channels, especially amidst the COVID-19 pandemic, the demand from bank and customers for digital financial transactions have increased manifold.
(more…)Karachi, September 15, 2021 – The State Bank of Pakistan (SBP) has announced the exchange rates for customers on Wednesday, September 15, 2021.
(more…)KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on September 14, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.90 | 7.40 |
| 2 – Week | 6.95 | 7.45 |
| 1 – Month | 7.03 | 7.53 |
| 3 – Month | 7.21 | 7.46 |
| 6 – Month | 7.47 | 7.72 |
| 9 – Month | 7.53 | 8.03 |
| 1 – Year | 7.60 | 8.10 |
Karachi, September 14, 2021 – The State Bank of Pakistan (SBP) has unveiled the exchange rates for customers on Tuesday, September 14, 2021.
(more…)KARACHI: The State Bank of Pakistan (SBP) on Monday issued customers’ exchange rates for September 13, 2021. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data is 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 | 45.7484 | 45.8436 |
| AUD | 123.3739 | 123.6253 |
| CAD | 132.4807 | 132.7466 |
| CHF | 182.6249 | 183.0018 |
| CNY | 26.0547 | 26.1053 |
| EUR | 198.0086 | 198.4212 |
| GBP | 232.1058 | 232.5874 |
| JPY | 1.5256 | 1.5289 |
| SAR | 44.7714 | 44.8631 |
| USD | 167.8927 | 168.2560 |
KARACHI: The State Bank of Pakistan (SBP) on Friday said that monetary policy for the next two months will be announced on September 20, 2021.
The SBP said that the Monetary Policy Committee of SBP will meet on Monday, September 20, 2021, at SBP Karachi to decide about the Monetary Policy.
It would be pertinent to mention here that SBP issued an advanced calendar of MPC meetings earlier in May 2021 through a press release (https://www.sbp.org.pk/press/2021/Pr-20-May-21.pdf) and all the meetings are being held accordingly.
The advance calendar is also available at: https://www.sbp.org.pk/m_policy/mp-calendar.asp
In the last monetary policy announcement on July 27, 2021, the Monetary Policy Committee (MPC) decided to maintain the policy rate at 7 percent.
The decision has been taken because since its last meeting in May, the MPC was encouraged by the continued domestic recovery and improved inflation outlook following the recent decline in food prices and core inflation.
In addition, consumer and business confidence have risen to multi-year highs and inflation expectations have fallen.
As a result of these positive developments, growth is projected to rise from 3.9 percent in FY21 to 4 – 5 percent this year, and average inflation to moderate to 7 – 9 percent this year from its recent higher out-turns.
Imports are expected to grow on the back of the domestic recovery and rebound in global commodity prices, albeit more moderately than in FY21.
The MPC noted that the market-based flexible exchange rate system, resilience in remittances, an improving outlook for exports, and appropriate macroeconomic policy settings should help contain the current account deficit in a sustainable range of 2 – 3 percent of GDP in FY22.
Notwithstanding this moderate current account deficit, the country’s foreign exchange reserves position is expected to continue to improve this year due to adequate availability of external financing.
Against this backdrop, the MPC felt that the uncertainty created by the ongoing fourth Covid wave in Pakistan and the global spread of new variants warrants a continued emphasis on supporting the recovery through accommodative monetary policy.
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on September 10, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.90 | 7.40 |
| 2 – Week | 6.95 | 7.45 |
| 1 – Month | 7.01 | 7.51 |
| 3 – Month | 7.15 | 7.40 |
| 6 – Month | 7.36 | 7.61 |
| 9 – Month | 7.44 | 7.94 |
| 1 – Year | 7.51 | 8.01 |
Karachi, September 10, 2021 – The State Bank of Pakistan (SBP) has released the exchange rates for customers on Friday, September 10, 2021.
(more…)KARACHI: Workers’ remittances continued their strong trend, reaching $2.66 billion in August 2021. This is the sixth consecutive month when inflows recorded around $2.7 billion on average, and the fifteen consecutive month they have been above $2 billion, the State Bank of Pakistan (SBP) said on Friday.
In terms of growth, remittances increased by 26.8 percent (y/y) in August, which is a decade high growth rate for that month. On a m/m basis, inflows were marginally lower than in July, reflecting the usual post-Eid slowdown.
Nevertheless, this seasonal decline was far less this year compared to historical trends. Cumulatively, at $5.36 billion, remittances grew by 10.4% during the first two month of this year over the same period last year.
Remittance inflows during August 2021 were mainly sourced from Saudi Arabia ($694 million), United Arab Emirates ($512 million), United Kingdom ($353 million) and the United States ($279 million).
Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year.