KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on September 26, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.65 | 15.15 |
| 2 – Week | 14.78 | 15.28 |
| 1 – Month | 15.01 | 15.51 |
| 3 – Month | 15.73 | 15.98 |
| 6 – Month | 15.80 | 16.05 |
| 9 – Month | 15.83 | 16.33 |
| 1 – Year | 15.86 | 16.36 |
READ MORE: Karachi Interbank Offered Rates KIBOR – September 23, 2022
The State Bank of Pakistan (SBP) released the foreign exchange rates for September 26, 2022, providing a glimpse into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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KARACHI: State Bank of Pakistan (SBP) on Saturday advised general public not to share their personal and banking credentials with persons impersonating SBP officials of other authorities.
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KARACHI: State Bank of Pakistan (SBP) on Friday made it mandatory the transactions of foreign currency above $2,000 through banking channels in order to document sales and purchases of the foreign currency.
In this regard, the central bank amended Exchange Companies Manual to ensure documentation of buying and selling of the foreign currency.
READ MORE: PKR ends 15-day losing streak; recovers against dollar
The SBP in a statement said that to further enhance transparency and promote documentation in the foreign exchange transactions, the central bank advised the Exchange Companies that all foreign currency sale transactions of $2,000/- or above (equivalent in other currencies) against Pakistani Rupee (PKR) should only be conducted through payment modes, such as bank transfer/cheques from the personal bank account of the customer.
“This step is also focused on encouraging the general public to use various banking channels, which are generally more secure, to fulfill their genuine foreign exchange needs,” the SBP added.
READ MORE: SBP issues new instructions on cross border payments
The central bank issued a circular in this regard inviting attention of Exchange Companies and Exchange Companies of ‘B’ Category to instructions contained in Para 9 (i)(g) and Para 9 (iii)(g) of Chapter 3; and Para 12(i)(d) of Chapter 8 of the Exchange Companies Manual.
In order to further strengthen the regulatory regime for Exchange Companies, and encourage customers to use banking channels for purchase of foreign exchange from Exchange Companies, the existing regulations prescribing the scope of business of Exchange Companies have been amended, which will be effective immediately:
Para 9(i)(g) Chapter 3 of Exchange Companies Manual
All foreign currency sale transactions of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies through bank transfer/ cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.
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Para 9(iii)(g) Chapter 3 of Exchange Companies Manual
All foreign currency sale transactions for outward remittance of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies through bank transfer/ cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.
READ MORE: No restriction on imports, SBP clarifies
Para 12(i)(d) Chapter 8 of Exchange Companies Manual
All foreign currency sale transactions of $2,000/- or above (or equivalent in other currencies) against PKR shall be conducted by the Exchange Companies of ‘B’ Category through bank transfer/cheque from the personal account of the customer. The transaction/instrument reference number and the name of the bank transferring funds/ issuing the instrument shall be mentioned on the transaction receipt along with identification document number of the customer.
The SBP warned that failure to comply with these instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on September 23, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.69 | 15.19 |
| 2 – Week | 14.80 | 15.30 |
| 1 – Month | 15.02 | 15.52 |
| 3 – Month | 15.83 | 16.08 |
| 6 – Month | 15.87 | 16.12 |
| 9 – Month | 15.89 | 16.39 |
| 1 – Year | 15.92 | 16.42 |
READ MORE: Karachi Interbank Offered Rates KIBOR – September 22, 2022
The State Bank of Pakistan (SBP) has issued the foreign exchange rates for September 23, 2022, providing insight into the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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KARACHI: Pakistan’s foreign exchange reserves slipped by $247 million to $14.07 billion by week ended September 16, 2022, State Bank of Pakistan (SBP) said on Thursday.
The total liquid foreign exchange reserves of the country were at $14.317 billion a week ago i.e. September 09, 2022.
READ MORE: Pakistan FX reserves slip to $14.32 billion
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.158 billion.
The SBP said that its official reserves also fell by $278 million to $8.346 billion by week ended September 16, 2022 as compared with $8.624 billion a week ago.
READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $11.71 billion.
Experts said that falling foreign exchange reserves would further pressurize the local currency, which was already near to the record low lever despite inflows received from the International Monetary Fund (IMF).
READ MORE: Pakistan FX reserves drop to $13.4 billion
Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion
The foreign exchange reserves held by commercial banks however increased by $31 million to $5.724 billion by week ended September 16, 2022 as compared with $5.693 billion a week ago.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on September 22, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.72 | 15.22 |
| 2 – Week | 14.83 | 15.33 |
| 1 – Month | 15.03 | 15.53 |
| 3 – Month | 15.83 | 16.08 |
| 6 – Month | 15.86 | 16.11 |
| 9 – Month | 15.89 | 16.39 |
| 1 – Year | 15.91 | 16.41 |
On Thursday, September 22, 2022, the State Bank of Pakistan (SBP) issued the foreign exchange rates for customers, revealing the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
(more…)KARACHI: Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023, according to data released by State Bank of Pakistan (SBP) on Wednesday.
The current account deficit during the period under review was at $1.92 billion as compared with $2.37 billion in the corresponding months of the last fiscal year.
READ MORE: Pakistan current account deficit widens by 42% in July 2022
The contraction in current account deficit may be attributed to narrowing trade deficit during the period under review.
The trade deficit of the country recorded a decline of 16.36 per cent to $6.33 billion during July – August 2022/2023 as compared with the deficit of $7.56 billion in the corresponding period of the last fiscal year, according to Pakistan Bureau of Statistics (PBS).
READ MORE: Pakistan’s FY22 current account deficit widens to $17.41 bn
Importantly, the import bill of the country fell by 9 per cent to $11.06 billion during the first two months of the current fiscal year as compared with $12.15 billion in the same months of the last fiscal year.
On the other hand, the export exhibited an increase of 3.27 per cent to $4.74 billion during July – August 2022/2023 as compared with $4.59 billion in the same period of the last fiscal year.
The contraction in trade deficit may be attributed to the ban imposed by the government on import of luxury and non-essential items. The government imposed the ban on May 19, 2022. But, it was later lifted on August 20, 2022.
READ MORE: Pakistan’s CAD balloons to $15.19 billion in 11 months
However, some restrictions on import of various goods are still there as those clearances are subject to prior approval of the SBP.
Meanwhile, the overall remittances sent by Pakistani workers declined by 3 per cent during first two months (July – August) 2022/2023. The overseas Pakistani workers sent $5.25 billion during first two months of the current fiscal year as compared with $5.42 billion in the same months of the last fiscal year.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
The current account deficit for the month of August 2022 was $703 million as compared with the deficit of $1.52 billion in the same month of the last year. Whereas the deficit in August 2022 is also narrowed when compared with the deficit of $1.21 billion in the month of July 2022.