On Friday, July 29, 2022, the State Bank of Pakistan (SBP) disclosed the foreign exchange rates for customers, providing valuable information on the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
(more…)Tag: State Bank of Pakistan
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Pakistan forex reserves deplete to $14.42 billion
KARACHI: Pakistan foreign exchange reserves depleted by $827 million to $14.415 billion by week ended July 22, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $15.242 billion a week ago i.e. July 15, 2022.
READ MORE: Pakistan’s forex reserves decline to $15.24 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 $12.813 billion.
The official reserves of the State Bank also fell by $754 million to $8.575 billion by week ended July 22, 2022 as compared with $9.329 billion a week ago.
READ MORE: Pakistan’s forex reserves drop to $15.61 billion
The SBP attributed the decline in foreign exchange reserves to external debt repayments.
It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.
Further, the country is in negotiation with the IMF for release of next tranche under Extended Fund Facility (EFF) to boost its foreign exchange reserves.
READ MORE: Pakistan’s forex reserves deplete to $15.74 billion
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 declined by $10.571 billion.
The commercial banks held foreign exchange also witnessed a decline of $73 million to 5.84 billion by week ended July 22, 2022 when compared with $5.913 billion a week ago.
READ MORE: State Bank’s reserves dip to 32-month low at $8.238 billion
The sharp decline in foreign exchange reserves has resulted in free-fall of rupee value.
The local currency ended historic low of Rs239.94 to the dollar at closing of interbank foreign exchange market on July 28, 2022.
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SBP issues KIBOR rates – July 28, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on July 28, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.72 15.22 2 – Week 14.74 15.24 1 – Month 14.80 15.30 3 – Month 15.44 15.69 6 – Month 15.56 15.81 9 – Month 15.59 16.09 1 – Year 15.65 16.15 -
Suzuki Motors warns plant shutdown in Pakistan
KARACHI: Suzuki Motors Co. Ltd. on Thursday warned shutting down its production plant in Pakistan due to import restrictions.
In a communication sent to Pakistan Stock Exchange (PSX), the auto manufacturer said that State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKD) vide circular No. 09 of 2022 dated May 20, 2022.
READ MORE: Indus Motors rebuts plant shutdown reports
“Restrictions had adversely impacted clearance of import consignments of the company from the ports which might result in shutdown of the plant in near future,” the company said, adding that Pak Suzuki has stopped bookings of its products since July 01, 2022.
The company further clarified that at present it had not plan to shut down the plant. “The production schedule of the company and any non-production days remain contingent on a number of external factors,” it said.
READ MORE: Toyota Indus Motors offers 100% refunds on booking cancellation
The company is actively monitoring its production and operations and is closely working with the government of Pakistan and the central bank to alleviate the present challenges.
A day earlier, Indus Motors Company– the manufacturers of Toyota cars in Pakistan, also issued a statement in this regard.
READ MORE: Toyota lowers July production in Japan
The IMC said that the auto sector was facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobiles manufacturers.
“The unprecedented devaluation of Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for Completely Knocked Down (CKD) imports and continuing financing instability has radically impacted the auto industry,” the IMC said.
The company clarified that as of today (July 27, 2022), there are no plans fixed for complete plant shutdown for more than two weeks in the month of August 2022.
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SBP’s customer forex rates – July 28, 2022
On Thursday, July 28, 2022, the State Bank of Pakistan (SBP) unveiled the foreign exchange rates for customers, revealing the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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Pakistan’s FY22 current account deficit widens to $17.41 bn
KARACHI: Pakistan has posted $17.41 billion as current account deficit (CAD) for the fiscal year 2021/2022, according to data of balance of payment released by the State Bank of Pakistan (SBP) on Wednesday.
The country posted a deficit in the current account of $2.82 billion in the preceding fiscal year i.e. 2020/2021. It shows that the current account deficit of the country ballooned by over five times.
The widening of the current account deficit may be attributed to a surge in import bill during the fiscal year under review.
READ MORE: Pakistan’s CAD balloons to $15.19 billion in 11 months
The import bill of the country recorded an increase of 42.21 per cent to $80.18 billion during the fiscal year 2021/2022 as compared with $56.38 billion in the preceding fiscal year, according to Pakistan Bureau of Statistics (PBS).
However, the exports also posted an increase of 25.64 per cent to $31.79 billion during the fiscal year under review as compared with $25.30 billion a year ago.
But the massive rise in import bill resulted in a huge trade deficit. The country posted 55.70 per cent in widening of trade deficit to $48.38 billion during the year under review as compared with the deficit of $31.07 billion in the preceding fiscal year.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
Even the record remittances during the year have failed to curtail the current account deficit. The Pakistani workers sent record high remittances amounting $31.24 billion during the fiscal year 2021/2022 as compared with $29.45 billion in the preceding fiscal year.
Meanwhile, the total investment into Pakistan recorded a 61 per cent decline to $1.79 billion in the fiscal year 2021/2022 as compared with $4.58 billion in the preceding fiscal year.
The inflow of foreign private investment into the country fell 27 per cent to $1.48 billion during the fiscal year under review as compared with $2.03 billion in the preceding fiscal year.
READ MORE: Pakistan’s CAD hit $13.17 billion in July – March
The major component of the foreign private investment i.e. Foreign Direct Investment (FDI) posted an increase of 2.6 per cent to $1.87 billion during the fiscal year 2021/2022 as compared with $1.82 billion a year ago.
However, the foreign investment in the capital market recorded a massive decline of 288 per cent. The capital market witnessed an outflow of $388.4 million during fiscal year 2021/2022 as compared with an inflow of $206.6 million in the preceding fiscal year.
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SBP issues KIBOR rates – July 27, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on July 27, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.70 15.20 2 – Week 14.74 15.24 1 – Month 14.81 15.31 3 – Month 15.13 15.38 6 – Month 15.46 15.71 9 – Month 15.53 16.03 1 – Year 15.61 16.11 -
SBP’s customer forex rates – July 27, 2022
On Wednesday, July 27, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, unveiling the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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SBP issues KIBOR rates – July 26, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on July 26, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.66 15.16 2 – Week 14.71 15.21 1 – Month 14.78 15.28 3 – Month 15.10 15.35 6 – Month 15.43 15.68 9 – Month 15.52 16.02 1 – Year 15.60 16.10 -
SBP’s customer forex rates – July 26, 2022
On Tuesday, July 26, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, detailing the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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