The State Bank of Pakistan (SBP) has issued the foreign exchange rates for September 30, 2022, reflecting the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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Get the latest State Bank of Pakistan (SBP) news, monetary policy updates, exchange rates, banking regulations, and economic insights.
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State Bank’s forex reserves shrink to $8 billion
KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $340 million to $8 billion by week ended September 23, 2022, according to a statement issued on Thursday.
The official foreign exchange reserves of the central bank were at $8.346 billion a week ago i.e. September 16, 2022.
READ MORE: Pakistan’s forex reserves slip to $14.07 billion
The SBP attributed the decline in foreign exchange reserves to external debt repayments.
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 $12.146 billion.
Experts said that falling foreign exchange reserves would reverse the recent gain in value of the Pakistani Rupee (PKR).
The PKR on Thursday continued its winning streak and gained PKR 10.08 against the dollar during past five straight sessions owing to assumption of Ishaq Dar the portfolio of the finance minister of the country.
READ MORE: Pakistan FX reserves slip to $14.32 billion
The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 229.63 on September 29, 2022.
Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion
READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows
The total liquid foreign exchange reserves of the country also fell by $308 million to $13.762 billion by week ended September 23, 2022 as compared with $14.07 billion a week ago.
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 $13.466 billion.
The foreign exchange reserves held by commercial banks however increased by $32 million to $5.756 billion by week ended September 23, 2022 as compared with $5.724 billion a week ago.
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State Bank’s foreign exchange rates – September 29, 2022
The State Bank of Pakistan (SBP) released the foreign exchange rates for September 29, 2022, offering a snapshot of the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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Karachi Interbank Offered Rates KIBOR – September 28, 2022
KARACHI: September 28, 2022 – The State Bank of Pakistan (SBP) on Wednesday released the latest Karachi Interbank Offered Rates (KIBOR), a key benchmark used by banks to determine lending rates for commercial transactions. The newly issued KIBOR reflects interbank borrowing costs across various tenors, from one week to one year.
KIBOR is a critical tool in Pakistan’s financial system, used extensively in commercial loan agreements, trade financing, and business contracts. The rates are determined based on average interest rates at which major banks lend unsecured funds to one another in the Karachi money market.
As per the SBP’s release, the KIBOR rates as on September 28, 2022, are as follows:
Tenor Bid (%) Offer (%) 1 – Week 14.64 15.14 2 – Week 14.77 15.27 1 – Month 15.00 15.50 3 – Month 15.60 15.85 6 – Month 15.72 15.97 9 – Month 15.77 16.27 1 – Year 15.81 16.31 The updated KIBOR rates show continued tight liquidity in the banking sector, reflecting prevailing monetary policy conditions and inflationary pressures.
Businesses and financial institutions rely on KIBOR as a reference for pricing loans and credit facilities. Changes in KIBOR directly impact the cost of borrowing, especially for corporate clients and government contractors.
The next KIBOR update by SBP will offer further insight into the direction of interbank lending trends amid Pakistan’s evolving economic conditions.
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State Bank’s foreign exchange rates – September 28, 2022
The State Bank of Pakistan (SBP) issued the foreign exchange rates for September 28, 2022, shedding light on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).
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Karachi Interbank Offered Rates KIBOR – September 27, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on September 27, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.63 15.13 2 – Week 14.76 15.26 1 – Month 14.99 15.49 3 – Month 15.66 15.91 6 – Month 15.76 16.01 9 – Month 15.80 16.30 1 – Year 15.83 16.33 -
State Bank’s foreign exchange rates – September 27, 2022
KARACHI – The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on September 27, 2022.
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Karachi Interbank Offered Rates KIBOR – September 26, 2022
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
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State Bank’s foreign exchange rates – September 26, 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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SBP advises general public not to share banking credentials
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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