On Wednesday, July 20, 2022, the State Bank of Pakistan (SBP) issued the foreign exchange rates for customers, disclosing the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
(more…)Tag: State Bank of Pakistan
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SBP issues KIBOR rates – July 19, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on July 19, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.41 14.91 2 – Week 14.50 15.00 1 – Month 14.63 15.13 3 – Month 14.89 15.14 6 – Month 15.44 15.69 9 – Month 15.50 16.00 1 – Year 15.53 16.03 -
SBP’s customer forex rates – July 19, 2022
On Tuesday, July 19, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, outlining the buying and selling prices of various currencies against the Pakistani Rupee (PKR).
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SBP issues KIBOR rates – July 18, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as on July 18, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.15 14.65 2 – Week 14.28 14.78 1 – Month 14.56 15.06 3 – Month 14.84 15.09 6 – Month 15.44 15.69 9 – Month 15.51 16.01 1 – Year 15.57 16.07 -
SBP’s customer forex rates – July 18, 2022
SBP’s customer forex rates – July 18, 2022 have been issued by the State Bank of Pakistan to provide a reference for buying and selling foreign currencies.
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Pakistan’s receives record high $31.2bn remittances in FY22
KARACHI: The remittances sent by overseas Pakistani hit all time high on annual basis to $31.2 billion in fiscal year 2021/2022, the State Bank of Pakistan (SBP) said on Monday.
The overseas Pakistanis sent $31.24 billion during fiscal year 2021/2022 as compared with $29.45 billion in the preceding fiscal year, showing a growth of 6.1 per cent.
READ MORE: Pakistan receives $28.41 billion as workers remittances in 11 months
Pakistanis workers living in Saudi Arabia sent the highest amount of $7.74 billion during fiscal year 2021/2022 as against $7.73 billion in the preceding fiscal.
In terms of growth, the highest inflows of remittances received from the US. The Pakistanis working in the US have sent $3.08 billion during fiscal year 2021/2022 as compared with $2.60 billion in the preceding fiscal year, showing an increase of 18.5 per cent.
READ MORE: SBP issues instructions on Hajj related outward remittances
Pakistan received an amount of $4.48 billion from the UK during the fiscal year 2021/2022, increased by 9.7 per cent when compared with 4.09 billion in the preceding fiscal year.
On the regional basis, Pakistan received an amount of $5.84 billion from the UAE during the fiscal year 2021/2022, declined by 5.2 per cent when compared with $5.61 billion in the preceding fiscal year.
READ MORE: SBP jacks up policy rate by 6.75% to 13.75%
The country received an amount of $3.62 billion from Gulf Cooperation Countries (GCC) during fiscal year 2021/2022, showing an increase of 8.7 per cent when compared with $2.91 billion in the preceding fiscal year. The GCC countries are included Bahrain, Kuwait, Qatar and Oman. The inflow of remittances from the EU countries recorded sharp growth of 23.2 per cent. Pakistan received an amount of $3.36 billion during fiscal year 2021/2022 when compared with $2.73 billion in the preceding fiscal year.
READ MORE: SBP lifts quarantine requirement for banknotes
In June 2022, remittances rose to $2.76 billion, increasing by 18.4 per cent on Month on Month (MoM) basis and 1.7 percent on Year on Year (YoY) basis.
In June, remittances were mainly sourced from Saudi Arabia ($666 million), United Arab Emirates ($495 million), United Kingdom ($455 million) and United States of America ($285 million).
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SBP issues KIBOR rates – July 15, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on July 15, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.14 14.64 2 – Week 14.31 14.81 1 – Month 14.70 15.20 3 – Month 15.09 15.34 6 – Month 15.54 15.79 9 – Month 15.62 16.12 1 – Year 15.67 16.17 -
Pakistan’s forex reserves drop to $15.61 billion
KARACHI: The foreign exchange reserves of Pakistan have dropped by $132 million to $15.61 billion by week ended July 07, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $15.742 billion a week ago i.e. June 30, 2022.
READ MORE: Pakistan’s forex reserves deplete to $15.74 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 $11.618 billion.
The official reserves of the State Bank also recorded a decline of $99 million to $9.717 billion by week ended July 7, 2022 as compared with $9.816 billion a week ago.
READ MORE: State Bank’s reserves dip to 32-month low at $8.238 billion
The central bank 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.
READ MORE: Pakistan’s central bank reserves shrink to one month import cover
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 $10.429 billion.
The commercial banks held foreign exchange to the tune of $5.893 billion by week ended July 7, 2022 when compared with $5.5.926 billion a week ago, showing a decrease of $33 million.
READ MORE: SBP’s forex reserves slip 2½-year low to $9.226 billion
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SBP issues KIBOR rates – July 14, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on July 14, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.21 14.71 2 – Week 14.37 14.87 1 – Month 14.75 15.25 3 – Month 15.34 15.59 6 – Month 15.62 15.87 9 – Month 15.66 16.16 1 – Year 15.73 16.23