KARACHI, May 06, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Friday, May 06, 2022.
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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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Dr. Murtaza assumes acting SBP governor charge
KARACHI: Dr. Murtaza Syed, being the most senior deputy governor, has assumed the charge of acting governor of the State Bank of Pakistan (SBP), a statement said on Thursday.
Dr. Murtaza assumed the charge with effect from May 5, 2022. It may be mentioned here that the term of Dr. Reza Baqir (former Governor SBP) ended on May 4, 2022.
READ MORE: Murtaza Syed takes over SBP governor charge
He was appointed as Deputy Governor of SBP by the Federal Government on January 27, 2020 for a period of three years.
Dr. Syed has more than 20 years of experience in macroeconomic research and policy making. He worked with the International Monetary Fund (IMF) for 16 years before resigning to join SBP.
At the IMF, he was involved in IMF programs and surveillance of emerging markets and advanced economies, including the Euro Area, Japan, and Korea, as well as overseeing IMF training and technical assistance programs around the world.
READ MORE: Court judgment: Riba is Haram in any form
He also served as the IMF’s Deputy Resident Representative in China between 2010 and 2014.
Dr. Syed started his career in the late 1990s as a Senior Policy Analyst at the Islamabad-based Human Development Center under former Finance Minister of Pakistan, Dr Mahbub ul Haq.
Later, he worked for the Institute for Fiscal Studies (IFS), a London-based public policy think tank, where he conducted research projects on business investment and employment behavior, as well as evaluating Latin American antipoverty programs.
READ MORE: SBP imposes penalty of Rs109 million on four banks
Dr. Syed has a PhD in economics from Nuffield College at the University of Oxford. He has published papers on a variety of macroeconomic issues, including fiscal and monetary policy, financial stability, economic crises, investment, demographics, poverty and inequality. He has also delivered lectures on public policy at Cambridge and Oxford Universities.
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Murtaza Syed takes over SBP governor charge
KARACHI: Dr. Murtaza Syed, most senior deputy governor of the State Bank of Pakistan (SBP), has taken over the charge as governor of the central bank.
Dr. Murtaza Syed takes over the charge after Dr. Reza Baqir completed his three-year tenure as the governor of the SBP.
READ MORE: Banks to remain closed during May 2 – 5, 2022
“As the term of Governor SBP Dr. Reza Baqir has come to an end, as per law, the senior most deputy governor takes over until,” Finance Minister Miftah Ismail said in a Tweet.
“Therefore, Dr. Murtaza Syed, an eminently qualified economist with rich IMF experience, will take over as Governor SBP,” he added.
READ MORE: Court judgment: Riba is Haram in any form
Dr. Raza Baqir, who completed his tenure on May 04, 2022, said in a statement: “I completed my 3 years as Governor of our central bank. Allah has been kind to give me the chance to serve my country in public office. To other fellow Pakistanis, especially overseas, I encourage you to consider public service.”
READ MORE: SBP imposes penalty of Rs109 million on four banks
Baqir said during his tenure he initiated many measures to counter the adverse impact of COVID-19. “SBP’s COVID response package and many new facilities for the first time in SBP history, which included TERF, Rozgar payroll loans, hospital financing etc.
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SBP issues KIBOR rates – April 30, 2022
The State Bank of Pakistan (SBP) on Saturday released the latest Karachi Interbank Offered Rates (KIBOR) as of April 30, 2022. KIBOR is a benchmark rate for lending and borrowing between banks, influencing a wide range of financial products and transactions in the market.
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SBP’s customer exchange rates – April 30, 2022
KARACHI, April 30, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Saturday, April 30, 2022.
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Banks to remain closed during May 2 – 5, 2022
KARACHI: All banks and financial institute will remain closed during holidays announced by federal government for Eid-ul-Fitr.
A statement of the State Bank of Pakistan (SBP) said that it will remain closed from May 02 to May 05, 2022 (Monday to Thursday) on the occasion of Eid-ul-Fitr.
The SBP also informed about the holidays to the presidents and chief executives of all banks and microfinance banks (MFBs).
READ MORE: SBP directs all banks to open on April 30 before Eid holidays
Meanwhile, the SBP clarified that all banks and their branches shall remain open on Saturday, April 30, 2022 in line with SBP’s instructions embodied in BPRD Circular Letter No. 11 of April 13, 2022.
In the wake of public holidays announced by the Government of Pakistan on the occasion of Eid-ul-Fitr from 2nd to 5th May, 2022, the general public is encouraged to undertake their banking transactions on Saturday, April 30, 2022.
Further, banks have also been advised to ensure 24/7 availability of Alternate Delivery Channels (ADCs) such as ATMs, Mobile Banking and Internet Banking etc. during these Eid holidays.
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SBP issues KIBOR rates – April 29, 2022
KARACHI: The State Bank of Pakistan (SBP) released the latest Karachi Interbank Offered Rates (KIBOR) for April 29, 2022, on Friday.
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SBP’s customer exchange rates – April 29, 2022
KARACHI, April 29, 2022 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers on Friday, April 29, 2022.
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IR offices to observe extended working hours for collection
The Federal Board of Revenue (FBR) has issued a directive for the extension of working hours at Inland Revenue (IR) offices on April 29 and 30, 2022 (Friday and Saturday) for revenue collection.
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SBP forex reserves shrink to 1.69 months import cover
KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) reduced to provide only 1.69 months covers for import payment.
According to details released by the SBP, the official reserves of the central bank fell by $328 million to $10.558 billion by week ended April 23, 2022 as compared with $10.886 billion a week ago.
READ MORE: Pakistan forex reserves inch up to $17.045 billion
The import bill of Pakistan was $6.425 billion in March 2022. On the basis of import bill in March 2022 the import cover is only for 1.69 months.
The SBP attributed the decline in official foreign exchange reserves to external debt and other payments.
The total foreign exchange reserves of the country declined by $377 million during the week under review.
The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.
Meanwhile, the foreign exchange reserves held by commercial banks fell by $49 million to $6.11 billion by week ended April 23, 2022 as compared with $6.159 billion a week ago.