Karachi, February 17, 2022: The State Bank of Pakistan (SBP) has issued the official exchange rates for February 17, 2022, offering crucial information on currency values against the Pakistani Rupee.
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SBP expands export finance scheme to improve inflows
KARACHI: The State Bank of Pakistan (SBP) on Wednesday expanded the export finance scheme (EFS) to facilitate exporters and encourage timely foreign inflows.
The central bank said that it had enhanced the scope of EFS with a to further facilitate exporters and encourage timely inflow of export proceeds.
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The EFS has been enhanced for both conventional as well as Sharia based and allowing the exporters to obtain financing against their export proceeds through discounting of export bills/receivables.
Discounting of bills/receivables is essentially a financial transaction where the exporter surrenders its future export proceeds and obtain financing in PKR for the remainder of the time period of exports proceeds realization.
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This initiative will help exporters meet their working capital needs and also incentivize them to bring in their export proceeds in a timely manner that will help to improve foreign exchange inflows in the interbank market.
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Exporter can obtain financing from banks by discounting their export bills/receivables (both post-shipment & pre-shipment) under this scheme, at rates ranging from 2 per cent to 3 per cent depending upon the tenor of discounting. In the first three months, this facility will be available at introductory lower rates of 1 per cent and 2 per cent. Banks will obtain refinance equal to discounted amount for the tenor of discount at tier-based rates ranging from 1 per cent to 2 per cent.
In addition to supportive rates for working capital needs of exporters, SBP has also provided special relaxation under this facility by increasing the export proceed realization period up to 180 days if the exporter avails this discounting facility.
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SBP issues KIBOR rates on February 16, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of February 16, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.78 10.28 2 – Week 9.82 10.32 1 – Month 9.87 10.37 3 – Month 10.20 10.45 6 – Month 10.56 10.81 9 – Month 10.64 11.14 1 – Year 10.74 11.24 -
Customers’ exchange rates on February 16, 2022
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued customers’ exchange rates for February 16, 2022. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 47.8093 47.9213 AUD 125.6317 125.9105 CAD 138.0113 138.3169 CHF 189.6676 190.0888 CNY 27.7058 27.7653 EUR 199.2753 199.7527 GBP 237.7846 238.3382 JPY 1.5170 1.5205 SAR 46.7746 46.8829 USD 175.4836 175.9064 -
SBP enhances agriculture credit limits
KARACHI: The State Bank of Pakistan (SBP) on Wednesday enhanced the indicative credit limits for agriculture financing by banks to farmers to align the amount of financing with agriculture input requirements.
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The enhanced indicative credit limits for production and development loans of farm and non-farm sector will directly benefit agriculture borrowers, who will now be able to obtain more credit from banks and in turn enhance agriculture productivity through adequate use of inputs.
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This will also enable banks to align the loan amounts with the actual requirements of farmers and resultantly enhance flow of agriculture credit.
It is important to note that the indicative credit limits serve as a guideline for banks to assess the credit requirements of agriculture borrowers while sanctioning credit limits. Banks may, however, make adjustments on the basis of prevailing market conditions, local prices of inputs, and repayment capacity of borrowers.
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The revised indicative credit limits will also facilitate provincial planning departments in estimating the total financial and credit requirements of respective provinces/regions for farm and non-farm sectors.
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SBP issues KIBOR rates on February 15, 2022
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of February 15, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.76 10.26 2 – Week 9.80 10.30 1 – Month 9.86 10.36 3 – Month 10.19 10.44 6 – Month 10.55 10.80 9 – Month 10.63 11.13 1 – Year 10.73 11.23 -
Customers’ exchange rates on February 15, 2022
Karachi, February 15, 2022 – The State Bank of Pakistan (SBP) has published the latest exchange rates for various foreign currencies against the Pakistani Rupee (PKR) on Tuesday, February 15, 2022.
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SBP issues KIBOR rates on February 14, 2022
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of February 14, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.76 10.26 2 – Week 9.79 10.29 1 – Month 9.86 10.36 3 – Month 10.18 10.43 6 – Month 10.54 10.79 9 – Month 10.63 11.13 1 – Year 10.73 10.23 -
Customers’ exchange rates on February 14, 2022
KARACHI: The State Bank of Pakistan (SBP) on Monday issued customers’ exchange rates for February 14, 2022. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 47.6987 47.8097 AUD 124.6648 124.9624 CAD 137.5099 137.8206 CHF 189.1961 189.6379 CNY 27.5406 27.6028 EUR 198.6804 199.1552 GBP 237.0812 237.6435 JPY 1.5170 1.5206 SAR 46.6725 46.7793 USD 175.0763 175.4991 -
Remittances increase to record $18 billion in 7 months
KARACHI: The inflows of workers’ remittances have increased to record $18 billion during the first seven months (July – January) 2021/2022, the State Bank of Pakistan (SBP) said on Friday.
The remittances registered an increase of 9.35 per cent during the period under review when compared with $16.46 billion received during first seven months of the last fiscal year.
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The SBP said that during the first seven months of 2021/2022, remittances have risen to a record $18 billion.
At $2.14 billion in January 2022, workers’ remittances remained above $2 billion for the 20th consecutive month.
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Remittances declined by 5 per cent compared to January 2021, partly reflecting an easing of travel restrictions. Compared to the previous month, they fell by 14.9 per cent due to seasonality.
READ MORE: Pakistan’s remittances fall by 6.6% in November 2021
Remittance inflows during January 2022 were mainly sourced from Saudi Arabia ($540 million), United Arab Emirates ($374 million), United Kingdom ($320 million) and United States of America ($208 million).
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