Karachi, February 18, 2022: The State Bank of Pakistan (SBP) has announced the official exchange rates for February 18, 2022, offering insights into currency values against the Pakistani Rupee.
(more…)Tag: State Bank of Pakistan
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Pakistan’s foreign exchange reserves slip to $23.49 bn
KARACHI: The total liquid foreign exchange reserves of Pakistan have declined by $231 million to $23.49 billion by week ended February 11, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $23.721 billion by week ended February 04, 2022.
The official reserves of the central bank fell by $241 million to $17.096 billion by week ended February 11, 2022 as compared with $17.337 billion a week ago.
However, the foreign exchange reserves held by commercial banks slightly increased by $10 million to $6.394 billion by week ended February 11, 2022 as compared with $6.384 billion a week ago.
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Foreign investment surges by 176% during July – January
KARACHI: The overall inflow of foreign investment in the country recorded 176 per cent during first seven months (July – January) 2021/2022 due to the inflows of debt securities to the tune of $1.057 billion received in January 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.
The total foreign investment increased to $1.817 billion during the first seven months of the current fiscal year as compared with $659 million in the corresponding months of the last fiscal year.
READ MORE: Pakistan’s foreign investment surges by 73% in 5 months
The net foreign private investment is showing increase of 5.7 per cent to $859 million during July – January 2021/2022 as compared with $812.4 million.
The net inflow of foreign direct investment (FDI), a major component of foreign private investment, into Pakistan has recorded 11.3 per cent during first seven months (July – January) of 2021/2022.
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The net inflow of the foreign direct investment increased to $1.17 billion during first seven months of the current fiscal year as compared with $1.05 billion in the corresponding period of the last fiscal year.
The increase in net inflow of FDI can be attributed to significant contraction in outflow during the period. The outflow fell by 40 per cent to $468.7 million during the period under review as compared with the outflow of $786 million in the same period of the last fiscal year.
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However, the portfolio investment, the other component of foreign private investment, recorded a 31 per cent decline during first seven months of the current fiscal year. The outflow under foreign portfolio investment recorded at $308 million during July – January 2021/2022 as compared with outflow of $236 million in the corresponding period of the last fiscal year.
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SBP issues KIBOR rates on February 17, 2022
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of February 17, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 9.77 10.27 2 – Week 9.81 10.31 1 – Month 9.87 10.37 3 – Month 10.19 10.44 6 – Month 10.57 10.82 9 – Month 10.64 11.14 1 – Year 10.72 11.22 -
Customers’ exchange rates on February 17, 2022
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.
READ MORE: Exchange companies get incentive for dollar surrender
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.
READ MORE: Incentives approved for exchange companies on dollar surrender
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