KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of January 17, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.73 | 10.23 |
| 2 – Week | 9.77 | 10.27 |
| 1 – Month | 9.84 | 10.34 |
| 3 – Month | 10.21 | 10.46 |
| 6 – Month | 11.20 | 11.45 |
| 9 – Month | 11.24 | 11.74 |
| 1 – Year | 11.28 | 11.78 |
KARACHI: State Bank of Pakistan (SBP) on Monday warned commercial banks of harsh penal action for delaying transmitting transaction alerts to their account holders.
(more…)Karachi, Pakistan – On Monday, the State Bank of Pakistan (SBP) unveiled the official exchange rates for January 17, 2022, providing customers with essential information based on the weighted average rates of commercial banks.
(more…)KARACHI: Pakistani workers living abroad have sent $15.8 billion to their homeland during first half (July – December) of the fiscal year 2021/2022, State Bank of Pakistan (SBP) said on Friday.
The workers’ remittances grew by 11.26 per cent when compared with $14.2 billion in the same period of the last fiscal year.
READ MORE: Pakistan’s remittances fall by 6.6% in November 2021
The central bank said that with $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020.
In terms of growth, remittances increased by 2.5 per cent Month on Month and 3.4 per cent Year on Year in December 2021.
Remittance inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).
READ MORE: ECC approves loyalty program for home remittances
The central bank said that proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year.
The Jul-Nov FY22 data of Workers’ Remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.).
READ MORE: FBR not to ask source of remittances sent through ECs
Since data on these conversions was not previously available by country, these were reported under ‘other private transfers’ in the balance of payments statistics. The December 2021 data is also compiled accordingly, and this treatment will be followed going forward.
READ MORE: PM Imran launches incentive program for remittances
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of January 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 | 9.84 | 10.34 |
| 3 – Month | 10.23 | 10.48 |
| 6 – Month | 11.21 | 11.46 |
| 9 – Month | 11.24 | 11.74 |
| 1 – Year | 11.28 | 11.78 |
Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) released the official exchange rates for January 14, 2022, providing customers with crucial information based on the weighted average rates of commercial banks.
(more…)
KARACHI: Pakistan’s total liquid foreign exchange reserves declined by $118 million during a week, the State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $23.901 billion by week ended January 07, 2022 as compared with $24.019 billion by week ended December 31, 2021.
The official reserves of the central bank came down by $88 million to $17.598 billion by week ended January 07, 2022 as compared with $17.686 billion a week ago.
Likewise, the foreign exchange reserves held by commercial banks declined by $30 million to $3.303 billion by week ended January 07, 2022 as compared with $6.333 billion a week ago.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of January 13, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.74 | 10.24 |
| 2 – Week | 9.78 | 10.28 |
| 1 – Month | 9.84 | 10.34 |
| 3 – Month | 10.16 | 10.41 |
| 6 – Month | 11.15 | 11.40 |
| 9 – Month | 11.18 | 11.68 |
| 1 – Year | 11.26 | 11.76 |
KARACHI: The State Bank of Pakistan (SBP) has won the best bank award for promoting Islamic finance announced by Islamic Finance News (IFN), an arm of RED money Group, Malaysia.
The IFN announced the SBP as the best Central Bank of 2021 across the world in promoting Islamic finance. The results of global voting were disclosed today. IFN Best Banks Poll is regarded as one of the prestigious accolades in the global Islamic finance space. Bank Negara Malaysia stood second while the Saudi Central Bank secured third position.
READ MORE: Bank deposits surge to historic high at Rs20.97 trillion
The category of the Best Central Bank in promoting Islamic Finance is one of the closely fought contests among regulators competing for supremacy through exceptional advances made during the year. SBP is honored to have won this award for the 5th time during last seven years.
Previously, SBP was bestowed with this coveted award for the year 2015, 2017, 2018, and 2020. IFN in its cover story while congratulating State Bank of Pakistan for yet another win as the Best Central Bank in Promoting Islamic Finance stated that they welcome back a leading light of the industry. In a closely fought contest, 2020’s victor came roaring back to take the crown, said the IFN.
READ MORE: Last date extended to exchange old banknotes: SBP
IFN while announcing the poll result also stated that with its Governor, Dr Reza Baqir, recently promoted to be the new chairman of the Council of the IFSB, from his role as the Deputy Chairman in 2021, they can hopefully look forward to even stronger support and leadership from the central bank over the coming year.
The IFN Award to SBP as the best central bank is the global endorsement of its initiatives for promotion of Islamic banking in the country. The award reflects an international recognition of the strategic measures undertaken by SBP to put in place a robust policy environment for Islamic banking to prosper.
READ MORE: SBP’s instructions on pensioners biometric verification
The State Bank of Pakistan has consistently promoted and encouraged Islamic finance within Pakistan, and has taken several significant steps. These include launch of 3rd five year Strategic Plan for Islamic banking 2021-25, Shariah compliant standing ceiling facility and open market operations, strengthening of Shariah governance mechanism, Shariah compliant regulations for the lender of the last resort (LOLR) facility and licensing regime for digital banking covering the Islamic segment; besides taking initiatives for promoting better awareness amongst the masses, and strengthening international linkages. The Strategic plan 2021-25 envisages to take Islamic banking share of 30% in terms of assets and 35% in terms of deposits in the overall banking system.
READ MORE: SBP continues banking relaxations amid rising COVID cases
Amidst the COVID-19 chaos throwing unforeseen challenges to the global financial market, Islamic banking industry in Pakistan continued to maintain its impressive growth trajectory and assets and deposits of Islamic banking industry grew on year-on-year basis by 28.2% and 26% respectively by September 30, 2021. The market share of Islamic banking assets and deposits stood at 17% and 18.6% respectively of the overall banking system in the country as of September 30, 2021. The industry operates through a huge network of 3,651 branches and 1,579 Islamic banking windows (dedicated counters at conventional branches) steered by twenty-two (22) Islamic Banking Institutions (IBIs) which include 5 full-fledged Islamic banks and 17 conventional banks having dedicated Islamic Banking Branches and windows. The industry is growing on the back of continued support by the Government of Pakistan which remains committed to provide an enabling platform for this industry to operate.
KARACHI: The State Bank of Pakistan (SBP) on Thursday issued customers’ exchange rates for January 13, 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.
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