KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of December 06, 2021.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 8.95 | 9.45 |
| 2 – Week | 8.99 | 9.49 |
| 1 – Month | 9.44 | 9.94 |
| 3 – Month | 10.50 | 10.75 |
| 6 – Month | 11.25 | 11.50 |
| 9 – Month | 11.34 | 11.84 |
| 1 – Year | 11.40 | 11.90 |
Karachi, Pakistan – The State Bank of Pakistan (SBP) has published the customers’ exchange rates for December 06, 2021, providing insights into the current currency values.
(more…)Karachi, Pakistan – The State Bank of Pakistan (SBP) has unveiled the exchange rates for December 03, 2021, providing a snapshot of the current market values.
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KARACHI: Pakistan’s import cover has been reduced to two months with a reduction in official foreign exchange reserves of the State Bank of Pakistan (SBP) to $16.01 billion.
The import cover was 3.3 months in August 2021, according to analysts at Topline Securities.
According to the data released by the SBP, its official reserves were declined by $244 million to $16.01 billion by the week ended November 26, 2021, as compared with $16.254 billion a week ago.
The foreign exchange reserves of the country reduced by $275 million to $22.499 billion by the week ended November 26, 2021, as compared with $22.774 billion by the week ended November 19, 2021.
The foreign exchange reserves held by commercial banks also declined by $31 million to $6.489 billion by the week ended November 26, 2021 as compared with $6.52 billion a week ago.
ISLAMABAD: Shaukat Tarin, Adviser to Prime Minister on Finance and Revenue, has directed the authorities to take measures to reduce the import of luxury items.
He was presiding over a meeting to review the balance of trade at Finance Division on Thursday.
Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Adviser to the PM on Commerce & Investment Abdul Razak Dawood, Federal Secretaries, Governor State Bank of Pakistan (SBP), Chairman Federal Board of Revenue (FBR) and other senior officers participated in the meeting.
The meeting reviewed and discussed the import bill for the last five months- July to Nov 2021.
It was informed that the pressure on import bill was mainly due to global high commodity prices especially energy, steel, and industrial raw materials.
The forum also noted that high import of vaccine contributed significantly to the rise in import bill.
Moreover, it was informed that there will be less import of food items, furnace oil and vaccine in the coming months that will significantly reduce the pressure on trade bill in the second half of the current fiscal year.
At the conclusion, the Adviser to the PM on Finance and Revenue advised the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of December 01, 2021.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 8.83 | 9.33 |
| 2 – Week | 8.89 | 9.39 |
| 1 – Month | 9.02 | 9.52 |
| 3 – Month | 9.73 | 9.98 |
| 6 – Month | 10.05 | 10.30 |
| 9 – Month | 10.46 | 10.96 |
| 1 – Year | 10.69 | 11.19 |
Karachi, Pakistan – The State Bank of Pakistan (SBP) has published the exchange rates for December 01, 2021, providing a comprehensive overview based on the weighted average rates of commercial banks.
(more…)KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of November 30, 2021.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 8.83 | 9.33 |
| 2 – Week | 8.87 | 9.37 |
| 1 – Month | 9.01 | 9.51 |
| 3 – Month | 9.68 | 9.93 |
| 6 – Month | 10.03 | 10.28 |
| 9 – Month | 10.41 | 10.91 |
| 1 – Year | 10.65 | 11.15 |
KARACHI: The State Bank of Pakistan (SBP) has granted approval to Saudi National Bank (SNB) to undertake due diligence of Samba Bank Limited, according to information received on Tuesday.
Samba Bank Limited shared a communication with the Pakistan Stock Exchange (PSX) that the SBP had granted approval to SNB and its advisor, due diligence team, to undertake the due diligence of Samba Bank Limited with applicable laws, rules and regulations.
Samba Bank previously on September 21, 2021 communicated to the PSX that SNB, as the immediate parent company of Samba Bank Limited had notified: “SNB is considering all its strategic options in relations to its shareholding in Samba Pakistan Limited, including potential mergers, acquisitions, divestment and/or restructuring (the strategic review).
“Any decision relating to the strategic review shall be subject to internal approvals and may be subject to regulatory approvals as well as execution of the definitive agreement.”
It may be mentioned that SNB is the successor entity of Samba Financial Group, pursuant to a merger process in the Kingdom of Saudi Arabia, and regulatory formalities for the formal recording of Saudi National Bank as the successor entity in Pakistan is under process.
Samba Bank through a letter on October 05, 2021 made further disclosure to the stock exchange that the board of directors of SNB had approved the following actions in respect of Samba Bank Limited:
— To commence and orderly well managed divestment of Samba Bank Limited – Pakistan.
— To appoint an advisor to assist with the process, which has been done by SNB;
— to advise Samba Bank Limited on engagement with the regulators in Pakistan for the process, as necessary;
— To revert to the Board of Directors of SNB, before commencing a process of due diligence based on the receipt of Non-Binding offers and feedback from the market in the evaluation of this option.
KARACHI, November 30, 2021 – The State Bank of Pakistan (SBP) has released the official exchange rates for November 30, 2021, providing customers and businesses with crucial information on currency values.
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