Karachi, October 21, 2021: The State Bank of Pakistan (SBP) has issued the official exchange rates for Thursday, October 21, 2021.
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Pakistan spends $1 billion for vaccines in first quarter
ISLAMABAD: Pakistan has spent an amount of $400 million on import of COVID-19 vaccines during the month of September 2021 and overall $1 billion during first quarter (July – September) of fiscal year 2021/2022, said a statement issued by the ministry of finance on Wednesday.
As per State Bank of Pakistan, the current account deficit has reduced to $1.13 billion In September 2021 from $1.47 billion in August 2021.
Overall, the deficit in the first quarter reported at $3.4billion. It is important to note that the surge in import bill is due to combination of few one-off imports, rising global commodities and energy prices, it said.
Therefore, adjustment with vaccines import, the current account deficit for the quarter has reduced to $2.4 billion.
Moreover, the sudden surge in import bill is function of abnormal surge in commodity prices. Energy prices including oil, LNG or coal prices are following upward trend. While, chemicals, steel and food prices are also on rise. “We expect supply bottlenecks of above-stated items will streamline in the months to follow. This will further reduce pressure on import bill,” said the statement.
On Export front, the trend is increasing on month-on-month basis to $2.64 billion in September 2021 or 12.5 per cent. In the first quarter, exports recorded at $7 billion. It is expected that exports will be close to $31 billion and $6-7 billions services exports in June ending 2022.
Similarly, remittances are right on track to mark $32 billion. Remittances and exports of goods and services combined will be in the range of $70 billion in fiscal year 2021/2022.
Lastly, due to better crop outlook, the import of sugar, wheat and cotton will witness massive slowdown during the second half of fiscal year. This will further reduce the import and in-turn, current account deficit.
The risk to above includes further hike in global commodity and energy prices, the finance minister said.
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KIBOR rates on October 20, 2021
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the following Karachi Interbank Offered Rates (KIBOR) on October 20, 2021.
Tenor BID OFFER 1 – Week 7.22 7.72 2 – Week 7.26 7.76 1 – Month 7.31 7.81 3 – Month 7.83 8.08 6 – Month 8.20 8.45 9 – Month 8.52 9.02 1 – Year 8.81 9.31 -
SBP issues customers exchange rates for October 20
Karachi, October 20, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Wednesday, October 20, 2021.
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Current account deficit swells to $3.4 billion in 1QFY22
KARACHI: Pakistan’s current account deficit has ballooned to $3.4 billion during first quarter (July – September) of the current fiscal year 2021/2022 (1QFY22) owing to significant widening in trade deficit.
According to balance of payment (BOP) statistics released by the State Bank of Pakistan (SBP) on Tuesday, the current account deficit widened to $3.4 billion during the first quarter of the current fiscal year as compared with a surplus of $865 million in the corresponding period of the last fiscal year.
The country’s trade deficit has swollen by massive 102.10 per cent to $11.75 billion during the quarter under review as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.
The import bill registered a sharp growth of 66.11 per cent to $18.75 billion during July – September of the current fiscal year as compared with $11.29 billion in the same period of the last fiscal year.
Meanwhile, the exports have also exhibited a growth of 28 per cent to $6.99 billion during the quarter under review as compared with $5.47 billion in the same period of the last fiscal year.
Overseas Pakistanis have remitted $8.034 billion during first quarter (July – September) of the fiscal year 2021/2022.
The home remittances during the first quarter registered a rise of 12.5 per cent when compared with $7.143 billion in the corresponding period of the last fiscal year.
The inflows of remittances were $2.7 billion in September 2021 as compared with $2.28 billion in the same month of the last year, showing an increase of 17.1 per cent.
The current account deficit narrowed in September 2021 to $1.113 billion when compared with the deficit of $1.47 billion in August 2021.
The current account deficit was $1.916 billion in the last fiscal year 2020/2021.
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Foreign direct investment declines to $439M in 1QFY22
Pakistan has witnessed a four per cent decrease in foreign direct investment (FDI) during the first quarter (July – September) of the fiscal year 2021/2022 (Q1FY22), as per data released by the State Bank of Pakistan (SBP) on Monday.
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KIBOR rates on October 18, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on October 18, 2021.
Tenor BID OFFER 1 – Week 7.22 7.72 2 – Week 7.25 7.75 1 – Month 7.30 7.80 3 – Month 7.76 8.01 6 – Month 8.16 8.41 9 – Month 8.46 8.96 1 – Year 8.74 9.24 -
SBP issues customers exchange rates for October 18, 2021
Karachi, October 18, 2021 – The State Bank of Pakistan (SBP) has released the latest exchange rates for various foreign currencies against the Pakistani Rupee (PKR) on Monday, October 18, 2021.
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KIBOR rates on October 15, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on October 15, 2021.
Tenor BID OFFER 1 – Week 7.21 7.71 2 – Week 7.25 7.75 1 – Month 7.29 7.79 3 – Month 7.71 7.96 6 – Month 8.10 8.35 9 – Month 8.38 8.88 1 – Year 8.60 9.10 -
Digital payment facility made must for corporate clients
KARACHI: The State Bank of Pakistan (SBP) has made it mandatory for its regulated entities (REs) including banks, microfinance banks, payment system operators and payment system providers to provide digital means of payments to their corporate clients to enable businesses for sending and receiving their payments.
Ina statement issued on Friday, the central bank said the SBP has now made it mandatory for its regulated entities (REs) including banks, microfinance banks, payment system operators and payment system providers to provide digital means of payments to their corporate clients to enable businesses for sending and receiving their payments.
SBP, in its recent Circular, has asked its regulated entities to facilitate their institutional clients including corporations, companies, and partnerships for making large value payments through digital channels.
Regulated entities are now required to extend online portals/platforms for digital payments & receipts of corporates including online interbank fund transfer services, online bill/invoice sharing and payment services like over the Counter (OTC) digital payments services/facilities, card payments using Point of Sale (POS) terminals, QR codes, mobile devices, ATMs, Kiosk or any other digital payments enabled device.
In order to monitor the progress of implementation of these instructions, SBP has advised banks to submit roadmap of implementing these measures within 30 days.
Banks are also required to submit quarterly progress reports to SBP on the number of businesses facilitated for digitization of their payments and receipts.
SBP expects that these measures would increase documentation of value chains and help businesses manage their large value transactions more effectively.
The initiative will also facilitate implementation of Federal Board of Revenue’s recently introduced measures on integration of businesses with FBR system and conducting of corporate payments through digital means.
Regulated entities are also required to make all efforts to onboard non-corporate players including Sole Proprietors, SMEs and MSMEs for the provision of digital payments.