Karachi, October 27, 2021: The State Bank of Pakistan (SBP) has unveiled the official exchange rates for customers on this Wednesday, October 27, 2021.
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PM Imran thanks Saudi assistance; dollar retreats
KARACHI: Prime Minister Imran Khan on Wednesday thanked Saudi Crown Prince Mohammad Bin Salman for supporting Pakistan with $3 billion as deposit in Pakistan’s central bank and financing refined petroleum product with $1.2 billion.
The prime minister said in a tweet. “KSA has always been there for Pak in our difficult times including now when world confronts rising commodity prices.”
On the other hand the dollar retreated in early trade in interbank foreign exchange market.
The dollar declined by 92 paisas in early trade. The dollar was being traded at Rs174.35 from previous day’s closing of Rs175.27 in interbank foreign exchange market.
Saudi Arabia has announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves.
The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.
According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.
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Saudi Arabia places $3bn with Pakistan’s central bank
ISLAMABAD: Saudi Arabia has announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves.
The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.
According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.
The SPA reported that the deposit was in addition, to an oil deferred payment facility of $1.2 billion dollars for petroleum products, during the year.
The SPA said that the gesture reflected the Saudi Kingdom’s continued position in supporting the economy of Pakistan.
The announcement would help ease pressure on Pakistan’s foreign exchange reserves, due to the recent sharp hike in global commodity prices.
In a late-night development Information Minister Ch. Fawad Hussain shared the major development on his Twitter handle, a day after the return of Prime Minister Imran Khan from a three-day visit to the Kingdom to attend the Middle East Green Initiative of the Saudi Crown Prince.
“Breaking news Saudi Arabia announcement support Pakistan with $3 billion as deposit in Pakistan central bank and also financing refined petroleum product with 1. 2 billion us dollars during the year.”
Finance Minister Shaukat Tarin in a tweet early Wednesday said: “Yesterday evening the Finance Minister of Saudi Arabia informed me of the generous gesture of the Kingdom of Saudi Arabia to place $3 billion with SBP and a $1.2 billion deferred oil facility to help the balance of payment of Pakistan.”
“We thank the Crown Prince & the KSA for this kind gesture.”
Minister of Energy Hammad Azhar, who accompanied the Prime Minister on his visit to Saudi Arabia said the Saudi Development Fund has generously announced for Pakistan an oil deferred payments facility of $1.2 billion/annum and a $3 billion deposit with SBP.
“This will help ease pressures on our trade & forex accounts as a result of global commodities price surge,” he said in a message on Twitter.
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KIBOR rates on October 26, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on October 26, 2021.
Tenor BID OFFER 1 – Week 7.23 7.73 2 – Week 7.27 7.77 1 – Month 7.32 7.82 3 – Month 8.11 8.36 6 – Month 8.60 8.85 9 – Month 8.79 9.29 1 – Year 9.01 9.51 -
SBP issues customers exchange rates for October 26
Karachi, October 26, 2021: The State Bank of Pakistan (SBP) has provided customers with the official exchange rates for Tuesday, October 26, 2021.
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KIBOR rates on October 25, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on October 25, 2021.
Tenor BID OFFER 1 – Week 7.23 7.73 2 – Week 7.26 7.76 1 – Month 7.31 7.81 3 – Month 8.09 8.34 6 – Month 8.53 8.78 9 – Month 8.76 9.26 1 – Year 8.98 9.48 -
SBP issues customers exchange rates for October 25
Karachi, October 25, 2021: The State Bank of Pakistan (SBP) has issued the official exchange rates for Monday, October 25, 2021.
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History of Prize Bonds in Pakistan
KARACHI: State Bank of Pakistan (SBP) has made Rs5 denomination prize bond as part of its museum.
Prize Bond, as the name suggests, are Bonds issued by a Government, which do not promise any interest, but award a prize, determined by a draw held at fixed date or regular intervals. Prize Bonds are investment and are bearer type of security available in different denominations.
The First Prize Bonds in the sub-continent were issued on sale in denominations of Rs. 10 and Rs. 100, by the undivided Indian Government on 15th January, 1944 and could be cashed on any date after 15th January, 1949. These were called “Five Year interest-free Bonds 1949”.
After the partition of sub-continent, Pakistan first issued the interest-free “National Prize Bonds” of Rs. 10 in October 1960, managed by the ‘Central Directorate of National Savings’ (CDNS). The Prize Bonds were launched by the then Minister, Gen. K.M. Shaikh, and the first Bond was also purchased by him. Later Rs. 5, 11, 50, 100, 500, 1000, 5000, 10000 & 25000 denomination Prize Bonds were issued.
The draw of each Prize Bond was held every three months, with the first draw held in January 1961. The traditional drum was used initially for the draw, but imported machines similar to slot machines were later used. The draws were supervised by draw committees, with the chairman being a senior Government officer, and members from the State Bank of Pakistan and Central Directoarte of National Savings (CDNS).
Rs. 200, 750, 1500, 7500, 15000, 25000 & 40000 denomination Bonds are currently in circulation.
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KIBOR rates on October 22, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on October 22, 2021.
Tenor BID OFFER 1 – Week 7.21 7.71 2 – Week 7.25 7.75 1 – Month 7.31 7.81 3 – Month 8.08 8.33 6 – Month 8.49 8.74 9 – Month 8.73 9.23 1 – Year 8.96 9.46 -
FPCCI demands replacing SBP governor
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday demanded the government of replacing the governor of State Bank of Pakistan (SBP).
“The business, industry and trade community of Pakistan demands a better, more competent and responsible leadership at the helm of the affairs at State Bank of Pakistan,” said Mian Nasser Hyatt Maggo, President FPCCI while criticizing irresponsible and fictitious statement by the Governor SBP on deprecating value of Pakistani Rupee and how it is benefiting Pakistan.
FPCCI Chief said that there is no economic sense and justification in the statement that Pakistan has gained around $3 billion due to recent depreciation in Pak Rupee. He added that the ground realities are diametrically opposite than that of assertions by SBP Chief.
Mian Nasser Hyatt Maggo emphasized that monetary policy should be devised in a manner to promote economic growth and bring stability in the economic indicators; however, monetary policy has failed to achieve any of the above.
Nasir Khan, VP FPCCI, has said that unrelentingly depreciating exchange rate is playing a havoc with Pakistani society and the economy. This is unsustainable and the Prime Minister should intervene – in the larger national interest – immediately to arrest the slide in the value of Pak Rupee.
Nasir Khan said that the government must address the domestic and imported inflation through its monetary and fiscal policies; instead of making lame excuses.
Mian Nasser Hyatt Maggo said that hardly any justification exists in continuation of the present Governor SBP. In fact, ethically speaking, he should prefer to resign himself in view of totally indefensible policy structure given by SBP.
Mian Nasser Hyatt Maggo has also demanded a binding inquiry into the conduct of SBP in recommending sweeping tax concessions for non-resident companies to attract investments in government debt at very high rates to favor certain foreign commercial banks. The same conduct of Governor SBP is part of the history archives, when he was in Egypt.