State Bank of Pakistan (SBP) has completed the project of digitalization forex cases namely End-to-End Digitalization of FX Cases.
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Pakistan exports to seven regional countries up by 20.5%
ISLAMABAD: Pakistan has registered an increase in the exports to seven regional countries by 20.50 per cent in the first month of the financial year (2021-2022) as compared with the corresponding month of the last year.
The State Bank of Pakistan (SBP) reported that the countries in the seven regional countries including Afghanistan, China, India, Nepal, Bangladesh, Sri Lanka, and the Maldives.
These countries account for a small amount of $282.020 million which is only 12.49 percent of Pakistan’s overall exports of $2257.042 million in July 2021-22.
China tops the list of the countries in which Pakistan exports goods to its neighboring countries except for Afghanistan and Bangladesh.
There is an increase observed in the exports from Pakistan to China with a growth of 55.26 percent to $165.878 million in July 2022 from $106.775 million in July 2021.
On the other hand, there is also an increase in the exports of Pakistan to Bangladesh by 5.66 percent from $5t51.033 million to $48.297 million.
Yet the exports of Pakistan to Afghanistan have dropped by 38.57 percent to $38.557 million this year from $62.774 million. The exports of the country with India also plunged by 87.81 percent to $0.054 million from $0.443 million because of the suspension of trade relations by the government with Pakistan.
The exports to Nepal also declined by 39.86 percent to $0.273 million from 0.454 million. However, the exports to the Maldives also fell by 1.21 percent to 0.325 million from 0.329 million.
The exports of Pakistan with Sri Lanka increased by 68.55 percent to $235.991 million from $15.420 million in the previous year.
However the imports of Pakistan from seven regional countries have increased by 19.36 percent to $1350.535million during July 2022 as compared to $1131.427 million in July 2021.
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SBP issues customers exchange rates on August 23
KARACHI, August 23, 2021: The State Bank of Pakistan (SBP) has unveiled the latest exchange rates for customers on Monday, August 23, 2021.
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July current account deficit balloons to $773 million
KARACHI: The current account balance has posted a deficit of $773 million during first month of the current fiscal year, State Bank of Pakistan (SBP) said on Friday.
The SBP released Balance of Payment (BOP) statistics. The data revealed that the current account was in surplus of $583 million in July 2020.
However, the current account deficit has been narrowed in July 2021 when compared with $1.619 billion recorded in June 2021.
The balance of trade in goods has posted a deficit of $3.139 billion in July 2021 when compared with the deficit of $1.672 billion in the same month of the last year.
The export receipts have increased to $2.257 billion in the first month of the current fiscal year 2021/2022 when compared with $1.88 billion in the same month of the last fiscal year.
The import bill also recorded significant growth to $5.396 billion in the month under review when compared with $3.557 billion in the same month of the last year.
The inflow of workers’ remittances recorded at $2.707 billion in July 2021 when compared with $2.764 billion in the same month of the last year.
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Foreign exchange reserves inch up to $24.668 billion
KARACHI: Pakistan’s liquid foreign exchange reserves recorded a modest uptick, reaching $24.668 billion by the week ending August 13, 2021, according to the latest data released by the State Bank of Pakistan (SBP) on Friday.
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KIBOR rates on August 20, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued following Karachi Interbank Offered Rates (KIBOR) on August 20, 2021.
Tenor BID OFFER 1 – Week 6.91 7.41 2 – Week 6.95 7.45 1 – Month 7.01 7.51 3 – Month 7.14 7.39 6 – Month 7.31 7.56 9 – Month 7.44 7.94 1 – Year 7.52 8.02 -
SBP issues customers exchange rates on August 20
KARACHI, August 20, 2021: The State Bank of Pakistan (SBP) has issued the latest exchange rates for customers on Friday, August 20, 2021.
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SBP approves Rs82.6 million interest free student loan
KARACHI: The State Bank of Pakistan (SBP) has approved an amount of Rs82.6 million as interest free loan for deserving students.
The apex committee for Student Loan Scheme having representation from State Bank of Pakistan, Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) has approved Rs 82.6 million as interest-free loans to deserving students for their studies within Pakistan.
The amount, approved by apex committee, will be disbursed to 518 deserving students of public sector universities across the country, studying in different disciplines of under-graduation, graduation and PhD studies for the Session 2017-18, 2018-19 & 2019-2020.
The objective of the Student Loan Scheme is to provide financial assistance to the meritorious students having insufficient means. The loans are granted for a maximum tenor of 10 years from the date of the disbursement of first installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.
National Bank of Pakistan, being the administrator of the Scheme, performs all the functions like receiving and scrutinizing the loan applications, disbursement of loans and their recovery.
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KIBOR rates on August 17, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on August 17, 2021.
Tenor BID OFFER 1 – Week 6.92 7.42 2 – Week 6.95 7.45 1 – Month 7.01 7.51 3 – Month 7.14 7.39 6 – Month 7.31 7.56 9 – Month 7.43 7.93 1 – Year 7.52 8.02 -
SBP issues customers exchange rates for August 17
KARACHI, August 17, 2021: The State Bank of Pakistan (SBP) has released the latest exchange rates for customers on Tuesday, August 17, 2021.
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