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Tag: State Bank of Pakistan

  • Remittances flow $2bn for 13th consecutive month

    Remittances flow $2bn for 13th consecutive month

    KARACHI: The inflows of workers’ remittances continued streak of over $2 billion for a record 13th consecutive month to reach historic annual high at $29.4 billion in 2020/2021, State Bank of Pakistan (SBP) said on Tuesday.

    The SBP said that with inflows of around $2.7 billion in June 2021 (9 percent growth (y/y) and 8 percent growth (m/m)), workers’ remittances continued their unprecedented streak of above $2 billion for a record 13th consecutive month.

    Seasonal pre-Eid related inflows helped to further boost remittances level during June.

    On a cumulative basis, remittances rose to a historic annual high of $29.4 billion.

    This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year.

    Remittances registered a substantial 27 percent growth in FY21 over last year, the fastest rate of expansion since FY03.

    Remittance inflows during FY21 were mainly sourced from Saudi Arabia ($7.7 billion), United Arab Emirates ($6.1 billion), United Kingdom ($4.1 billion) and the United States ($2.7 billion).

    Overall, record high inflows of workers’ remittances during FY21 have been driven by proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19 infections, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions.

  • SBP directs banks to enhance consumer grievance handling mechanism

    SBP directs banks to enhance consumer grievance handling mechanism

    KARACHI: in order to strengthen consumer protection regime, the State Bank of Pakistan (SBP) directed banks to enhance grievance handling mechanism at their end.

    A statement issued on Monday, the central bank said that the SBP is in continuous pursuit of strengthening the consumer protection regime and market conduct of the industry.

    Amongst other efforts, SBP is focusing on improvement in grievance handling mechanisms at banks,  microfinance banks (MFBs)  and Development Finance Institutions (DFIs) with the aim to provide more affordable, accessible, fair, accountable, and efficient grievance redressal.

    For this purpose, various measures have been taken by SBP to enhance responsible complaint handling by the banks as they handle more than 97 per cent of complaints related to the banking industry, in a year.

    Recently, SBP conducted a detailed review of complaint handling practices at banks, primarily focusing on ‘ease of lodgment’, and ‘quick and fair disposal’ of complaints.  Based on the findings of the review and the role of complaints in improvising banking services, SBP has directed the banks to enhance the grievance handling mechanism deployed at their end.

    In order to make complaint lodgement at banks easier and accessible, SBP has prescribed mandatory modes of complaint lodgement to banks with a direction to ensure their availability and accessibility at all times. These modes include Call Centers, Emails, E-forms, Surface mail, Fax, and Complaint boxes/registers Additionally, the banks have also been encouraged to invest in innovative modes of complaint lodgment like receiving complaints through SMS/Call Back Service, Mobile applications, Self Service Kiosks and other Social Media Platforms.

    Such investment will not only boost convenience for customers rather it will help banks capture/handle complaints in a better way. Banks have also been advised to send awareness SMS messages at least on a bi-annual basis to create adequate awareness regarding the complaint lodgment modes deployed. 

    For better tracking of complaints by the customers, the provision of complaint tracking numbers in written form has been made mandatory. Similarly, special focus has been laid on quick and meritorious disposals of complaints.

    Further, SBP has also enhanced the reporting requirements on complaint handling in light of the international and local needs/trends. Besides, banks have been advised to ensure provisioning of adequate support to complaint handling function at banks in terms of Human Resources, Information Technology, Training, etc.

  • KIBOR rates on July 12, 2021

    KIBOR rates on July 12, 2021

    KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 12, 2021.

     TenorBIDOFFER
    1 – Week6.907.40
    2 – Week6.967.46
    1 – Month7.027.52
    3 – Month7.197.44
    6 – Month7.407.65
    9 – Month7.528.02
    1 – Year7.578.07
  • SBP issues exchange rates for July 12, 2021

    SBP issues exchange rates for July 12, 2021

    KARACHI: The State Bank of Pakistan (SBP) on Monday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.


    The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.

    They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.

    CURRENCYBUYINGSELLING
    AED43.404943.4991
    AUD119.0363119.2922
    CAD127.7900128.0654
    CHF174.1353174.5104
    CNY24.642424.6943
    EUR189.0542189.4686
    GBP221.2356221.7364
    JPY1.44571.4489
    SAR42.479242.5708
    USD159.2910159.6543
  • Assets of Islamic banks surge by 30.6%: State Bank

    Assets of Islamic banks surge by 30.6%: State Bank

    KARACHI: The assets of Shariah compliant banks in Pakistan have increased by 30.6 per cent to Rs4.39 trillion by end of quarter January – March 2021 as compared with Rs3.36 trillion in the same quarter of the last year, State Bank of Pakistan (SBP) said on Friday.

    (more…)
  • KIBOR rates on July 09, 2021

    KIBOR rates on July 09, 2021

    KARACHI: State Bank of Pakistan (SBP) on Friday issued following Karachi Interbank Offered Rates (KIBOR) on July 09, 2021.

     TenorBIDOFFER
    1 – Week6.907.40
    2 – Week6.957.45
    1 – Month7.027.52
    3 – Month7.207.45
    6 – Month7.417.66
    9 – Month7.508.00
    1 – Year7.578.07
  • SBP issues customers exchange rates on July 09, 2021

    SBP issues customers exchange rates on July 09, 2021

    KARACHI: The State Bank of Pakistan (SBP) on Friday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.

    The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.

    They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.

     CURRENCYBUYINGSELLING
    AED43.344243.4384
    AUD118.1171118.3681
    CAD126.9385127.2075
    CHF173.6407174.0180
    CNY24.556524.6066
    EUR188.2594188.6806
    GBP219.0967219.5843
    JPY1.44581.4490
    SAR42.416942.5099
    USD159.0709159.4342
  • Pakistan receives $1 billion loan from China; forex reserves rise to $24.415 billion

    Pakistan receives $1 billion loan from China; forex reserves rise to $24.415 billion

    KARACHI: Pakistan has received $1 billion as loan from China which helped the total foreign exchange reserves of the country rose to $24.415 billion by week ended July 02, 2021.

    Pakistan also received an amount of $440 million loan from the World Bank during the week, the State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $23.297 billion by the week ended June 25, 2021.

    The foreign exchange reserves of the State Bank increased by $1.112 billion to $17.231 billion by the week ended July 02, 2021 as compared with $16.119 billion a week ago.

    The foreign exchange reserves held by the commercial banks witnessed an increase of $6 million to $7.184 billion by the week ended July 02, 2021 as compared with $7.178 billion a week ago.

  • KIBOR rates on July 08, 2021

    KIBOR rates on July 08, 2021

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued following Karachi Interbank Offered Rates (KIBOR) on July 08, 2021.

     TenorBIDOFFER
    1 – Week6.937.43
    2 – Week6.977.47
    1 – Month7.027.52
    3 – Month7.207.45
    6 – Month7.417.66
    9 – Month7.518.01
    1 – Year7.578.07
  • SBP warns against foreign currency exchange through Hawala, Hundi

    SBP warns against foreign currency exchange through Hawala, Hundi

    KARACHI: State Bank of Pakistan (SBP) has warned the general public and persons engaged in sale, purchase and transfer of foreign currency through Hawala/Hundi.

    The SBP said that people may unknowingly become part of money laundering and terrorism financing offence by dealing with illegal foreign exchange operators.

    The money laundering and terrorism financing offences are punishable under Anti-Money Laundering (AML) Act, 2010 and Anti-Terrorism Act (ATA), 1997.

    The business of foreign exchange in Pakistan is regulated under Foreign Exchange Regulation Act (FERA) 1947. The SBP issues authorization to banks and exchange companies to conduct foreign exchange business.

    “Any person (individual or entity) other than those authorized by the SBP are doing illegal foreign exchange business which is a punishable offence under FERA 1947 and AMLA 2010. All such operators are informed in their own interest not to indulge in illegal foreign exchange sale/purchase and hawala/hundi business.”

    Extensive action against illegal currency exchange and Hawala/Hundi Operators is being carried out by relevant law enforcement agencies.

    The SBP also advised the general public to carry foreign exchange sale, purchase and remittance transactions with only SBP authorized banks and exchange companies.

    “Do not forget to collect the system generated official receipt of your transactions. If you come across any illegal foreign exchange sale/purchase and Hawala/Hundi Operators, send their details to the FIA,” the SBP added.