KARACHI: The rupee recovered 91 paisas against the dollar on Tuesday after the political uncertainty in the country ended with the formation of the new government coupled with a sharp hike in the key policy rate, dealers said. The exchange rate ended at Rs182.02 against the greenback from the last day’s closing of Rs182.93 in … Read more
ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) Chairman Masroor Khan, and Member (Oil) Zain-ul-Abideen Qureshi met the senior official of the State Bank of Pakistan (SBP) to discuss credit limits to the oil industry, a statement said. The meeting where Ogra officials met SBP Governor Reza Baqir, Deputy Governor and his team, discussed matters … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) felicitated Shahbaz Sharif on becoming the Prime Minister of Pakistan, a statement said on Monday. Unisame President Zulfikar Thaver wished him luck, saying that the Union expected good governance, no tolerance against corruption and good administration from him. He said that Shahbaz Sharif is known for … Read more
KARACHI: The Pakistan equity market showed recovery on Friday as the political dustseemed to settle with the Supreme Court decision on National Assemblydissolution along with the State Bank of Pakistan (SBP) measures to stabilise therupee. Ananalyst at Arif Habib Limited said that the market witnessed a positivemomentum due to the much awaited decision from the … Read more
KARACHI: The rupee made the record single-day recovery of Rs3.5 on Friday due to a massive hike in the key policy rate by 2.5 per cent announced by the State Bank of Pakistan (SBP) a day ago. The exchange rate ended at Rs184.68 against the dollar from the previous day’s closing of Rs188.18, the highest … Read more
KARACHI: Pakistan’s foreign exchange reserves have declined $9.78 billion in the past seven months, owing to demand for the dollars for import payments and external repayment of government debt. According to the details released by the State Bank of Pakistan (SBP) on Thursday, the foreign exchange reserves of the country fell to $17.477 billion by … Read more
KARACHI: The price of gold in Pakistan gained Rs1,500/tola to reach the all-time high of Rs134,300/tola on Thursday amid the continuous depreciation in the rupee against the dollar. The local currency remained under pressure as the SBP’s foreign exchange reserves largely depleted due to debt repayments and government payments. The political instability in the country, … Read more
KARACHI: The Pakistan stocks opened with a positive note where bears took over for the rest of day, thus, the market ended in a red zone amid lack of positive triggers. An analyst at Arif Habib Limited said that the market witnessed another volatile session today, adding that the KSE-100 Index opened on a positive … Read more
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) members reaffirmed their commitment to uplift the Pakistani society by investing Rs14.5 billion in different CSR and Sustainable projects during 2020/21, a statement said. About 100 of the leading foreign investors and members of OICCI continued to stand by the government to fight the pandemic … Read more
KARACHI: The State Bank of Pakistan (SBP) on Thursday sharply increased the key policy rate by 2.5 per cent to 12.25 per cent in an unscheduled monetary policy committee meeting. The meeting noted that the above developments necessitated a strong and proactive policy response. Accordingly, the committee decided at its emergency meeting to raise the … Read more
KARACHI: Google, with many features across various products, is helping the people of Pakistan to focus on their Ramazan, stay connected and have meaningful time with their families wherever they are, a statement said. By searching the words “Ramadan” or “Ramadan 2022” in Google Search, information from the start date of fasting, greetings, to prayer … Read more
KARACHI: The equity market witnessed a dull trading session staying range-bound on Wednesday, managing to close in the green zone. “The stocks closed higher as the investor weight reports of UAE defer over $2 billion debt payments and speculations over a positive outcome of the Supreme Court hearing on the political crises,” Ahsan Mehanti at … Read more
KARACHI: The price of gold in Pakistan gained Rs800/tola to reach the all-time high of Rs132,800/tola on Wednesday amid the all-time high of dollar against the local currency. The political instability in the country, lingering talks with the International Monetary Fund (IMF) and higher commodity prices in the global market have badly hit the stability … Read more
KARACHI: Korangi Association of Trade and Industry (Kati) President Salman Aslam has said that inflation is imminent owing to a constant fall in the value of rupee, a statement said on Wednesday. The political instability has cut off domestic and foreign investment, which is a matter of great concern, he added. The Kati president said … Read more
LAHORE: The total cement dispatches declined 6.25 per cent in March 2022 to clock-in at 5.04 million tonnes, compared with 5.37 million tonnes during the same month of last year. According to the data released by All Pakistan Cement Manufacturers Association (APCMA), the local cement dispatches during March 2022 recorded an increase of 4.02 per … Read more
KARACHI: The State Bank of Pakistan (SBP) has received twenty applications for digital bank licences from a diverse range of applicants, including domestic commercial banks, microfinance banks, electronic money institutions and FinTech players, a statement said on Wednesday. The central bank concluded the process of receiving applications for digital banks licences as per its announced … Read more
KARACHI: The decline in the rupee continued on Wednesday as it closed at the historic low of Rs186.12 amid political turmoil and fall in the foreign exchange reserves of the country. The local currency fell 89 paisas against the dollar from the previous day’s closing of Rs185.23 in the interbank foreign exchange market. The dealers … Read more
KARACHI: Rain Financial Inc, a global leading cryptocurrency trading platform, has appointed Zeeshan Ahmed as its country general manager, Pakistan, a statement said. While Rain is not yet operational in Pakistan, it will be advocating for the regulation and seek licensing in the country, it added. Ahmed is a senior management professional leading turnaround and … Read more
KARACHI: Meezan Bank, Pakistan’s leading Islamic bank, has recently signed an agreement with Sui Northern Gas Pipelines Limited (SNGPL), the largest integrated gas company in North Central Pakistan, to enable digitalisation of consumer bill collection via the bank’s state-of-the-art transaction banking solution (eBiz+), a statement said on Tuesday. Irfan Siddiqui, founding president and CEO of … Read more
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Idrees urged the State Bank of Pakistan (SBP) to devise effective strategy to stop further rupee depreciation, a statement said on Tuesday. “Although the experts are attributing the rupee devaluation to political uncertainty but the SBP, being the regulator, has to play a role otherwise, … Read more
KARACHI: The Pakistan bourse observed a volatile trading day on Tuesday closing on a positive note amid rupee depreciation, political noise and volatile international commodity prices. All eyes are on the Supreme Court verdict on the National Assembly Speaker’s ruling of April 3 that led to a constitutional crisis-like situation in the country, an analyst … Read more
KARACHI: Meta, through its #MonthofGood campaign is helping Muslim communities in Pakistan and around the world to celebrate the spirit of the holy month of Ramazan, a statement said. Meta will be sharing the stories of Muslim communities making positive impact, providing Muslim creators with an entry point into immersive technology and offering ways for … Read more
KARACHI: The rupee slid down on Tuesday to close at the historic low of Rs185.23 amid political and economic uncertainty in the country coupled with volatile international commodities prices. The local unit fell Rs1.14 against the dollar from Friday’s closing of Rs184.09 in the interbank foreign exchange market. The market remained closed on Monday as … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has expressed distress over the resignation of the Small and Medium Enterprises Development Authority (Smeda) Chief Executive Officer Hashim Raza. Unisame President Zulfikar Thaver in a message and also a phone call requested Raza not to take hasty decisions and leave the authority stranded without a … Read more
KARACHI: The Pakistan Stocks witnessed a massive sell-off session after the National Assembly’s dissolution where Pakistan will start gearing up for fresh elections in the next 90 days under a caretaker Prime Minister. “The investors’ interest remained dwindled throughout the day on the concerns of dark political weather. Cumulatively, the banking, cement, and technology sectors … Read more
MUMBAI: India’s largest private bank will merge with its largest mortgage lender to form a $237 billion financial giant, both companies said on Monday, as low interest rates send demand for home loans soaring. HDFC Bank will absorb its parent company, the Housing Development Finance Corporation (HDFC), in what will be one of the country’s … Read more
KARACHI: The Pakistani Small and Medium Enterprises (SME) exporters to Egypt are facing various issues due to the abrupt change in import and payment rules which now only allows imports under letter of credits, an official said. The Union of Small and Medium Enterprises (Unisame) has received request from the SME exporters to Egypt to … Read more
ISTANBUL: Turkey’s inflation has soared to a new record, official data showed on Monday, as analysts see an impact from Russia’s invasion of Ukraine and President Recep Tayyip Erdogan’s unorthodox interest rate policy. Exacerbating a cost of living crisis, consumer prices accelerated to 61.14 per cent at an annual rate, up from 54.4 per cent … Read more
