KARACHI: The State Bank of Pakistan (SBP) has awarded a contract worth Rs100 million for IT and cyber-security domain to Supernet Limited, a bourse filing said on Wednesday. The contract involves supply installation, maintenance and technical support of the next generation intrusion detection and protection systems to secure SBP infrastructure, it added. “Telecard is pleased … Read more
KARACHI: The Pakistani rupee plunged to a historic low, as the dollar crossed Rs177 at midday in the interbank exchange market on Wednesday. The local currency declined 56 paisas against the greenback, which is being traded at the historic high of Rs177.35 at midday. The exchange market closed at the historic low of Rs176.79 on … Read more
KARACHI: Property valuators of the State Bank of Pakistan (SBP) will help the Federal Board of Revenue (FBR) in reviewing the valuation tables of immovable properties released recently. The FBR in a statement said it had sought assistance from top property valuation experts of the SBP, who will hold meaningful consultations with the key stakeholders, … Read more
KARACHI: The bearer prize bonds of high denomination will expire by the end of the current month but unregistered securities worth billions of rupees are still in circulation. The government has decided to withdraw the bearer bonds with denominations of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 and set a deadline of December 31, 2021 to exchange … Read more
KARACHI: The dollar jumped to the new historic high of Rs176.79 on Tuesday, as Saudi fund deposits failed to leave any positive impact despite expectations. The exchange rate witnessed a decline of 31 paisas to end at Rs176.79 against the dollar from the previous day’s closing of Rs176.48 in the interbank foreign exchange market. Previously, … Read more
KARACHI: The total debt of the country has increased 13.5 per cent, or Rs4.78 trillion, to Rs40.28 trillion by the end of October 2021, compared with Rs35.5 trillion a year ago. According to the statistics released by the State Bank of Pakistan (SBP) on Monday, of the total debt, the federal government’s domestic debt increased … Read more
KARACHI: The rupee recovered 29 paisas against the dollar on Monday after a deposit of $3 billion to the State Bank of Pakistan (SBP) by Saudi Development Fund (SDF), dealers said. The exchange rate ended at Rs176.48 against the dollar from last Friday’s closing of Rs176.77, which was a historic low of the local unit, … Read more
KARACHI: Large import bill and a significant decline in the foreign exchange reserves may further destabilise the rupee next week, dealers said. The higher import bill and a decline in the forex reserves have deteriorated the value of the local unit to the historic low of Rs176.77 against the dollar on December 3, 2021. The … Read more
KARACHI: The business community has suggested the State Bank of Pakistan (SBP) adopt an accommodative monetary policy stance instead of further raising it. In a statement on Saturday, the Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) Businessmen Panel (BMP) warned the central bank of any aggressive jump in the key policy rate in … Read more
KARACHI: The Pakistan Yarn Merchants Association (PYMA) officials have expressed concern over the increase in the interest rates by the State Bank of Pakistan (SBP), despite the demands of the business community. They said the central bank has increased the interest rates by 150 basis points, and the news is circulating for another increase in … Read more
ISLAMABAD: Adviser to the Finance and Revenue Shaukat Tarin has directed the relevant authorities to take effective policy measures to reduce unnecessary imports of luxury items. The adviser made these remarks, while presiding over a meeting to review the balance of trade at the Finance Division, a statement issued by the Finance Ministry said. The … Read more
KARACHI: The foreign exchange reserves of the country fell $275 million to $22.499 billion by the week ended November 26, 2021, the central bank reported. The foreign exchange reserves stood at $22.774 billion by the week ended November 19, 2021. The official forex reserves of the State Bank of Pakistan (SBP) fell $244 million to … Read more
ISLAMABAD: The government plans to increase e-commerce trade volume up to $9 billion in the next two years by June 2023, an official said. There are already conflicting figures in Pakistan’s e-commerce trade; however, with the current trade of $4.5 billion, “we can take it up to $9 billion,” Special Assistant to the Prime Minister … Read more
KARACHI: The rupee rebounded on Tuesday and gained 48 paisas against the dollar in the interbank foreign exchange market, dealers said. The exchange rate ended at Rs175.72, compared with Rs176.20 against the dollar on the previous day in the interbank foreign exchange market. The local currency strengthened after the State Bank of Pakistan (SBP) and … Read more
KARACHI: The State Bank of Pakistan (SBP) has said that the country’s exports during the last decade remain sporadic and unsustainable, compared with the peer countries. The peer countries, such as India and China, have fared better than Pakistan, the SBP said in its annual report on the State of Pakistan’s Economy released this week. … Read more
KARACHI: The planned inflows under the Saudi assistance package next week may help ease rupee volatility. According to the government authorities, the Saudi support of $3 billion would be transferred directly to the State Bank of Pakistan (SBP) next week. Saudi Arabia on October 26, 2021 announced to support Pakistan in managing its balance of … Read more
ISLAMABAD: The federal cabinet through a circulation summary on Saturday gave State Bank of Pakistan approval to keep $3 billion deposit from Saudi Arabia. A day earlier, Minister for Information and Broadcasting Chaudhry Fawad Hussain, in a tweet, had said that all legal requirements to receive the $3 billion dollars from the kingdom would be … Read more
LAHORE: The China Green Finance Committee and the Beijing Institute of Finance and Sustainability arranged a seminar on “Financing climate actions: China initiatives and international cooperation” as a side event of the COP26 Finance Day, both online and in-person in Glasgow, UK, a statement said. State Bank of Pakistan former governor Yasin Anwer and representatives … Read more
KARACHI: Pakistan’s external debt and liabilities have increased $13 billion, or 11.4 per cent, during the last one year, according to the statistics released by the State Bank of Pakistan (SBP) on Thursday. The outstanding debt and liabilities of the country stood at $127 billion by September 2021, compared with $114 billion over the same … Read more
KARACHI: The rupee recovered six paisas against the dollar on Thursday, amid mounting demand for external payments, dealers said. The exchange rate closed at Rs174.98 to the dollar from the previous day’s closing of Rs175.04 in the interbank foreign exchange market. The dealers said the dollar demand for import and corporate payments remained high during … Read more
KARACHI: The rupee witnessed a decline of 74 paisas against the dollar on Wednesday, as external payments jacked up the demand for the foreign currency, dealers said. The exchange rate ended at Rs175.04 against the greenback from the previous day’s closing of Rs174.30 in the interbank foreign exchange market. The dealers said the demand for … Read more
ISLAMABAD: The 7th Session of the Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation would be held from November 24 to 26 in Yekaterinburg, Russia. A high-level delegation led by Federal Minister for Economic Affairs Omar Ayub Khan will participate in the session, a statement said. The Russian side will be headed by … Read more
KARACHI: The State Bank of Pakistan (SBP) has issued revised “Corporate Governance Regulatory Framework” with the objective to further strengthen the corporate governance regime of banks and the DFIs and to align the same with international standards and best practices. The framework, which has been developed in consultation with the key stakeholders, covers Fit and … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday clarified news reports related to average inflation forecasts. The SBP said that in some sections of the media, SBP’s average inflation forecast of 7-9 per cent in FY22 is being interpreted as the ‘inflation target’ and being compared to the inflation targets of other countries. This … Read more
KARACHI: State Bank of Pakistan Governor Dr Reza Baqir chaired a meeting with FIA Director General Sanaullah Abbasi to strengthen and coordinate efforts of the SBP, banks and Federal Investigation Agency (FIA) to fight money laundering, cyber-attacks and online frauds. The meeting was also attended by the presidents of banks and senior officers of the … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has expressed concern over the State Bank of Pakistan’s (SBP) decision to raise the key policy rate by 150 basis points to 8.75 percent, a statement said. “Availability of equity to the business community has been made dearer with a single stroke of pen,” LCCI president … Read more
KARACHI: The Pakistan stocks are expected to come under pressure after the State Bank of Pakistan (SBP) increased the benchmark interest rates by 150bps against the general consensus of 100bps to 8.75 per cent, dealers said. An analyst at AKD Securities said the news of the current account deficit deteriorating to $1.7 billion would also … Read more
KARACHI: The foreign exchange reserves of Pakistan declined $476 million to $23.55 billion by the week ended November 12, 2021, the central bank reported on Thursday. The foreign exchange reserves of the country stood at $24.026 billion by the week ended November 5, 2021, according to Topline Research. The forex reserves with the State Bank … Read more
