KARACHI: A survey conducted by a research house revealed that the majority of the participants believe no change in key policy rate in the upcoming monetary policy announcement scheduled on September 20, 2021. Topline Research conducted a poll of key financial market participants on the expectations over the upcoming monetary policy announcement. At present, the … Read more
KARACHI: Pakistan stocks witnessed selling pressure on Friday, as the investors remained uncertain regarding the monetary policy announcement next week, amid rising trade deficit and declining rupee, dealers said. Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower on speculation over the State Bank of Pakistan’s (SBP) policy rate announcement next week … Read more
KARACHI: The inflows of foreign direct investment (FDI) has declined 20.3 per cent during the first two months of the current fiscal year, according to the data released by the State Bank of Pakistan (SBP) on Friday. The FDI inflows declined to $203 million during July–August of the current fiscal year, compared with $254.8 million … Read more
KARACHI: Pakistan’s current account deficit has widened to $2.29 billion during the first two months of the current fiscal year, according to the statistics released by the State Bank of Pakistan (SBP) on Friday. The balance of payments has posted a surplus of $838 million in the same months of the last fiscal year. The … Read more
LAHORE: Sports Board Punjab (SBP) Director General Adnan Arshad Aulakh said on Thursday that Punjab’s contingent would participate in the Inter-Provincial Athletics Youth Tournament, being organized in Peshawar from Sept 27 to 29. He said trials for the selection of Punjab’s Under-17 Boys and Under-16 Girls teams will be conducted at Punjab Stadium on Sept … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the State Bank of Pakistan (SBP) to intervene for stabilising the rupee, a statement said. LCCI president Mian Tariq Misbah said that the free-fall of the rupee poses serious challenges to the economy, adding that the depreciation in the local currency would increase the … Read more
When the SBP took action on the rising value of the dollar, the value of the dollar fell sharply in the interbank market. According to the details, the SBP took action on the rising value of the US dollar. After the intervention of the central bank, the dollar fell by Rs 1.52 paise in the … Read more
KARACHI: Pakistani consumers are increasingly stepping away from cash and putting their trust in digital payments in both in-store and online environments during the pandemic, according to the 2021 Stay Secure Survey launched by Visa. The cash is unlikely to return to its previous high level of use. According to the study, the use of … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has thanked Prime Minister Imran Khan for keen interest in the development of the underprivileged sector, a statement said. It also thanked Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar for convening a meeting of the stakeholders and conducting deliberations for the development of the … Read more
ISLAMABAD: The volatile prices of edible oil in the international market have pushed up the local prices of ghee/vegetable in the country and there is a need to have a sliding scale to link up the prices of ghee in the local markets with the international markets, a senior government official said. Presiding over a … Read more
KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it has enabled resident Pakistanis to open bank accounts through digital channels, a statement said. With the rapid growth in the adoption of electronic banking channels, especially amid the Covid-19 pandemic, the demand from the bank and customers for digital financial transactions have increased manifold, … Read more
KARACHI: There is no letup in the rupee depreciation, as it touched another record low of Rs169.12 on Wednesday. The local currency fell 18 paisas to close at Rs169.12 from the previous day’s closing of Rs168.94 in the interbank foreign exchange market. The rupee witnessed the all-time low of Rs168.94 on Tuesday, while the previous … Read more
LAHORE, Sept 13 (APP): Sports Board Punjab (SBP) Director-General Adnan Arshad Aulakh has said preparations for the forthcoming First Chief Minister Punjab 5-A-Side National Women Hockey Championship are in the final stages and the event will play a significant role in popularising the game among women across the country. He said this while presiding over … Read more
During the last week, foreign exchange reserves declined by 123 million and total reserves by 125.1 million due to repayments on external loans. According to the SBP, for the week ended September 3, the country’s foreign exchange reserves fell from 27.22 billion to 27.10 billion. Meanwhile, the reserves of the central bank fell from 20.14 … Read more
For the banking and payments business, National Database and Registration Authority (Nadra) has introduced a contactless biometric verification service. The service was introduced during the visit of the State Bank of Pakistan (SBP) Governor to the nadra headquarters. Pakistan becomes the first country globally to install this technology. Banks will make use of the digital … Read more
KARACHI: The liquid foreign exchange reserves of the country eased $125 million to $27.103 billion by the week ended September 3, 2021, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at record high of $27.228 billion by the week ended August 27, 2021. The official forex … Read more
KARACHI: Uncertainty in the money market is likely to continue next week, as official trade figures for the first two months of the current fiscal year revealed significant widening in trade balance. The trade balance for the first two months (July–August) of the current fiscal year posted a widening of deficit by 120 per cent. … Read more
KARACHI: Businessmen Group chairman Zubair Motiwala and Karachi Chamber of Commerce and Industry (KCCI) president Shariq Vohra have appealed the Sindh government to have mercy on perturbed small traders, shopkeepers and restaurant businesses who must be allowed to keep their business activities operational throughout the week from Monday to Saturday without any closure on Friday, … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed dissatisfaction over the exorbitant interest rate of up to 9 per cent allowed to commercial banks under the State Bank of Pakistan’s (SBP) SME Asaan Finance Scheme, a statement said on Saturday. FPCCI president Mian Nasser Hyatt Maggo said that the central … Read more
ISLAMABAD: The Finance Ministry has said that interest expenses, currency devaluation and financing of primary deficit due to the Covid-19-related economic slowdown are the major reasons for massive increase in the public debt, a statement issued by the Finance Ministry said on Thursday. To fully understand the underlying economic realities, there is a need to … Read more
KARACHI: The central bank has decided to issue guidelines to encourage banks/development financial institutions (DFIs) to extend housing finance to the units in under-construction projects for which they have already entered into arrangements of project financing with builders/developers, a statement said on Thursday. These guidelines for financing of housing units in the under-construction projects have … Read more
KARACHI: Engro Fertilizers Limited and the Bank of Punjab (BoP) have collaborated to provide easy financing to farmers through the bank’s branch network across Pakistan, a statement said on Thursday. Under this arrangement, progressive farmers under Engro Fertilizers Limited’s Shandaar Kissan programme will be able to avail financing on easy terms and concessional markup rates … Read more
KARACHI: Pak Suzuki Motor Company (PSMC) has announced a net profit of Rs1.19 billion, translating into the earnings per share (EPS) of Rs14.54 for the half-year ended June 30, 2021, compared with the loss of Rs2.46 billion and the loss per share of Rs29.92, a bourse filing said. The recovery this year is attributed to … Read more
KARACHI: The tax authorities have withdrawn all the appeals it filed against the claim of exemption on foreign remittances, a senior official said on Monday. “The FBR [Federal Board of Revenue] has withdrawn the appeals on satisfactory response from the State Bank of Pakistan (SBP) on the issue of foreign remittances through banking channels,” the … Read more
KARACHI: The profit of banking profitability for the half-year ended June 30, 2021 registered a growth of 13 per cent, according to the analysis of Arif Habib Limited. The jump in the half-year earnings of banks listed on the Pakistan Stock Exchange (PSX) was primarily led by significant decline in provisioning expense. On a sequential … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday revised instructions to facilitate non-resident Pakistanis in availing loans from the domestic banks. A circular issued by the central bank said Para 3, Chapter 19 of the Foreign Exchange Manual, in terms of which the banks have general permission to grant loan to individual non-resident Pakistanis … Read more
KARACHI: President Dr Arif Alvi on Monday advised the banks to develop links with universities for nurturing the trend of conducting research on latest trends and demands of the market. Speaking as the chief guest in the 4th Roundtable conference on Islamic Banking, the president said why there was a need to establish a separate … Read more
ISLAMABAD: The Pakistan Regulatory Modernisation Initiatives (PRMI) is a key initiative of the government for the modernisation and regulation of local business for providing a conducive business environment in the country, a government official said on Monday. Implementation of these reforms, initiated by the Board of Investment (BoI), was part of the broader strategy of … Read more
