In the Central African Republic (CAR), nine out of 10 people do now not have internet, and only one in seven has power — this is when there are not any power cuts. Yet the CAR has just accompanied El Salvador in adopting bitcoin as prison gentle, forex that requires get entry to the net … Read more
As governments slowly shackle the crypto industry with regulations and duties, Portugal is more and more remoted in Europe — an area with few guidelines that investors describe as a crypto paradise. “You don’t need to do anything else because you already have a perfect system, with zero percent tax on bitcoin,” said Didi Taihuttu, … Read more
According to the central bank, Myanmar’s junta would exempt foreign corporations, embassies, and international NGOs from a new regulation requiring foreign currency earned in the country to be turned into local currency. The Southeast Asian nation’s economy has been in chaos since a coup last February, with the military seeking tighter control over scarce foreign … Read more
KARACHI: The Pakistani rupee dropped 99 paisas against the dollar on Monday as the forex reserves of the country hit a 22-months low amid foreign debt repayments, dealers said. The rupee shed 99 paisas to close at Rs182.54 to the dollar from Saturday’s closing of Rs181.55 in the interbank foreign exchange market. The local currency … Read more
KARACHI: The Pakistani rupee upward movement continued for the sixth straight session against the dollar on Friday due to the aggressive measures taken by the State Bank of Pakistan (SBP) to lend support to the local unit, dealers said. The rupee gained 11 paisas to close at Rs181.58 to the dollar from last day’s closing … Read more
Asian stock markets rose Thursday after a recovery on Wall Street, but traders remained careful approximately the continuing impact of skyrocketing inflation and the battle in Ukraine. Prices were already hovering in most important economies when Russia’s invasion of Ukraine sent shockwaves via the global power, meals and commodity markets. Despite lingering worries approximately the US Federal … Read more
KARACHI: The rupee maintained its upward trend for the fifth consecutive session against the dollar on Thursday, as the State Bank of Pakistan (SBP) took measures to strengthen the local currency by curbing imports, dealers said. The local unit gained 13 paisas to close at Rs181.69 against the greenback from the last day’s closing of … 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
PARIS: The European Central Bank is ready to support price and financial stability in the eurozone if needed during the Russia-Ukraine crisis, its chief Christine Lagarde said Friday. “The ECB stands ready to take whatever action is necessary within its responsibilities to ensure price stability and financial stability in the euro area,” Lagarde told reporters … Read more
COLOMBO: The International Monetary Fund warned crisis-hit Sri Lanka on Thursday that its foreign debt was ‘unsustainable’, and called for devaluation and higher taxes to revive the almost bankrupt economy. The pandemic pushed the South Asian Island’s tourism sector, a key foreign-exchange earner, off a cliff, and the government in March 2020 imposed a broad … Read more
COLOMBO: Sri Lanka marked its independence day on Friday with an appeal to its diaspora to send money home to overcome the island’s worsening economic crisis and a pledge to protect foreign investments. President Gotabaya Rajapaksa urged millions of Sri Lankans abroad to invest their savings in their home country, which is facing its worst … Read more
Exports boost Al Shaheer 80% revenue Preference for the Al Shaheer Corporation (ASC) stems from diversification into frozen food business, insulation against the rupee depreciation, and attractive trading multiples significantly lower than industry peers. The company has a market share of over 8 per cent in the country’s meat exports. ASC derives 80 per cent … Read more
KARACHI: The textile sector is set to announce second quarter of FY22 ended December 31, 2021 result and we foresee improvement in the earnings, amid strong order book, low cost inventory and currency depreciation. We expect the margins to expand as the companies were able to increase the prices in the international market. The textile … Read more
KARACHI: The exchange rate ended unchanged on Thursday, as the dollar was being traded at Rs176.98, which was the previous day’s closing at the interbank foreign exchange market, dealers said. The market witnessed high dollar demand for import and corporate payments; however, the banks provided sufficient dollars against the demand to keep the rupee value … Read more
BEIJING: China’s digital fiat currency, or the e-CNY, has evolved into an ever-expanding presence in Chinese people’s lives and has shown more charm thanks to growing application scenarios. Since its debut in late 2019, the digital yuan has been accessible in 10 Chinese cities, including Beijing, Shanghai and Shenzhen, with its applications ranging from bill … Read more
CAIRO: Egypt’s Suez Canal Authority said the key waterway netted record revenues last year, despite the coronavirus pandemic and a six-day blockage by giant cargo ship the Ever Given. Connecting the Red Sea and the Mediterranean, the canal accounts for roughly 10 per cent of global maritime trade and is a source of much-needed foreign … Read more
ANKARA: The Turkish government on Thursday changed the regulation for foreigners to acquire Turkish citizenship in a bid to support its Turkish lira, according to a decree issued in the Turkish official gazette. Foreigners who make a certain investment in the country, buy real estate or make a fixed capital investment could get Turkish citizenship, … Read more
FRANKFURT: On the 23rd floor of the European Central Bank’s towering Frankfurt headquarters, on the other side of a security door, anti-counterfeiting experts are poring over some of the best fake banknotes in the eurozone. The room, off limits to outsiders, at first glance recalls a high school science lab, an unusually well-equipped one. Lined up … Read more
KARACHI: Pakistani rupee recovered 4 paisas against the dollar in early trade at the interbank foreign exchange market on Wednesday. The dollar is being traded at the historic high of Rs178.15 at the opening of the interbank market. The exchange rate ended as the local currency hit a historic low of Rs178.19 on Tuesday December … Read more
The State Bank of Pakistan (SBP) on Monday said the limits of foreign currency buying by individuals have been set to discourage speculative transactions. The SBP has set a limit of $10,000/day/individual and $100,000/year/individual to check the foreign currency transactions. “It has been observed that substantial amounts of foreign currency was being purchased for speculative … Read more
ANKARA: Turkish President Recep Tayyip Erdogan unveiled a new package of measures on Monday to support deposits denominated in Turkish lira, after the currency has lost about 50 per cent of its value against the dollar this year. Speaking at a press conference after a cabinet meeting, Erdogan said Turkey would introduce new measures within … Read more
ISTANBUL: Turkey’s troubled lira nosedived on Monday after President Recep Tayyip Erdogan justify not to raise the interest rates to stabilise the currency. Erdogan has pushed the central bank to sharply lower borrowing costs, despite the annual rate of inflation soaring to more than 20 per cent. Economists believe the policy could see consumer price increases … Read more
WASHINGTON: Amid ongoing talks on a new aid programme, the IMF is examining data from Lebanon’s government on the scope of financial sector losses, estimated at about $69 billion, a fund spokesman said on Thursday. “I’d say there’s been considerable progress in identifying financial sector losses,” IMF spokesman Gerry Rice told reporters in reference to the … Read more
KABUL: The US dollar has depreciated against afghani, Afghanistan’s national currency, from 130 afghani days ago to 95 afghani on Thursday, the government-run Bakhtar News Agency reported. Officials of Sara-i-Shahzada, the largest money changers market in Afghanistan, was quoted by the news agency as saying that the value of one US dollar has dropped from … Read more
AL-BAB, Syria: Mohammed al-Debek, a schoolteacher in northern Syria, is on strike: the currency devaluation in neighbouring Turkey has slashed the value of his salary by two-thirds. His town of Al-Bab lies in a northern area of war-torn Syria that in recent years has turned into a de facto Turkish protectorate. Because the Turkish lira is … 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 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
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
