Pakistan is successfully implementing all the conditions imposed by the International Monetary Fund (IMF) to get the stalled $6 billion funding programme. The South Asian country is facing financial challenges but, at the same time, the economic situation seems fragile, pointing towards the severity of immediate measures to control mushrooming inflation. Indeed, all the successive … Read more
KARACHI: 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 … Read more
COLOMBO: Sri Lanka’s economy shrank in the third quarter as a foreign exchange crisis wrecked its recovery from the coronavirus pandemic, official data showed on Thursday. The GDP contracted 1.5 per cent on-year in the three months to September, the department of census and statistics said, ending four consecutive quarters of growth. The island’s tourism-dependent economy … Read more
KARACHI: Pakistan’s foreign exchange reserves have increased $2.652 billion to $25.151 billion by the week ended December 3, 2021, the State Bank of Pakistan (SBP) said. The country’s foreign exchange reserves stood at $22.499 billion by the week ended November 26, 2021. The official reserves of the State Bank of Pakistan (SBP) increased $2.648 billion … 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 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
KARACHI: Pakistani rupee edged down by 2 paisas against the dollar in early trade at the interbank foreign exchange market on Thursday. The dollar is being traded at Rs175.50 at the opening of the interbank market. The exchange rate was closed at Rs175.48 on Wednesday December 1, 2021. Read more: Rupee recovers 24 paisas against … Read more
KARACHI: As expected, the Pakistan stock market remained under pressure after the central bank increased the benchmark interest rate by 150 basis points against the general consensus of 100bps. Also, the news of the current account deficit deteriorating to $1.66 billion created further volatility in the market. “For the upcoming week, we expect the market … Read more
KARACHI: The rupee gained 47 paisas against the dollar on Tuesday after certainty in external inflows. The exchange rate ended at Rs174.30 against the dollar from the previous day’s closing of Rs174.77 in the interbank foreign exchange market. The dealers said the market opened positively; following an announcement made by Adviser to the Prime Minister … Read more
Almost a decade ago, we were recognised as an agrarian economy but the wrong policies of the successive governments forced the country to focus on imports to meet the local demand, even those commodities such as wheat, cotton and sugar, which were once available in abundance. The situation has not only created a food security … 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
KARACHI: Pakistan’s liquid foreign exchange reserves fell massively by $1.642 billion by the week ended October 15, 2021, compared with the previous week, the central bank reported. The country’s foreign exchange reserves fell to $24.327 billion by the week ended October 15, 2021, compared with $25.969 billion a week ago. The official foreign exchange reserves … Read more
Exports of electric fans from the country have declined by 21.35 percent year-on-year in the first two months of the current financial year. According to the Pakistan Bureau of Statistics, exports of electric fans in July and August this year earned the country $4.43 million in foreign exchange, down 21.35 percent from the same period … 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
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: Pakistan’s foreign exchange reserves have reached an all-time high of $27.228 billion by the week ended August 27, 2021. The foreign exchange reserves have increased $2.609 billion during the week under review. The total liquid exchange reserves of the county were $24.619 billion by the week ended August 20, 2021, the State Bank of … Read more
KARACHI: Pakistan’s liquid foreign exchange reserves hit an all-time high of $27.4 billion after the country received $2.75 billion from the International Monetary Fund under its new allocation of Special Drawing Rights (SDRs) equivalent to $650 billion, the largest in the IMF’s history. However, the official announcement regarding the forex reserves is still awaited. Analysts … Read more
KARACHI: The central bank on Monday said it has completed digitalisation of the regulatory approval system for foreign exchange cases to support ease of doing business, a statement said. The State Bank of Pakistan (SBP) said it had initiated the project of “End-to-End Digitalisation of FX Cases” with an objective to enhance ease of doing … Read more
KARACHI: The liquid foreign exchange reserves of the country increased $24 million during the week ended August 13, 2021, the central bank reported on Friday. The foreign exchange reserves of the country increased to $24.668 billion by the week ended August 13, 2021, compared with $24.644 billion a week ago, it added. Similarly, the foreign … Read more
KARACHI: The rupee fell 19 paisas against the dollar on Monday, making it the lowest level of the local currency since July 1, 2021, dealers said. The exchange rate closed at Rs164.19 against the dollar from last Friday’s closing of Rs164 in the interbank foreign exchange market. The local currency hit the lowest level during … Read more
KARACHI: Pakistan’s foreign exchange reserves fell $209 million due to the payment for import of Covid vaccine, the State Bank of Pakistan (SBP) reported on Thursday. The total foreign exchange reserves of the country decreased $24.644 billion by the week ended August 6, 2021, compared with $24.853 billion a week ago. The official reserves held … Read more
KARACHI: The dollar increased to Rs164.01 in the interbank foreign exchange market on Thursday, as the demand for import payments remained high, dealers said. The exchange rate ended with a decline of 9 paisas in the rupee value to close at Rs164.01 from last day’s closing of Rs163.92. The dollar is at the highest level … Read more
KARACHI: The liquid foreign exchange reserves of the country eased $23 million to $24.853 billion by the week ended July 30, 2021, the central bank reported on Thursday. The foreign exchange reserves of the country stood at $24.876 billion by the week ended July 23, 2021. The official foreign exchange reserves of the State Bank … Read more
KARACHI: The rupee registered a slight decline of 10 paisas against the dollar on Tuesday because of higher demand for import payments, dealers said. The exchange rate ended at Rs161.33 against the greenback from the previous day’s closing of Rs161.23 in the interbank foreign exchange market. The currency dealers said the rupee slipped because of … Read more
KARACHI: The State Bank of Pakistan (SBP) has made amendments to the foreign exchange regulations related to imports, including transition from electronic import from the Pakistan Single Window, a statement said on Monday. The central bank said considering the market dynamics and keeping pace with the changing business environment, the State Bank is in the … Read more
KARACHI: The rupee may remain stable next week as the government is contemplating strict imposition of SOPs to contain coronavirus spread. These SOPs may convert into lockdown in areas with a high number of Covid-19 cases. The Sindh government had already started imposing smart lockdowns in many localities. The business community feared that the imposition … Read more
KARACHI: The liquid foreign exchange reserves of the country declined $103 million to $24.312 billion by the week ended July 9, 2021, the central bank reported on Thursday. The foreign exchange reserves of the country stood at $24.415 billion on July 2, 2021, it added. The official foreign exchange reserves of the State Bank of Pakistan … Read more
The tax authorities have enhanced the regulatory duty on energy savers by 150 per cent, a notification said. Through an SRO 840 (I)/2021, dated June 30, 2021, the Federal Board of Revenue (FBR) issued the revised rates of the regulatory duty on 599 tariff lines. The regulatory duty is applicable from July 1, 2021. The … Read more
