KARACHI: The Pakistan Association of Large Steel Producers (PALSP) is sounding an alarm and calling on the State Bank of Pakistan (SBP) to take immediate action to open letters of credit (LCs) and address the severe shortage of rebars in the domestic market. The situation has reached a critical level, with imports for the first … Read more
KARACHI: The rupee continued its gaining momentum on Thursday, owing to harsh taxation measures taken by the government through the mini-budget, dealers said. The local currency gained Re1 to close at Rs264.38 against the greenback from the previous day’s closing of Rs265.38 in the interbank foreign exchange market. The local unit recovered Rs12, or 4.41 … Read more
KARACHI: The rupee eased by 16 paisas against the dollar on Monday, owing to a fall in the foreign exchange reserves and the rising foreign currency demand for import payments, dealers said. The rupee fell to Rs269.44 against the greenback from last Friday’s closing of Rs269.28 in the interbank foreign exchange market. The dealers said … Read more
KARACHI: The expatriates have remitted around $16 billion to their homeland during the first seven months (July-January) of the fiscal year 2022/23, the State Bank of Pakistan (SBP) said on Monday. The inflows of remittances recorded an 11 per cent decline during the period under review, compared with $18 billion received in the corresponding period … Read more
KARACHI: Pakistan’s fiscal balance in the first half (July-December) of the fiscal year 2022/23 posted a deficit of Rs1.683 trillion, 23 per cent YoY higher than the prior year’s deficit. In terms of GDP, the deficit arrived at 2 per cent in the first half of FY23, same as the last year’s corresponding period figure, … Read more
KARACHI: The State Bank of Pakistan (SBP) on Wednesday opened a relief fund account for Türkiye earthquake victims, a statement said. The central bank said that the government had notified the establishment of a relief fund, namely, Prime Minister’s Relief Fund for Türkiye Earthquake Victims, to extend maximum support to the Turkish government and the … Read more
KARACHI: The dollar on Tuesday rebounded against the rupee and ended near the record high in the interbank foreign exchange market, dealers said. The rupee closed at Rs276.28 against the greenback from last day’s closing of Rs275.30 in the interbank foreign exchange market. The rupee recorded the all-time low of Rs276.58 to the dollar at … Read more
The rupee closed at Rs275.30 against the greenback from last Friday’s closing of Rs276.58. The team of the donor agency would stay in Pakistan till February 9, 2023. The import bill for January 2023 has been recorded at $4.856 billion. KARACHI: The dollar on Monday retreated against the rupee and ended down by Rs1.28 in … Read more
KARACHI: The rupee resumed falling spree against the dollar on Wednesday after making a recovery a day ago; following a sharp decline in the interbank foreign exchange market, dealers said. The rupee lost 74 paisas to end at Rs268.63 against the greenback from the previous day’s closing of Rs267.89 in the interbank foreign exchange market. … Read more
KARACHI: The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell sharply to an almost nine-year low of $3.68 billion by the week ended January 20, 2023. The SBP on Thursday said that its reserves fell $923 million to $3.678 billion by the week ended January 20, 2023, compared with $4.601 billion … Read more
KARACHI: The rupee rate in the interbank and open markets has started declining, analysts said on Thursday. A few days ago, the exchange companies had announced removal of a cap on the dollar rate, the analysts at Topline Securities said. Since the appointment of Ishaq Dar as the finance minister on September 28, 2022, the … Read more
KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has hiked the policy rate by 100 basis points to 17 per cent, a statement said on Monday. The MPC, in its meeting, noted that inflationary pressures are persisting and continue to be broad-based. If these remain unchecked, they could feed into … Read more
KARACHI: To facilitate businesses, the State Bank of Pakistan (SBP) has withdrawn the requirement of prior approval of imports falling under HS code chapters, 84, 85 and certain items under HS code Chapter 87 and instead gave a general guidance to the banks to prioritise import of certain essential items like food, pharmaceutical, energy, etc, … Read more
KARACHI: Yarn merchants have urged the State Bank of Pakistan (SBP) to remove restrictions on opening of letters of credit (LCs) to rescue the textile industry. In a letter to SBP Governor Jameel Ahmed, Pakistan Yarn Merchants Association (PYMA) Senior Vice Chairman Sohail Nisar said that the polyester filament yarn (5402.4700), polyester textured yarn (5402.3300), … Read more
KARACHI: The State Bank of Pakistan (SBP) has said that the current account deficit narrowed to $3.67 billion in the first six months (July-December) of the fiscal year 2022/23. The current account deficit was recorded at $9.1 billion in the same months of the last fiscal year, showing that it narrowed 59 per cent during … Read more
The Consumer Price Index (CPI) inflation increased to 24.5 per cent in December 2022. The SBP expects average inflation of 21 to 23 per cent in FY23. Most of the participants anticipate it to range in between Rs240 to 260 by June 2023. KARACHI: The State Bank of Pakistan (SBP) is likely to increase … Read more
KARACHI: The State Bank of Pakistan (SBP) has allowed the IT exporters to retain up to 35 per cent of the export proceeds in their foreign currency accounts, a statement issued by the central bank said. To facilitate the exporters of software, IT and IT-enabled services, the SBP amended its foreign exchange regulations, advising the … Read more
The last day to exchange banknotes with old designs is December 31, 2022. Exchange these old-style banknotes at SBP BSC offices across the country. Between 2005 and 2008, a new set of banknotes was made. The last day to exchange old Rs 10, 50, 100, and 1000 banknotes with old designs is December 31, 2022. … Read more
KARACHI: Gold extended its gains to hit the fresh all-time high of Rs182,800 on Wednesday as the yellow metal is in high demand in the local market due to the dollar’s flight against the rupee. Gold 24kt gained Rs100/tola and Rs85/10 grammes to hit Rs182,800/tola and Rs156,721/10 grammes, respectively. Experts are of the view that … Read more
KARACHI: The Pakistani rupee continued to slide against the dollar on Wednesday following a scarcity of the greenback in the country amid increased demand besides narrowing foreign exchange reserves, dealers said. The exchange rate shed 28 paisas to close at Rs225.40 from the previous day’s closing of Rs225.12 against the dollar in the interbank foreign … Read more
KARACHI: State Bank of Pakistan (SBP) has revised the existing limits for carrying foreign currency outside the country for travel purposes. As per the revised limits individuals aged 18 years and above (adults) can now carry foreign currency equivalent to $5,000 per visit, while those below the age of 18 years (minors) can carry equivalent … Read more
KARACHI: State Bank of Pakistan (SBP) and the Federal Investigation Agency (FIA) have decided to take joint action against illegal foreign exchange operators. A high-level meeting was held on Tuesday between the Governor State Bank of Pakistan (SBP) and the Director General Federal Investigation Agency (FIA), said a statement by the central bank. The meeting … Read more
KARACHI: The rupee recovered for the third consecutive session on Thursday, as the State Bank of Pakistan (SBP) announced that it had received the funds from the International Monetary Fund (IMF), besides investment commitments from the friendly countries, dealers said. The exchange rate witnessed a gain of 15 paisas to Rs218.60 against the dollar from … Read more
KARACHI: The State Bank of Pakistan Wednesday received $1.16 billion deposit from the International Monetary Fund (IMF). “Today, SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight reviews under the Extended Fund Facility (EFF) for Pakistan,” wrote the bank. The … Read more
KARACHI: The Union of Small and Medium Enterprises (UNISAME) has felicitated Jameel Ahmed on his appointment as the governor of the State Bank of Pakistan (SBP) for a period of five years, a statement said on Friday. The Union Council is happy that an experienced Pakistani banker-cum-economist has been selected for the central bank top … Read more
ISLAMABAD: The federal government has appointed Mr Jameel Ahmad as the new governor of the State Bank of Pakistan (SBP). He was previously serving as the central bank’s deputy governor since October 2018. A notification has been issued in this regard on the appointment of Jameel Ahmad for a period of five years. “In exercise … Read more
KARACHI: State Bank of Pakistan (SBP) has unveiled a Rs75 commemorative banknote to honour the country on its diamond jubilee. The central bank unveiled the special note on the occasion of Independence Day. The note will be available for public issuance from September 30, 2022. The emerald green currency note has the portraits of Quaid-e-Azam … Read more
The company warned employees Tuesday night that it will close Wednesday, sources say. The company raised $85 million in August’s largest Series B investment. Airlift, once hailed as the market leader in q-commerce in Pakistan. Airlift, once hailed as the market leader in q-commerce in Pakistan, is now ceasing operations in the country due to … Read more
