KARACHI: The Union of Small and Medium Enterprises (Unisame) has criticised the State Bank of Pakistan (SBP) for increasing the discount rate by 300 basis points, or 3 per cent, which reached 20 per cent, a statement said on Thursday. At this rate, the Small and Medium Enterprise (SME) sector will be punctured and unable … Read more
KARACHI: The State Bank of Pakistan (SBP) on Thursday increased the key policy rate by 300 basis points to 20 per cent to fulfil another condition of the International Monetary Fund (IMF). At its meeting held on March 2, 2023, the Monetary Policy Committee (MPC) decided to increase the policy rate by 300 basis points … Read more
The rupee plunged to an all-time low against the dollar to reach Rs285.09 at the closing of the interbank. The local currency previously recorded the all-time low of Rs276.58 on February 3, 2023. The local currency also fell due to a delay in the IMF programme. KARACHI: The rupee plunged to an all-time low against … Read more
KARACHI: The Pakistan bourse witnessed downward pressure during early hours of Wednesday in response to Moody’s downgrading of Pakistan’s credit rating to Caa3 from Caa1, analysts said. An analyst at Pearl Securities said further delays in reaching an agreement with the International Monetary Fund (IMF) and an uncertainty pertaining to the elections further fuelled downward … Read more
The rupee sharply declined by Rs4.61 against the dollar on Wednesday. The import bill for January 2023 has been recorded at $4.856 billion. Local currency recorded a historic low of Rs276.58 against the dollar on February 3. KARACHI: The rupee sharply declined by Rs4.61 against the dollar on Wednesday, owing to the economic uncertainty after … Read more
The IMF has set a goal for the interest rates to remain greater than the core inflation. The All-share volume decreased 20% to 126 million shares against 158 million shares traded. Analysts expect volatility to persist until the IMF’s ninth review is successfully concluded. KARACHI: The Pakistan stocks witnessed selling pressure throughout the day and … Read more
KARACHI: The rupee slipped Rs1.58 against the dollar on Tuesday, owing to the fears of a delay in the loan programme under the International Monetary Fund (IMF), dealers said. The rupee ended at Rs261.50 against the greenback from the previous day’s closing of Rs259.92 in the interbank foreign exchange market. The dealers said the reports … Read more
KARACHI: The headline inflation based on the Consumer Price Index (CPI) for February 2023 is likely to settle at 30.5 per cent on a year-on-year (YoY) basis, compared with 27.6 per cent in January 2023 and 12.24 per cent in February 2022, respectively, analysts said on Monday. The analysts at the Arif Habib Limited said … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has invited the attention of Prime Minister Shehbaz Sharif that the Small and Medium Enterprises (SMEs) are the destiny of Pakistan and can bring about a betterment in the economy and must be facilitated, supported and encouraged in such challenging times, a statement said on Saturday. … Read more
KARACHI: Pakistan’s foreign exchange reserves have increased $24 million to $8.726 billion by the week ended February 17, 2023, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were $8.702 billion a week ago on February 10, 2023. The country’s foreign exchange reserves hit the all-time high of … Read more
KARACHI: The Pakistan Stock Exchange (PSX) continued to remain positive and sequentially better volumes during Wednesday’s trading session, fuelled by the announcement that a Chinese bank has approved financing of $700 million to Pakistan, analysts said. An analyst at Pearl Securities said, according to the finance secretary of Pakistan, the International Monetary Fund (IMF) staff-level … Read more
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
The rupee extended gains against the dollar on Monday. The exchange rate gained 94 paisas to close at Rs261.88. It lost Rs57.08, or 27.83 per cent, from Rs204.85 against the dollar on June 30, 2022. KARACHI: The rupee extended gains against the dollar on Monday, owing to improved sentiment in the market due to … Read more
Pakistan’s foreign exchange reserves increased $162 million to $8.702 billion. State Bank of Pakistan (SBP) improved $275 million to $3.192 billion. The foreign exchange reserves held by the central bank witnessed a record high of $20.146 billion. KARACHI: Pakistan’s foreign exchange reserves inched up at $8.702 billion by the week ended February 10, 2023, the … Read more
The net liquid forex reserves of the (SBP) were around $2.9 billion on February 3, 2023. The SAFE deposits are scheduled to mature in two instalments: $2 billion in March and $1 billion in June. Pakistan received $10 billion in pledges at a flood relief conference in January 2023. KARACHI: The Fitch Ratings has downgraded … Read more
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has strived to promote women at the leadership positions through its flagship Women Empowerment Awards for the fifth successive year, a statement said on Tuesday. Dr Ishrat Hussain, former governor of the State Bank of Pakistan, was the chief guest at the ceremony. The OICCI … 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
The central bank said its official reserves fell $169 million to $2.917 billion. The official foreign exchange reserves of the SBP fell sharply to an almost nine-year low. Previously, these were seen at $3.87 billion in February 2014. KARACHI: The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell to an … Read more
KARACHI: The rupee continued to make a sharp recovery against the dollar for the second straight day on Thursday. The rupee gained Rs2.82 against the dollar to close at Rs270.51 from the previous day’s closing of Rs273.33 in the interbank foreign exchange market. The local unit recovered Rs5.77, or 2.1 per cent, during the last … 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
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 Union of Small and Medium Enterprises (Unisame) has invited the attention of the Ministry of Commerce, Industries and Production and also the Planning Ministry to revise the import, export and industrial policies, a statement said on Monday. It also called for streamlining the imports of raw and packing materials on top priority basis, … Read more
The forex reserves of the State Bank of Pakistan (SBP) fell to $3.086 billion by the week. The import bill for January 2023 has been recorded at $4.856 billion. The central bank attributed the decline to scheduled external repayments. KARACHI: The official foreign exchange reserves of Pakistan fell to a level to provide only … Read more
KARACHI: The rupee recovered against the dollar on Tuesday, as the authorities have begun talks with the International Monetary Fund (IMF) for the resumption of the loan programme under the Extended Fund Facility (EFF), dealers said. The rupee recovered Rs1.74 to end at Rs267.89 against the dollar from the previous day’s closing of Rs269.63, which … Read more
KARACHI: The rupee hit the all-time low against the dollar on Friday, amid narrowing foreign exchange reserves, besides the government’s decision to lift the cap on the exchange rate, dealers said. The exchange rate shed Rs7.17 to close at Rs262.60 from the previous day’s closing of Rs255.43 against the greenback in the interbank foreign exchange … 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
