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 rupee lost 25 paisas against the dollar on Tuesday, owing to mounting import payments demand after the State Bank of Pakistan (SBP) allowed import relaxation, dealers said. The rupee ended at Rs230.40 against the greenback from the previous day’s closing of Rs230.15 in the interbank foreign exchange market. The dealers said the rupee … Read more
KARACHI: The coalition government borrowed Rs1.4 trillion from the financial system at a higher interest rate. The borrowing has been made from July 1, 2022, to January 6, 2023, which is 10 times higher, compared with the borrowed amount in the same period of the last fiscal year. The previous Pakistan Tehreek-e-Insaf (PTI) government borrowed … 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: 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 rupee fell 24 paisas against the dollar on Thursday in the interbank foreign exchange market, despite shrinking current account deficit, dealers said. The local currency ended at Rs229.15 to the dollar from the previous day’s closing of Rs228.91 in the interbank foreign exchange market. The dealers said the market ignored the contraction in … 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
KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday announced to form a joint committee in collaboration with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for the resolution of the huge backlog of the letters of credit (LCs), a statement quoted Irfan Iqbal Sheikh, president of the FPCCI, as saying. … Read more
KARACHI: The rupee weakened 25 paisas against the dollar on Wednesday, owing to the lack of inflows under export receipts and remittances, dealers said. The local currency ended at Rs228.91 against the greenback from the previous day’s closing of Rs228.66 in the interbank foreign exchange market. The dealers said a fall in the inflows under … Read more
KARACHI: Mashreq, one of the leading financial institutions in the Middle East and North Africa (MENA) Region, has announced the acquisition of a digital banking licence, under the Digital Regulatory Framework issued by the State Bank of Pakistan (SBP), a statement said on Monday. Mashreq intends to bring their digital expertise to Pakistan and further … Read more
KARACHI: The rupee ended 19 paisas down against the dollar on Monday due to the rising foreign currency demand for import payments, dealers said. The rupee was recorded at Rs228.34 against the dollar from last Friday’s closing of Rs228.15 in the interbank foreign exchange market. The dealers said the rising dollar demand for import and … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday said that it extended the encashment of prize bonds up to June 30, 2023. The federal government has given another opportunity to the public to get the withdrawn prize bonds of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 redeemed/encashed by June 30, 2023. Earlier, the government had fixed … 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
KARACHI: The State Bank of Pakistan (SBP) has issued no objection certificates to five applicants for establishing digital banks. The applicants are Easy Paisa DB (Telenor Pakistan B V & Ali Pay Holding Ltd), Hugo Bank (Getz Bros & Co, Atlas Consolidated Pte Ltd and M & P Pakistan Pvt Ltd), KT Bank (Kuda Technologies … Read more
KARACHI: Inflows of workers remittances into Pakistan have plunged 19 per cent on a year-on-year (YoY) basis in December 2022, according to the data released by the State Bank of Pakistan (SBP) on Friday. The country received remittances worth $2.04 billion in December 2022, compared with $2.52 billion in the corresponding month of the last … Read more
KARACHI: The rupee ended flat against the dollar on Friday, amid foreign pledges to support the Pakistan economy, dealers said. The rupee ended with a decline of one paisa to Rs228.15 against the dollar from the previous day’s closing of Rs228.14 in the interbank foreign exchange market. The dealers said that the local currency had … Read more
KARACHI: The rupee witnessed a decline of 21 paisas against the dollar on Thursday, owing to foreign currency demand for import and corporate payments, dealers said. The rupee ended at Rs228.14 against the dollar from the previous day’s closing of Rs227.93 in the interbank foreign exchange market. The dealers said the rupee remained under pressure … Read more
KARACHI: The rupee ended down against the dollar on Wednesday, as the negotiations between Pakistan and the International Monetary Fund (IMF) ended without any results. The rupee recorded a decline of five paisas against the dollar to close at Rs227.93 from the previous day’s closing of Rs227.88 in the interbank foreign exchange market. The dealers … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has invited the attention of the State Bank of Pakistan (SBP) towards the commercial banks, which are not returning dollars deposited in the foreign currency accounts, causing hardships to the customers, a statement said on Wednesday. The depositors have kept the dollars in their saving accounts … Read more
The rupee lost another 47 paisas against the dollar in the interbank foreign exchange market. Dealers attributed the decline to a deadlock in talks between Pakistan and the IMF. The local currency remained under pressure since the start of the current fiscal year. KARACHI: The rupee continued to fall on Tuesday and lost another 47 … Read more
KARACHI: The Pakistani rupee remained almost stable against the dollar on Wednesday as a reduction in the current account deficit supported the local currency’ movement, dealers said. The exchange rate shed one paisa to close at Rs226.95 from the previous day’s closing of Rs226.94 against the dollar in the interbank foreign exchange market. Pakistan’s trade … 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: The dollar’s flight continued unabated against the Pakistani rupee on Thursday; following the scarcity of the greenback in the country, besides narrowing foreign exchange reserves, dealers said. The exchange rate shed four paisas to close at Rs226.41 from the previous day’s closing of Rs226.37 against the dollar in the interbank foreign exchange market. Experts … 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 further deteriorated against the dollar on Thursday as the country is going through one of its worst financial and political crises, dealers said. The exchange rate shed three paisas to close at Rs225.43 from the previous day’s closing of Rs225.40 against the dollar in the interbank foreign exchange market. Experts said … Read more
KARACHI: The Pakistani rupee depreciated further against the dollar on Tuesday as the economic and political conditions of the country continued to deteriorate, dealers said. The exchange rate shed 18 paisas to close at Rs225.12 from the previous day’s closing of Rs224.94 against the dollar in the interbank foreign exchange market. Experts said that local … Read more
KARACHI: The suppression of mark-up on Foreign Currency Accounts (FCA) encourages savers to send their money out of the country or even remove it from the banking system because of negligible profit, the business community said. The Union of Small and Medium Enterprises (Unisame) invited the attention of the State Bank of Pakistan (SBP) to … Read more
