KARACHI: The State Bank of Pakistan (SBP) has introduced a new incentive scheme for the exchange companies with the approval of the federal government. Under the scheme, the exchange companies would be required to surrender 100 per cent of the home remittances mobilised in the interbank market and in return, they will receive Re1 against … Read more
KARACHI: The rupee continued its sharp recovery against the dollar and made a gain of Rs1.04 on Friday. The exchange rate ended at Rs174.48 against the greenback from the previous day’s closing of Rs175.52 in the interbank foreign exchange market. The rupee maintained gaining momentum for the last eight consecutive days since reaching Rs176.98 on … Read more
KARACHI: The State Bank of Pakistan (SBP) has introduced Person-to-Person (P2P) fund transfers in the country through the SBP developed Raast, a statement said on Thursday. Raast offers an instant, reliable and zero-cost digital payment system to the people of Pakistan, it added. The launch of Raast P2P service will not only provide a convenient … Read more
LAHORE: Despite considerable economic growth due to the easy market access in the post-pandemic scenario, e-commerce in Pakistan still remains far below its potential, market players and e-retailers said. The digital economy boomed during the Covid-19 crisis. As people embraced social distancing, they turned to online shopping more than ever before. The market share of … Read more
KARACHI: The surging global crude oil prices are likely to keep the rupee under pressure despite the measure taken by the State Bank of Pakistan (SBP) to provide support to the local currency. The hike in international oil prices coupled with the declining forex reserves of the country kept the rupee under pressure during the … Read more
KARACHI: The Pakistan Stock Exchange (PSX) likely to open higher following positive cues from the upcoming IMF programme, analysts said. The witnessed dull trading activities during the week ended January 28, 2022 as the investors remained concerned over the uncertainty regarding the International Monetary Fund (IMF) $1 billion tranche along with rising oil prices in … Read more
ISLAMABAD: The government’s decision to rebase the economy from the fiscal year 2005-06 to 2015-16 has added Rs3.1 trillion in its value and jacked up last year’s GDP growth to 5.57 from 5.37 per cent. The change in the base-year was welcomed by stakeholders and experts, however, they said that it also exposed the structural … Read more
LAHORE: Speakers at a seminar have stressed the need of devising a strategy for facing the challenges of economic warfare, a statement said on Friday. “Trade embargoes, economic sanctions, tariff discrimination, freezing of capital assets, suspension of aid and prohibition of investment are some of the common tools of economic warfare,” they said while speaking … 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
KARACHI: The Pakistani rupee continued its fall for the third straight day against the dollar as the global crude oil prices rose. The rupee declined 26 paisas to end at Rs176.98 against the dollar on Wednesday, against the closing of Rs176.72 on Tuesday in the interbank foreign exchange market. The dealers said that the dollar … Read more
KARACHI: The Pakistani rupee declined 25 paisas against the dollar on Monday, amid high demand for the foreign currency for external payments, dealers said. The rupee ended at Rs176.49 against the dollar from last Friday’s closing of Rs176.24 in the interbank foreign exchange market. The dealers said the dollar demand remained high during the day … Read more
Minister of State for Information and Broadcasting Farrukh Habib on Sunday said the private sector got record loans under both the Temporary Economic Refinance Facility (TERF) and Long Term Financing Facility (LTFF) schemes of State Bank of Pakistan (SBP) during 2021. Read more: Like the pandemic, PM Imran Khan vows to overcome inflation “This is … Read more
KARACHI: The government, amid a heated session of the National Assembly, managed to pass the Supplementary Finance Bill 2021 and the SBP Amendment Bill 2021 in a super long session. The SBP Amendment Bill, being a legislative bill, would be presented in the Senate after which it will be referred to the Standing Committee on … Read more
KARACHI: The State Bank of Pakistan (SBP) has won the Best Central Bank of 2021 award for promoting Islamic finance, a statement said. The Islamic Finance News (IFN), an arm of RED money Group, Malaysia, announced the SBP as the best central bank of 2021 across the world in promoting Islamic finance. The results of … Read more
KARACHI: The rupee is expected to remain stable next week on the back of the measures introduced by the central bank to ensure realisation of export receipts within 120 days. The State Bank of Pakistan on January 5, 2022 directed the exporters to realise their export receipts within 120 days from the date of shipment … Read more
KARACHI: The pharmaceutical imports, including Covid vaccines surged 475 per cent to $3 billion during the first six months of the current fiscal year, compared with $539 million in the same period of the last year, according to the data issued by the Pakistan Bureau of Statistics (PBS). “The government is currently importing Covid-19 vaccines … Read more
KARACHI: The liquid foreign exchange reserves of the country plummeted by $551 million to $23.35 billion by the week ended January 14, 2022, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $23.901 billion by the week ended January 7, 2022. The official reserves of the … Read more
KARACHI: The State Bank of Pakistan (SBP) has digitalised the process for obtaining refinance by banks under the Export Finance Scheme (EFS), a statement said. The SBP on Wednesday said it had digitalised the process of obtaining refinance by the banks under the Export Finance Scheme (EFS) for both conventional and Shariah-compliant versions. Digitalisation of … Read more
Federal Energy Minister Hammad Azhar on Tuesday said that it had become essential for the government to introduce a law to make the State Bank of Pakistan (SBP) autonomous to stop political infiltration. The Federal Information Minister Fawad Chaudhry and Energy Minister Hammad Azhar addressed a presser after the cabinet meeting. The energy minister said … Read more
KARACHI: The rupee fell by 26 paisas against the dollar on Tuesday owing to a surge in the international oil prices. The rupee ended at Rs176.18 to the dollar, as compared with the previous day’s closing of Rs175.92 in the interbank foreign exchange market. The dealers said that the market witnessed panic buying for dollars … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday directed the banks to ensure timely transmission of transaction alerts. The SBP issued instructions to the banks regarding security of digital payments. The central bank previously issued these instructions on November 28, 2018. However, it expressed displeasure that many banks were not following such guidelines. The … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the ministry of commerce to facilitate barter trade with Iran as trade ties are re-established between the commerce ministries of both countries, a statement said on Monday. Unisame president Zulfikar Thaver apprised that Iran is ready to buy big quantities of different varieties of … Read more
KARACHI: The rupee gained 15 paisas against the dollar on Monday, as holiday in the US markets lowered the foreign currency demand in the domestic market, dealers said. The interbank foreign exchange market ended at Rs175.92 against the dollar from last Friday’s closing of Rs176.07. The dealers said the US markets were observing the holiday … Read more
KARACHI: Pakistan’s economy brushed aside the negative impact of the Covid-19 pandemic, as it registered a robust growth of 4.5 per cent in 2021, a latest UN report revealed. At the same time, the global body advised the State Bank of Pakistan (SBP) to assess the magnitude and timing of the monetary policy to support … Read more
The General Tyre and Rubber Company of Pakistan Limited was incorporated in Pakistan on March 7, 1963 as a private limited company and was subsequently converted into a public limited company. GTYR is engaged in the manufacturing and trading of tyres and tubes for automobiles and motorcycles. Net sales in value terms for the first … Read more
KARACHI: Import restrictions introduced through the Finance Supplementary Bill is expected to help the rupee remain stable next week. However, a surge in the international oil prices may prove otherwise. The National Assembly on January 13, 2022 approved the Finance (Supplementary) Bill, 2021. Through the legislation, the government withdrew exemptions and concessions worth Rs343 billion. … Read more
ISLAMABAD: The legislation on the mini-budget and the bill pertaining to the State Bank of Pakistan (SBP) continue to echo in the National Assembly as members of the opposition benches strongly criticised the government for burdening people with extra Rs350 billion taxes and making the central bank unanswerable to the government. A member of the … Read more
KARACHI: The foreign exchange reserves of the country fell $118 million to $23.901 billion by the week ended January 7, 2022, the central bank reported on Thursday. The foreign exchange reserves of the country were $24.019 billion by the week ended December 31, 2021. The official foreign exchange reserves of the State Bank of Pakistan … Read more
