KARACHI: The Pakistan rupee recorded a slight gain on Tuesday on improved dollar supply in the market, dealers said. The local currency gained 5 paisas to end at Rs176.63 against the last day’s closing of Rs176.68 in the interbank foreign exchange market. The dealers said the local rupee maintained its level, as the banks received … Read more
KARACHI: The rupee ended flat against the dollar on Monday, amid high demand for the foreign currency for external payments, dealers said. The rupee ended at Rs176.68 against the dollar from last Friday’s closing of Rs176.67 in the interbank foreign exchange market. The dealers said the dollar demand remained high during the day, as the … Read more
KARACHI: The Pakistan’s equity market gained 1.68 per cent during the week ended January 7, 2022, amid rising global commodity prices and likely release of the International Monetary Fund (IMF) tranche, dealers said. The market outlook is guided by expected improvement on the external front through available financing from multilateral sources with the International Monetary … Read more
The banking deposits surged 17 per cent to Rs20.51 trillion by the quarter ended September 30, 2021, compared with Rs17.54 trillion in the same quarter of the last year, according to a report released by the State Bank of Pakistan (SBP) on Tuesday. Similarly, the total assets of the banking system climbed up 21 per … Read more
LAHORE: Volatile exchange rate and illicit trade are major challenges for legal businesses both in the manufacturing, as well as trade/import sector, said Awais Saeed Piracha, chief executive officer of Trinity Enterprises, a major importer of variety of tyres from two- to four-wheelers to trucks, buses and industrial and agricultural machinery. “We give 80 to … Read more
KARACHI: The bank deposits have surged to a record high of around Rs21 trillion by the end of the calendar year 2021. Previously, the bank deposits reached a historic high of Rs19.83 trillion by September 2021. Experts attributed the massive growth in deposits to a hike in the interest rates by the State Bank of … Read more
KARACHI: The federal government has extended the last date to exchange old banknotes of Rs10, 50, 100 and 1,000 till December 31, 2022, the State Bank of Pakistan (SBP) said. The government had decided to extend the date on the recommendations of the SBP to facilitate the public. Previously, the last date to exchange old … Read more
KARACHI: The State Bank of Pakistan (SBP) has decided to continue banking relaxations till June 30, 2022 to mitigate the impact of Covid-19 pandemic, a statement said on Friday. The central bank previously amended regulations related to anti-money laundering (AML) and counter financing of terrorism (CFT). According to the statement, banks and microfinance banks (MFBs) … Read more
KARACHI: The business community has demanded the State Bank of Pakistan (SBP) to restore the 180 days period for realisation of export proceeds, a statement said on Friday. On January 5, 2022, the SBP amended the foreign exchange manual to reduce the number of days from 180 to 120 for the realisation of the export … Read more
KARACHI: Bank financing for housing and construction sharply increased 85 per cent, or Rs163 billion, to Rs355 billion in the financial year 2021, the State Bank of Pakistan (SBP) reported on Thursday. The total outstanding credit of banks for housing and construction stood at Rs192 billion in the preceding year. Within the housing and construction … Read more
KARACHI: The Pakistani rupee declined 41 paisas, as the dollar crossed Rs177 at midday in the interbank exchange market on Thursday. The greenback is being traded at Rs177.15 in the midday trading at the interbank exchange. The exchange market closed at Rs176.74 on Wednesday, January 5, 2022. The local currency witnessed a decline in the … Read more
KARACHI: The State Bank of Pakistan (SBP) has made it mandatory for exporters to bring export proceeds within 120 days of the shipment, a statement said on Wednesday. With an objective to improve the timely inflow of foreign exchange from exports proceeds in the market, it had amended foreign exchange regulations requiring exporters to bring … Read more
KARACHI: The government will raise Rs4.7 trillion for budget financing through the sale of treasury bills during the first three months of 2022. According to the auction targets for the next three months (January-March 2022) issued by the State Bank of Pakistan (SBP) on Wednesday, the government would auction the Market Treasury Bills (MTBs) worth … Read more
KARACHI: The rate of profit on premium prize bonds having denominations of Rs25,000 and Rs40,000 has increased to 1.86 per cent from the existing 1.79 per cent, according to the Finance Division on Wednesday. The State Bank of Pakistan (SBP) has also issued a circular to inform the change of rate to all the presidents … Read more
KARACHI: The rupee fell 24 paisas against the dollar on Tuesday, as the market opened after three days due to weekly and bank holidays, dealers said. The rupee ended at Rs176.75 against the greenback from the closing of Rs176.51 on December 31, 2021 in the interbank foreign exchange market. The dealers said the dollar demand … Read more
KARACHI: The banking deposits surged 17 per cent to Rs20.51 trillion by the quarter ended September 30, 2021, compared with Rs17.54 trillion in the same quarter of the last year, according to a report released by the State Bank of Pakistan (SBP) on Tuesday. Similarly, the total assets of the banking system climbed up 21 … Read more
KARACHI: The State Bank of Pakistan (SBP) has introduced a licensing and regulatory framework for digital banks in line with international best practice, a statement said on Monday. This is the first step towards introducing a completely digital bank that will provide all the banking services; from account opening to deposit and lending, through digital … Read more
Pakistan is indeed a poor, debt-ridden country, but a handful of Pakistanis are super-rich and playing it big in the shadowy cryptocurrency market. If one believes the authenticity of a recent report issued by the country’s apex trade body, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), then Pakistanis are holding a staggering $20 … Read more
KARACHI: The rupee made a sharp recovery against the dollar to close the year at Rs176.51 on Friday in the interbank foreign exchange market, dealers said. The exchange rate witnessed an appreciation of Re1 in the local unit against the dollar from the previous day’s closing of Rs177.51. The rupee cumulatively recovered Rs1.73 against the … Read more
KARACHI: Pakistani rupee recovered 51 paisas against the dollar in early trade at the interbank foreign exchange market on Friday. The dollar is being traded at the historic high of Rs177 at the opening of the interbank market. The exchange rate was ended local currency was trading at Rs177.51 on Thursday. Rupee recorded the all-time … Read more
Banks across Pakistan will remain closed for public dealing on Monday January 3 the State Bank of Pakistan (SBP) announced on Thursday. According to a statement issued by the central bank January 3, 2022, will be observed as “Bank Holiday”, therefore, all banks, Microfinance Banks (MFBs) development finance institutions (DFIs) will remain closed for public … Read more
KARACHI: The liquid foreign exchange reserves of Pakistan have slipped $360 million to $24.273 billion by the week ended December 24, 2021, the central bank reported on Thursday. The foreign exchange reserves of the country stood at $24.633 billion by the week ended December 17, 2021. The official foreign exchange reserves of the State Bank … Read more
KARACHI: The Pakistani rupee recovered 73 paisas against the dollar on Thursday at the interbank foreign exchange market, dealers said. The exchange rate was recorded at Rs177.51 at the closing of the interbank market, compared with the record high of Rs178.24 on Wednesday. The free-fall in the rupee was curtailed after the central bank recently … Read more
KARACHI: The State Bank of Pakistan (SBP) has introduced a Shariah-compliant standing ceiling facility and open market operations (injections) for the Islamic banking institutions (IBIs), a statement said. As the size of the Islamic banking industry is increasing, the central bank recognises the need to introduce Shariah-compliant liquidity facilities for IBIs. With a view to … Read more
KARACHI: The dollar recorded a gain of five paisas against the rupee on Wednesday and touched the new high of Rs178.24 in the interbank foreign exchange market, dealers said. A day ago, the exchange rate ended at Rs178.19 against the dollar, which was the previous record high of the greenback. The dealers said the dollar … Read more
KARACHI: Pakistani rupee recovered 4 paisas against the dollar in early trade at the interbank foreign exchange market on Wednesday. The dollar is being traded at the historic high of Rs178.15 at the opening of the interbank market. The exchange rate ended as the local currency hit a historic low of Rs178.19 on Tuesday December … Read more
KARACHI: The free-fall in the rupee value continued on Tuesday, as the dollar hit a new record high of Rs178.19 at the closing of the interbank foreign exchange market, dealers said. The exchange rate witnessed a decline of two paisas against the dollar from the previous day’s closing of Rs178.17 in the interbank. The last … Read more
KARACHI: The headline inflation for December 2021 is likely to rise up to 12.3 per cent, despite soft food prices, analysts said on Tuesday. The analysts at Insight Securities said that despite soft food prices, the inflation based on the Consumer Price Index (CPI) for December 2021 will arrive at 12.3 per cent on a … Read more
