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
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 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: Pakistan’s Federal Investigation Agency (FIA) has issued a notice to summon representatives of a global cryptocurrency exchange, Binance, in a multibillion rupees scam, official sources said on Friday. It was the first time that the local investigation agency engaged the international cryptocurrency exchange in a scam. According to details some mobile applications were offering … 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 rupee inched up by one paisa against the dollar on Wednesday, owing to ease in the demand for the foreign currency for import payments, dealers said. The interbank foreign exchange market ended at Rs176.74 against the greenback from the previous day’s closing of Rs176.75. The dealers said the dollar demand eased on Wednesday, … 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 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
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 rapid growth of solar and wind power offering exponential cost reduction has compelled the industries and businesses to modify their energy consumption mix, as more and more industrial units are opting for distributed power generation to ensure reliability and cost savings. Bulleh Shah Packaging has awarded the 1.82MW grid-tie solar power project to … 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: 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
KARACHI: The Federal Board of Revenue (FBR) on Tuesday directed the offices of the Inland Revenue (IR) to facilitate taxpayers in the payment of duty and taxes during the last two days of the year by extending working hours. On an office order, the revenue board directed the tax offices to remain open and observe … Read more
The State Bank of Pakistan (SBP) on Monday said the limits of foreign currency buying by individuals have been set to discourage speculative transactions. The SBP has set a limit of $10,000/day/individual and $100,000/year/individual to check the foreign currency transactions. “It has been observed that substantial amounts of foreign currency was being purchased for speculative … Read more
Dolmen City REIT (DCR) has been showing signs of recovery after the pandemic phase with the improvement in footfall in recent months. However, the activity has not reached to pre-pandemic levels, as yet. Nonetheless, the REIT has kept its absolute payout unchanged in the last two years, despite concessions offered to tenants, maintaining the stock’s … Read more
KARACHI: The rupee ended firmer against the dollar on Friday, amid high dollar demand for import and corporate payments, dealers said. The rupee eased by one paisa to Rs178.13 against the dollar from the previous day’s closing of Rs178.12 in the interbank foreign exchange market. The dealers said the demand for the foreign currency was … Read more
KARACHI: The dollar recorded a new high of Rs178.15 on Wednesday, amid higher year-end dollar demand for import and corporate payments, dealers said. The exchange rate witnessed a 10 paisas decline in the rupee value against the dollar from yesterday’s closing of Rs178.05, the previous historic low of the rupee, in the interbank foreign exchange … Read more
