KARACHI: Pakistan’s foreign exchange reserves have increased $2.652 billion to $25.151 billion by the week ended December 3, 2021, the State Bank of Pakistan (SBP) said. The country’s foreign exchange reserves stood at $22.499 billion by the week ended November 26, 2021. The official reserves of the State Bank of Pakistan (SBP) increased $2.648 billion … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the State Bank of Pakistan (SBP) to avoid any further hike in the policy rate, as it would hinder economic growth, a statement said. LCCI president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said that the … Read more
KARACHI: The State Bank of Pakistan (SBP) is scheduled to announce the monetary policy on December 14, 2021, in which the central bank may further increase the policy rate by 100 basis points to 150 basis points, analysts said on Thursday. In the last policy announcement on November 19, 2021, the central bank surprisingly increased … Read more
KARACHI: No letup was witnessed in the rupee free-fall, as the dollar jumped to new record high of Rs177.61 on Thursday in the interbank foreign exchange market, dealers said. They said the rupee deteriorated due to the expected large deficit of the current account and rising dollar demand for import payments. The exchange rate witnessed … Read more
KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir has highlighted the issues and challenges of cyber-security faced by the banks, a statement said. He highlighted the issues in his keynote speech at the Islamic Financial Services Board (IFSB). Malaysia organised the 13th Public Lecture Series on the theme of “Sustainability and Cyber Resilience” … Read more
KARACHI: The State Bank of Pakistan (SBP) has awarded a contract worth Rs100 million for IT and cyber-security domain to Supernet Limited, a bourse filing said on Wednesday. The contract involves supply installation, maintenance and technical support of the next generation intrusion detection and protection systems to secure SBP infrastructure, it added. “Telecard is pleased … Read more
KARACHI: The Pakistani rupee plunged to a historic low, as the dollar crossed Rs177 at midday in the interbank exchange market on Wednesday. The local currency declined 56 paisas against the greenback, which is being traded at the historic high of Rs177.35 at midday. The exchange market closed at the historic low of Rs176.79 on … Read more
KARACHI: Property valuators of the State Bank of Pakistan (SBP) will help the Federal Board of Revenue (FBR) in reviewing the valuation tables of immovable properties released recently. The FBR in a statement said it had sought assistance from top property valuation experts of the SBP, who will hold meaningful consultations with the key stakeholders, … Read more
KARACHI: The bearer prize bonds of high denomination will expire by the end of the current month but unregistered securities worth billions of rupees are still in circulation. The government has decided to withdraw the bearer bonds with denominations of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 and set a deadline of December 31, 2021 to exchange … Read more
KARACHI: The dollar jumped to the new historic high of Rs176.79 on Tuesday, as Saudi fund deposits failed to leave any positive impact despite expectations. The exchange rate witnessed a decline of 31 paisas to end at Rs176.79 against the dollar from the previous day’s closing of Rs176.48 in the interbank foreign exchange market. Previously, … Read more
KARACHI: The total debt of the country has increased 13.5 per cent, or Rs4.78 trillion, to Rs40.28 trillion by the end of October 2021, compared with Rs35.5 trillion a year ago. According to the statistics released by the State Bank of Pakistan (SBP) on Monday, of the total debt, the federal government’s domestic debt increased … Read more
KARACHI: The rupee recovered 29 paisas against the dollar on Monday after a deposit of $3 billion to the State Bank of Pakistan (SBP) by Saudi Development Fund (SDF), dealers said. The exchange rate ended at Rs176.48 against the dollar from last Friday’s closing of Rs176.77, which was a historic low of the local unit, … Read more
KARACHI: The depreciating rupee, rising deficits and anticipation of sharp jump in interest rates dragged the Pakistan stocks down 2 per cent during the week ended December 3, 2021, dealers said. However, with the ease in the global commodities improving Pakistan’s macro-outlook, the International Monetary Fund (IMF)-related uncertainty largely behind and the MSCI-related rebalancing, the … Read more
KARACHI: Large import bill and a significant decline in the foreign exchange reserves may further destabilise the rupee next week, dealers said. The higher import bill and a decline in the forex reserves have deteriorated the value of the local unit to the historic low of Rs176.77 against the dollar on December 3, 2021. The … Read more
KARACHI: The business community has suggested the State Bank of Pakistan (SBP) adopt an accommodative monetary policy stance instead of further raising it. In a statement on Saturday, the Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) Businessmen Panel (BMP) warned the central bank of any aggressive jump in the key policy rate in … Read more
KARACHI: The Pakistan Yarn Merchants Association (PYMA) officials have expressed concern over the increase in the interest rates by the State Bank of Pakistan (SBP), despite the demands of the business community. They said the central bank has increased the interest rates by 150 basis points, and the news is circulating for another increase in … Read more
KARACHI: The local money market is witnessing a bearish spell; following a surprise increase in the cutoff yield in the treasury bills and increase in the benchmark lending rate, i.e., Karachi Interbank Offered Rate (Kibor), analysts said. The analysts at Topline Securities said after a surprise increase in the cutoff yield in the Treasury Bills … Read more
KARACHI: The dollar recorded a new high of Rs176.77 against the Pakistani rupee at the interbank foreign exchange market on Friday. The dollar made fresh high as against the last day closing of Rs176.42, which was the previous record high of the greenback. The dealers said that the rupee deteriorated further because of escalation in … Read more
ISLAMABAD: Adviser to the Finance and Revenue Shaukat Tarin has directed the relevant authorities to take effective policy measures to reduce unnecessary imports of luxury items. The adviser made these remarks, while presiding over a meeting to review the balance of trade at the Finance Division, a statement issued by the Finance Ministry said. The … Read more
KARACHI: The foreign exchange reserves of the country fell $275 million to $22.499 billion by the week ended November 26, 2021, the central bank reported. The foreign exchange reserves stood at $22.774 billion by the week ended November 19, 2021. The official forex reserves of the State Bank of Pakistan (SBP) fell $244 million to … Read more
ISLAMABAD: The government plans to increase e-commerce trade volume up to $9 billion in the next two years by June 2023, an official said. There are already conflicting figures in Pakistan’s e-commerce trade; however, with the current trade of $4.5 billion, “we can take it up to $9 billion,” Special Assistant to the Prime Minister … Read more
KARACHI: The Employers’ Federation of Pakistan (EFP) endorses the International Monetary Fund’s (IMF) narrative that the government should not borrow from the central bank, a statement said on Tuesday. EFP president Ismail Suttar said that the maneuvers of borrowing from the central bank will lead to a further amplification in the already peaked inflation rates, … Read more
KARACHI: The rupee rebounded on Tuesday and gained 48 paisas against the dollar in the interbank foreign exchange market, dealers said. The exchange rate ended at Rs175.72, compared with Rs176.20 against the dollar on the previous day in the interbank foreign exchange market. The local currency strengthened after the State Bank of Pakistan (SBP) and … Read more
KARACHI: The State Bank of Pakistan (SBP) and the Saudi Fund for Development (SFD) signed a $3 billion deposit agreement, a statement said on Monday. State Bank Governor Dr Reza Baqir and SFD chief executive officer Sultan Bin AbdulRahman Al-Marshad signed the agreement. Under this deposit agreement, the Saudi fund would place $3 billion with … Read more
KARACHI: The State Bank of Pakistan (SBP) has said that the country’s exports during the last decade remain sporadic and unsustainable, compared with the peer countries. The peer countries, such as India and China, have fared better than Pakistan, the SBP said in its annual report on the State of Pakistan’s Economy released this week. … Read more
KARACHI: The planned inflows under the Saudi assistance package next week may help ease rupee volatility. According to the government authorities, the Saudi support of $3 billion would be transferred directly to the State Bank of Pakistan (SBP) next week. Saudi Arabia on October 26, 2021 announced to support Pakistan in managing its balance of … Read more
ISLAMABAD: The federal cabinet through a circulation summary on Saturday gave State Bank of Pakistan approval to keep $3 billion deposit from Saudi Arabia. A day earlier, Minister for Information and Broadcasting Chaudhry Fawad Hussain, in a tweet, had said that all legal requirements to receive the $3 billion dollars from the kingdom would be … Read more
LAHORE: The China Green Finance Committee and the Beijing Institute of Finance and Sustainability arranged a seminar on “Financing climate actions: China initiatives and international cooperation” as a side event of the COP26 Finance Day, both online and in-person in Glasgow, UK, a statement said. State Bank of Pakistan former governor Yasin Anwer and representatives … Read more
