KARACHI: The rupee fell slightly against the dollar on Tuesday but made a new historic low of Rs178.05 at the closing of the interbank foreign exchange market, dealers said. The exchange rate witnessed an ease of one paisa in the rupee value against the dollar from the previous day’s closing of Rs178.04, which was also … Read more
Pakistan is successfully implementing all the conditions imposed by the International Monetary Fund (IMF) to get the stalled $6 billion funding programme. The South Asian country is facing financial challenges but, at the same time, the economic situation seems fragile, pointing towards the severity of immediate measures to control mushrooming inflation. Indeed, all the successive … Read more
KARACHI: Pakistan’s current account deficit has ballooned to $7 billion during the first five months (July-November 2021/22 on sharp growth in import bill during the period, according to the balance of payments data released by the State Bank of Pakistan (SBP) on Monday. The current account posted a surplus of $1.87 billion in the same … Read more
KARACHI: 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 … Read more
KARACHI: The rupee ended firmer at Rs178.04 against the dollar on Monday, amid higher foreign currency demand for import and corporate payments, dealers said. The rupee ended at Rs178.04, which is the same closing of December 17, 2021, in the interbank foreign exchange market. The present exchange rate is the lowest level of the rupee … Read more
KARACHI: The inflows of foreign direct investment (FDI) into Pakistan has increased 12.3 per cent to $798 million during the first five months (July-November) of the fiscal year 2021/22, the State Bank of Pakistan (SBP) reported on Friday. The FDI during the same months of the last year stood at $710 million, according to the … Read more
KARACHI: The rupee fell to a record low of Rs178.04 against the dollar at the interbank foreign exchange market on Friday, dealers said. The demand for the dollars for import and corporate payments remained high during the day, they said. The exchange rate recorded a decline of six paisas against the greenback from the previous … Read more
KARACHI: The Site Association of Industry (SAI) has rejected another 100 basis points rise in the interest rates and called for its immediate reversal, especially when the industry is facing forced closures due to a severe gas shortage, a statement said. SAI president Abdul Rasheed said that free-float of the exchange rate works as a … Read more
KARACHI: The Employers’ Federation of Pakistan (EFP) is completely perplexed by the central bank’s action towards the recent interest rates, a statement said. EFP president Ismail Suttar said that the State Bank’s action to increase the level of already augmented interest rates proves that there is an absolute uncertainty about the correlation between inflation and … Read more
BEIJING: Chief representative of the National Bank of Pakistan (NBP) in China, Shaikh Muhammad Shariq, has said that his bank is committed to provide maximum banking facilitation to the Chinese businessmen during the second phase of the China-Pakistan Economic Corridor. The NBP has provided maximum banking facilitation during the first phase of CPEC and is … Read more
KARACHI: The foreign exchange reserves of the country fell $123 million to $25.028 billion by the week ended December 10, 2021, the State Bank of Pakistan (SBP) reported on Thursday. The foreign exchange reserves of the country were $25.151 billion by the week ended December 3, 2021. The official reserves of the SBP fell $90 … Read more
KARACHI: The exchange rate ended unchanged on Thursday, as the dollar maintained the record high level of Rs177.98, which was the previous day’s closing at the interbank foreign exchange market, dealers said. They said the market witnessed high dollar demand for import and corporate payments; however, the banks provided sufficient dollars against the demand to … Read more
KARACHI: Korangi Association of Trade and Industry (Kati) president Salman Aslam has expressed concern over 1 per cent increase in the interest rates and said that the latest decision of the State Bank of Pakistan (SBP) to increase the key policy rate to 9.75 per cent would increase inflation. He said 9 per cent to … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has expressed concerns over the increase in the key policy rate, saying it would neutralise all the efforts aimed at bringing down the cost of doing business, a statement said. LCCI president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said … Read more
KARACHI: The rupee witnessed an unabated free-fall for the last several months, as the dollar hit a new record high of Rs177.98 at the closing on the interbank foreign exchange market on Wednesday, amid the monetary tightening announced a day ago. The exchange rate witnessed a decline of 10 paisas in the rupee value against … Read more
KARACHI: The much-anticipated three-day Pakistan Learning Festival (PLF), an initiative of the Children’s Learning Festival (CLF), kicked off with a series of interactive sessions and activities on Tuesday, November 14, 2021, at the Arts Council of Pakistan, Karachi, a statement said. PLF is the flagship programme of civil society organisation Idara-e-Taleem-o-Aagahi. The event, being co-hosted … Read more
KARACHI: As per the market expectations, the State Bank of Pakistan (SBP) on Tuesday increased the key policy rate by 100 basis points to 9.75 per cent. The central bank has increased the policy rate by 250 basis points in less than a month to 9.75 per cent from 7.25 per cent. On November 19, … Read more
KARACHI: The rupee ended flat against the dollar on Tuesday ahead of the monetary policy announcement scheduled for today, December 14, 2021, dealers said. The exchange rate ended at Rs177.88 against the dollar from the previous day’s closing of Rs177.89 in the interbank foreign exchange market. The dealers said the market participants were anticipating a … Read more
KARACHI: The State Bank of Pakistan (SBP) has said that the inflows of remittances sent by overseas Pakistanis grew 9.7 per cent to $12.9 billion during the first five months (July-November) 2021/22. The SBP said that with $2.4 billion of inflows during November 2021, workers’ remittances continued their strong streak of remaining above $2 billion … Read more
KARACHI: The dollar recorded another high of 177.89 against the rupee at the closing of the interbank foreign exchange market on Monday, dealers said. The exchange rate witnessed an 18 paisas decline in the rupee value to end at Rs177.89 against the dollar from the last trading day’s closing of Rs177.71, the previous record low … Read more
KARACHI: The State Bank of Pakistan (SBP) will launch a new initiative, Asaan Mobile Account (AMA) on Monday, December 13, 2021, a statement said. The initiative has been developed under the National Financial Inclusion Strategy with the objective to bring further ease in remote account opening under branchless banking. This means that the customers would … Read more
KARACHI: The State Bank of Pakistan (SBP) has issued revised prudential regulations for microfinance banks to streamline the requirement of obtaining credit information report (CIR) and simplifying the documentary requirements from the microfinance borrowers, a statement said. Earlier, the Credit Bureau Act (CBA) 2015 was promulgated to provide a basis for incorporation and functioning of … Read more
KARACHI: The monetary policy announcement scheduled for next week may end the volatility in the rupee value. The State Bank of Pakistan (SBP) is scheduled to announce the monetary policy statement on December 14, 2021. The Monetary Policy Committee will take all the current economic indicators into consideration, while making the decision. One of the … Read more
KARACHI: The deterioration in the rupee value continued on Friday, as the dollar hit another high of Rs177.71 in the interbank foreign exchange market, dealers said. The exchange rate witnessed a 10 paisas decline in the rupee value to end at Rs177.71 against the dollar from the last day’s closing of Rs177.61, the previous record … Read more
KARACHI: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has proposed that the State Bank of Pakistan (SBP) should not further increase the monetary policy rate, as it can result in stagflation and adverse effects on industrial growth, a statement said on Friday. FPCCI president Mian Nasser Hyatt Maggo said that the use … Read more
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: 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
