Tue, 21-Oct-2025

Fall from grace: Rupee misery far from the end

Pakistan

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

SBP sets limits for foreign currency purchase to discourage speculative gains

SBP

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

Rupee ends firmer against dollar

rupee

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

Pakistan’s FDI rises to $798 million in five months

FDI

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

Rupee hits record low of Rs178.04 against dollar

rupee

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

Employers resent raise in key policy rate

EFP

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

NBP to facilitate Chinese investors in CPEC Phase-II: official

NBP

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

Forex reserves ease to $25.028 billion

SBP

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

Dollar remains unchanged at Rs177.98

Govt finalises plan to borrow $5bn from Russia, China, Kazakhstan

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

Kati slams 100 basis points increase in interest rates

Kati

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

LCCI criticises raise in discount rate

LCCI

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

Dollar at new peak of Rs177.98 against rupee

Dollar

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

Pakistan Learning Festival kicks off in Karachi

Pakistan Learning Festival

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

Rupee ends flat against dollar

rupee

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

Remittances grow to $12.9 billion in five months

Remittances

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

Dollar continues upsurge to close at historic high

Dollar

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

SBP revises prudential regulations for microfinance banks

SBP

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

Monetary policy announcement may end rupee volatility

Rupee

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

Rupee depreciation continues as dollar touches fresh high

rupee

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

FPCCI advocates maintaining status quo on policy rate

FPCCI

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

Pakistan’s forex reserves rise to $25.15 billion

Pakistan forex reserves

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

LCCI demands reduction in key policy rate

LCCI

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

SBP governor highlights cyber-security issues

SBP

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