KARACHI: The State Bank of Pakistan will remain closed on May 28, 2025 (Wednesday) being public holiday on the occasion of Youm-e-Takbeer. The holiday commemorates Pakistan’s nuclear tests conducted in Chagai on the same date in 1998. In a statement issued, the central bank said the closure follows the federal government’s declaration of a public … Read more
ISLAMABAD: Finance Minister Ishaq Dar has said the State Bank of Pakistan has received $2 billion of deposits from the Kingdom of Saudi Arabia. In a message on Tuesday, Ishaq Dar said the friendly country had made a commitment in this regard in the recent past. He said these deposits had enhanced the country’s foreign … Read more
Colombia’s central bank may need to consider more increases to its benchmark interest rate. Leonardo Villar issued a warning last week that the inflation rate was still rising. The IMF urged extra caution to be used in managing. Depending on how inflation behaves in Latin America’s fourth-largest economy, Colombia’s central bank may need to consider … Read more
KARACHI: The coalition government borrowed Rs1.4 trillion from the financial system at a higher interest rate. The borrowing has been made from July 1, 2022, to January 6, 2023, which is 10 times higher, compared with the borrowed amount in the same period of the last fiscal year. The previous Pakistan Tehreek-e-Insaf (PTI) government borrowed … Read more
KARACHI: To facilitate businesses, the State Bank of Pakistan (SBP) has withdrawn the requirement of prior approval of imports falling under HS code chapters, 84, 85 and certain items under HS code Chapter 87 and instead gave a general guidance to the banks to prioritise import of certain essential items like food, pharmaceutical, energy, etc, … Read more
The Fed released its most recent survey on the health of the economy. Five of the 12 districts reported moderate or modest gains in overall economic activity. The number of job postings in the US decreased less than anticipated in November. The benchmark overnight lending rate now rests in a target range of 4.25%–4.50%. According … Read more
The Bank of Korea decided to increase its policy interest rate to 3.50%. This is the tenth highest interest rate. Total basis points increased to 300. The central bank of South Korea increased its benchmark interest rate by 25 basis points on Friday, a move that was widely anticipated and that many economists believed would … Read more
Consumer prices increased 9.1% year over year in June, a record 40-year high. Fed Governor Christopher Waller: “I believe the markets would suffer a heart attack”. This puts pressure on central bankers to immediately stabilise the situation. After a rocky start, central banks have demonstrated that they are committed to keeping inflation under control. Now … Read more
The Bank of Korea raised its policy rate by 50 basis points to 2.25%. It is the biggest increase since the bank adopted the current policy system in 1999. The decision could help curb further weakening of the won. After the currency tumbled 9.4% against the US dollar this year. South Korea’s central bank on … Read more
The Central Bank of Sri Lanka raises key rates by a full percentage point. Inflation touched a record 54.6% year-on-year in June while food inflation accelerated to 80.1%. The island of 22 million people is wilting under a severe foreign exchange shortage. The Central Bank of Sri Lanka (CBSL) raised its critical rates by a … Read more
Zimbabwe’s central bank to sell gold coins as a form of reserve money. The coins will be sold starting on July 25 in local currency and other foreign currencies. Annual inflation reached 192 percent in June, according to the latest official figures. Zimbabwe’s central bank said that it would begin selling gold coins this month … Read more
The S&P 500 saw its worst first-half percentage decline since 1970. The Nasdaq 100 e-minis were down 145.75 points at the opening of trading on Tuesday. premarket declines for the mega-cap growth companies Alphabet and Microsoft from 1.2% to 1.6%. Investors worried about the risk of an economic recession as central banks across the world … Read more
Israel raises its benchmark interest rate by 0.5% in an effort to combat inflation. Increase follows similar steps by central banks in the US and Europe. Annual inflation reached 4.1% in May, exceeding the central bank’s target range of 1% to 3%. In an effort to bring inflation back within its goal range, the central … Read more
The first funding for the Dutch central bank came in part from the slave trade. When slavery was abolished in 1863, compensation was provided to plantation owners. . He stated that the central bank would “become more diverse and inclusive” by responding “decisively” to racism and increasing recruitment diversity. The head of the Dutch central … Read more
The era of low interest rates and moderate inflation has come to an end. The pandemic and Ukraine conflict are undoing the effects of more than a decade of ultra-low inflation in the majority of industrialised economies. They warned that the fragmentation of the global economy posed a threat to supply chains, productivity, costs, and … Read more
Cecelia Rouse, director of Biden’s Council of Economic Advisers, says the bones of the U.S. economy are solid. The Fed last week implemented its third interest rate hike this year. Richmond Federal Reserve Bank President Thomas Barkin believes inflation concerns will be resolved soon. The American economy remains healthy, but a White House economist admitted … Read more
Inflation has spread throughout Europe, fueled by surging oil costs. It now affects everything from food to services, with double digit rates in some areas. The Swiss National Bank and the National Bank of Hungary both surprised markets with large rate hikes. LONDON – Central banks across Europe boosted interest rates on Thursday, some … Read more
Annual inflation falls to 17.1 percent in May, down from 17.8 percent in April. Food price inflation increased to 21.5 percent year on year in May. Russia has been hit with a barrage of international sanctions. Russia inflation fell to 17.1 percent in May, down from 17.8 percent in April, according to the national statistics … Read more
