Pakistan increases key interest rate by 12.25

Pakistan increases key interest rate by 12.25

Pakistan’s central bank yesterday (Monday) increased its key interest rate to 12.25 per cent to tighten the monetary policy, mentioning continuing inflationary pressures, a high fiscal deficit and recent exchange rate depreciation. According to sources, The State Bank of Pakistan (SBP) said trends in government borrowing showed an expanding fiscal deficit...

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SBP re-starts 8877 SMS service to issue fresh currency notes

SBP re-starts 8877 SMS service to issue fresh currency notes

State Bank of Pakistan has relaunched the SMS service for issuance of fresh currency notes to the public. According to sources, The fresh currency notes will be available from designated commercial bank branches called “e-branches” and the 16 field offices of SBP-BSC. The booking of the service shall commence on May...

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All biometrically unverified bank accounts will be suspended after 31st May, says State Bank

All biometrically unverified bank accounts will be suspended after 31st May, says State Bank

All bank account holders must verify their bank accounts before 31st May to avoid suspension. According to sources, The State Bank of Pakistan has issued a notification to all banks in the country. The State Bank wants all accounts to be biometrically verified as part of its crackdown against money...

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Dollar soars to a record high in inter bank market

Dollar soars to a record high in inter bank market

Dollar has soared to Rs149 in inter bank,  a new record high. According to sources, the greenback gained by another Rs2.48 in the interbank market to reach the latest peak. It is currently being bought for Rs147 in the interbank market. The U.S. dollar reportedly reached Rs147 in the open market, and was...

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U.S. Dollar hits an all time high at Rs147

U.S. Dollar hits an all time high at Rs147

The U.S. Dollar has reached an all time high at Rs147 in inter-bank, a day after jumping to Rs146 in the open market.  According to sources, the greenback gained by Rs5.61 – approximately 4 percent – to be sold for Rs147 in the interbank market. It is currently being bought for Rs146 in...

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US Dollar hikes to Rs146.25 in open market

US Dollar hikes to Rs146.25 in open market

According to sources, the dollar gained Rs 2.25 against the rupee and was being traded at Rs146.25, according to the rates published by the Exchange Companies Association of Pakistan today (Wednesday). The increase comes following Pakistan’s agreement with the International Monetary Fund (IMF) securing a $6 billion bailout on Sunday. “The investors have...

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LHC calls FBR officials in petroleum price hike case

LHC calls FBR officials in petroleum price hike case

As per media reports, the Lahore High Court (LHC) on Tuesday took up the petition challenging the recent hike in prices of petroleum products. Justice Shahid Jameel heard the petition filed by a resident against PoL price hike. The court issuing interim order on the plea ordered the Federal Board...

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Pakistan’s foreign debt rises to US$88.199 billion, Senate told

Pakistan’s foreign debt rises to US$88.199 billion, Senate told

 Pakistan’s foreign debt has reached to 88.199 billion US dollars, the Senate was informed on Thursday, ARY News reported. Federal Ministry of Finance produced the figures of foreign debt during the question hour in senate session today. The country borrowed US$26.19 billion in past six financial years apart of US$7.32...

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Petrol hiked to Rs108.31/lit up Rs9.42

Petrol hiked to Rs108.31/lit up Rs9.42

The federal government has hiked the price of petrol by Rs9.42 per litre in the run up to the holy month of Ramzan. After the increase, the new petrol price is Rs108.31. The kerosene oil also increased by Rs7.46 per litre to Rs96.77. High speed diesel soared up Rs4.89 to...

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Dr Reza Baqir appointed as SBP governor

Dr Reza Baqir appointed as SBP governor

Dr Reza Baqir has assumed the charge of the State Bank of Pakistan governor, the central bank . President Arif Alvi appointed him to post for a period of three years in pursuance of Section 10(3) of the State Bank of Pakistan Act 1956. “In pursuance of section 10 (3)...

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