SBP reveals Pakistan’s foreign reserves: US$ 10,264.3mn

SBP reveals Pakistan’s foreign reserves: US$ 10,264.3mn

ISLAMABAD: The State bank of Pakistan during a press release on Thursday stated that the total liquid foreign reserves held by the country accounted for US$16,798.0 million on June 14, 2018. In a brief breakdown, the country’s central bank revealed the following: Foreign reserves held by the State Bank of...

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FDI slides down to $2.4bn in 11 months

FDI slides down to $2.4bn in 11 months

KARACHI: While the country is in dire need of dollar inflows, the Foreign Direct Investment (FDI) fell by 1.3% during the first 11 months of 2017-18, reports State Bank on Wednesday. The China-dominated FDI witnessed steep fall in May as it deteriorated by $85 million to $238m. The political uncertainty...

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Moody’s demotes Pakistan’s ratings outlook from stable to negative and depressed

Moody’s demotes Pakistan’s ratings outlook from stable to negative and depressed

SINGAPORE: Moody’s on Wednesday changed the outlook on Pakistan’s rating to negative from stable driven by heightened external vulnerability risk as ongoing balance of payment pressures erode foreign exchange buffers. Nonetheless, he affirmed the B3 debt ratings, considered as being speculative and a high credit risk. The decision to change...

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Rupee falls for fourth time in one year

Rupee falls for fourth time in one year

KARACHI: Only weeks after the former finance minister assured the country that he did not “see any need for further devaluation” of the rupee, the markets proved him wrong. The rupee slipped by 3.8 per cent in the interbank market, or Rs4.40, on Monday to settle at Rs119.8 to a dollar....

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US Dollar reportedly increases by over Rs15 in the past 6 months, shoots up to Rs121.5 lately

US Dollar reportedly increases by over Rs15 in the past 6 months, shoots up to Rs121.5 lately

KARACHI: The US dollar steadily gains up to to Rs121.5 in the interbank market after it closed at Rs119.84 on Monday. The greenback had reached a record-high of Rs121 on June 11 — the State Bank of Pakistan (SBP) had reasoned the movement to a gap between foreign exchange demand and supply...

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Pak rupee slumps 3.8 pct against dollar

Pak rupee slumps 3.8 pct against dollar

KARACHI: The Pakistani rupee slumped 3.8 percent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank, traders said, as Pakistan faces a balance of payments crisis. At 0830 GMT, the rupee was at 119.25 per...

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FBR bound to achieve revenue collection targets for the year, directs Finance Minister

FBR bound to achieve revenue collection targets for the year, directs Finance Minister

ISLAMABAD: On Wednesday, Finance Minister Dr Shamshad Akhtar on Wednesday directed Chairman Federal Board of Revenue (FBR) Tariq Mehmood Pasha to invest in by making all possible attempts to achieve the revenue collection targets this year. She said this while chairing a meeting in Islamabad to review the performance of...

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Fresh currency notes hit 2.3m, SBP to close the booking soon

Fresh currency notes hit 2.3m, SBP to close the booking soon

KARACHI: Booking for fresh currency notes has reached 2.3 million people and is close to the limit of the State Bank of Pakistan which is 2.7m, it said on Monday. The SBP had launched an SMS service for issuance of fresh notes on May 31 for Eidul Fitr. Within a short span...

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Swapping old notes with new this Eid

Swapping old notes with new this Eid

With Eid being just around the corner, one thing that we can’t eagerly wait for is Eidi! Who doesn’t love pocketing those big bucks and then comparing among friends who managed to get the most Eidi? And you know what’s even better? When you are handed those fresh and new...

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What are the countries with the most expensive and cheapest gasoline in the world?

What are the countries with the most expensive and cheapest gasoline in the world?

Putting gasoline in the car is usually quite banal in most countries, but depending on where you live the impact in your pocket can be very different. Although gasoline (or diesel) is sold throughout the world, the conditions that determine its price are very different. And the reasons that make it...

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What are the benefits and risks of ending up with cash?

What are the benefits and risks of ending up with cash?

“It seems to me that if the cash completely disappears it would be a big problem … I’m afraid it’s going too fast … it’s a big concern to feel that society is not for you anymore.” Maijlis Jonsson, an inhabitant of the 73-year-old center of Stockholm, leads an active...

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GDPR: Why are these days maybe emails are reaching you about the use of your personal data on the internet?

GDPR: Why are these days maybe emails are reaching you about the use of your personal data on the internet?

Do you know what GDPR stands for? It is possible that the last few days you have received dozens of emails with “important notices”, “policy review” or “privacy updates”. It also may be that when accessing a web page you have seen a notice at the top of the screen...

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SBP refuses to entertain forex dealers demand

SBP refuses to entertain forex dealers demand

KARACHI: The State Bank of Pakistan (SBP) has refused to change its stance over requiring identification documents for all buying and selling transactions of foreign currency in amounts of $500 and above. The requirement had been announced by the regulator on Monday, prompting outrage from exchange companies who argued that illegal trading...

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Bears continue to lead the PSX amid dull trading sessions

Bears continue to lead the PSX amid dull trading sessions

Bears continued to lead the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 index losing 158 points in one of the dullest trading sessions in recent months. The index fluctuated from the day’s high of 42,580 points to a low of 42,199 before closing at 42,301 points on...

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Senate to pass GIDC amendment to recover Rs12bn arrears from CNG stations under a negotiated agreement

Senate to pass GIDC amendment to recover Rs12bn arrears from CNG stations under a negotiated agreement

ISLAMABAD: On Tuesday, the Senate passed the Gas Infra­structure Development Cess (GIDC) amendment bill to recover approximately Rs12 billion arrears from CNG stations under a negotiated agreement, amid opposition from the Pakistan Tehreek-i-Insaf and allegation of a behind-the-scenes doubtful deal that brought bounties for a senator. The PTI’s parliamentary leader stated that...

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PSX dives down by over 1000 points due to political unrest

PSX dives down by over 1000 points due to political unrest

KARACHI: Pakistan Stock Exchange on Monday was exposed to a downward trend of 1,095 points as the political situation in country remains disturbed after apparently controversial remarks by former premier Nawaz Sharif regarding Mumbai attacks. The benchmark KSE-100 index closed at 42,498 points, recording a negative change of 2.51%. The...

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SBP fixed Nisab for Zakat deduction on bank accounts for the present year

SBP fixed Nisab for Zakat deduction on bank accounts for the present year

KARACHI: The State Bank of Pakistan (SBP) has fixed the Nisab for Zakat deduction on bank accounts at Rs39,198 for the ongoing year. According to a statement issued by the Ministry of Religious Affairs and Interfaith Harmony on Monday, Zakat will be deducted from saving accounts, profit and loss sharing...

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Rupee trades stable against dollar

Rupee trades stable against dollar

In the local currency market, the rupee continued to trade under pressure against the dollar in the open market last week while the country’s foreign exchange reserves skimmed through to $17.286 billion last week against $17.712 billion a week ago. The dollar traded unchanged against the rupee for the second...

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Gold remains resilient and gains in moderation, while dollar weakens

Gold remains resilient and gains in moderation, while dollar weakens

LONDON: On Thursday, gold rose as the US dollar backed away from 2018 highs after weaker-than-forecast US inflation data and as tensions between the United States and Iran also paved way for the valuable metal. The US dollar slid from a 4-1/2-month peak after US data showed the Consumer Price...

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SBP reveals Rs50 coin in the local market in memory of Dr. Pfau

SBP reveals Rs50 coin in the local market in memory of Dr. Pfau

KARACHI: State Bank of Pakistan Governor Tariq Bajwa and German Ambas­sador to Pakistan Martin Kobler unveiled a Rs50 commemorative coin worth Rs50 at the SBP headquarters in recognition of meritorious services rendered by Pakistan’s Mother Teresa” Dr. Ruth Katherina Martha Pfau. The coin be available for public issuance across the country...

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Exchange companies propose SBP for Re1 on each dollar remitted

Exchange companies propose SBP for Re1 on each dollar remitted

KARACHI: Exchange companies have asked the State Bank of Pakistan (SBP) to provide Re1 on each dollar to the remitter from abroad. On Monday, the SBP scheduled a meeting with the exchange companies to discuss the present exchange rate scenario that presents a volatile situation in the open market. The...

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Gold gains as dollar slips

Gold gains as dollar slips

LONDON: On Thursday gold prices gained after the US central bank reassured investors that growth in interest rates would be plodding, with geopolitical uncertainties also rendering support. Spot gold rose for a second session, firming by 0.8% to $1,315.01 an ounce by 1400 GMT, while US gold futures for June...

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SBP reserves perk up by $593 million

SBP reserves perk up by $593 million

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan up surged by $593 million during the week ended April 27, said a press release on Thursday. The SBP reserves, which had been deteriorating since the beginning of this financial year, finally increased to $11.51 billion due to official...

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Inflation perks up to 3.7% in April primarily because of an upsurge in prices of perishable items

Inflation perks up to 3.7% in April primarily because of an upsurge in prices of perishable items

ISLAMABAD: Inflation crawled up to 3.7% in April from 3.2% in the preceding month mainly because of increase in prices of perishable food items. The inflation, measured through Consumer Price Index (CPI), perks up in April after witnessing a downward trend in the past three months, according to data released...

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KSE-100 index loses 292 points amid dull and depressed trading

KSE-100 index loses 292 points amid dull and depressed trading

On Wednesday, bulls continue to dominate the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index lost 292 points to close at 45,196. The index opened lower and continued on a downward trend, hitting the day’s low of 45,161 points towards the day’s close. Trading remained dull and depressed as...

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Budget of FY’18-19 ignores SME sector

Budget of FY’18-19 ignores SME sector

KARACHI: On Tuesday, SMEA President Zafar Iqbal claimed the small and medium enterprises (SMEs) have been totally ignored in the budget 2018-19. The sector’s genuine demands including the removal of conditions for getting bank loans and ease of doing business were not accepted, said Mr. Iqbal, the leader of Small...

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SBP to supply unlimited dollars to open market in order to strengthen exchange rates

SBP to supply unlimited dollars to open market in order to strengthen exchange rates

KARACHI: State Bank of Pakistan Governor Tariq Bajwa and Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Miftah Ismail affirmed currency traders for their support to bring down dollar rates in the open market, said currency dealers on Thursday. The recent steady increase in dollar prices appeared...

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Gold prices fall, hits 5-week low as dollar influences more than interest rates

Gold prices fall, hits 5-week low as dollar influences more than interest rates

LONDON: On Thursday gold prices hovered near 5-week lows as higher US bond yields and a stronger dollar reduced interest in bullion. Worries about the growing supply of US government debt and inflationary pressures from rising oil prices this week upsurges US 10-year bond yields above 3% for the first...

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Rupee becomes dull and depressed

Rupee becomes dull and depressed

KARACHI: The rupee found no place to stay against the greenback in the open market on Wednesday as the dollar attracted a record high price of Rs119.50. The development comes only days after the State Bank of Pakistan (SBP) held an emergency meeting with exchange companies after a similar downward...

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MCB’s profit goes down by 22.3% compared to last year

MCB’s profit goes down by 22.3% compared to last year

KARACHI: MCB Bank Ltd earned profit after tax of Rs4.78 billion in the first quarter of 2018, registering a dip of 22.3% compared to the corresponding period of last year. On Wednesday, the bank’s board met under the chairmanship of Mian Mohammad Mansha on Wednesday and approved the first quarter...

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Miftah rules out any possibility of further depreciation of Pakistani rupee against the US dollar, growth to reach 6.2%

Miftah rules out any possibility of further depreciation of Pakistani rupee against the US dollar, growth to reach 6.2%

WASHINGTON: Adviser to the Prime Minister on Finance Miftah Ismail said the growth rate remained at 5.8% during the current year and is expected to touch 6.2% next year. In an interview with a US TV channel in Washington, Miftah expressed optimism that efforts will be made to take the...

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Pakistan viable to greater access to UK’s market

Pakistan viable to greater access to UK’s market

ISLAMABAD: Pakistan likely to get more generous market access to the United Kingdom in post-Brexit era, said British Minister of State for Trade Policy Greg Hands. During a meeting with Commerce Minister Pervaiz Malik on the sidelines of Commonwealth Business Forum in London, which is an integral part of Commonwealth...

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Foreign reserves inch down

Foreign reserves inch down

KARACHI: Total liquid foreign reserves of Pakistan mark $17,545.5 million during the week ended April 13 down from $17,638 million, according to State Bank of Pakistan (SBP) said on Thursday. The foreign reserves held by SBP decreased by $58 million to $11,379.6 million due to external debt servicing and other...

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Gold prices inch down and take a dip

Gold prices inch down and take a dip

LONDON: On Thursday gold prices dipped, weighed down by a firmer dollar and a decline in global geopolitical tensions, breaking a string of gains for four successive sessions. Spot gold was down 0.2% at $1,346.60 per ounce by 1015 GMT, while US gold futures fell 0.3% to $1,349.90 per ounce....

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Dollar rate hikes: Chasing upward trend, hits Rs117

Dollar rate hikes: Chasing upward trend, hits Rs117

KARACHI: While the interbank exchange rate remained stable, the open market witnessed a steady increase in the US dollar rate to close at Rs117 on Wednesday. The dollar hit the highest rate for the second time after it closed at Rs117 on March 20, the day when the local currency...

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HEC allots 45 billion for the development budget to compete with developed nations

HEC allots 45 billion for the development budget to compete with developed nations

ISLAMABAD: Minister for Planning, Development and Reforms, Ahsan Iqbal has approved allocation of Rs45 billion for the development budget of Higher Education Commission (HEC) under Public Sector Development Programme (PSDP) 2018-19. The HEC has recommended to allocate Rs35 billion for the upcoming fiscal year but the minister gave 10 billion...

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PSX in recovery mode as benchmark index gains 120 points

PSX in recovery mode as benchmark index gains 120 points

The Pakistan Stock Exchange (PSX) went in recovery mode on Tuesday with the benchmark KSE-100 Index gaining 120 points to close at 45,802 points. The index opened lower and touched the day’s low of 45,485 before climbing back up to touch the day’s high of 45,882. In all, 147.5 million...

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Saudi stock market surges, hits 32-months high

Saudi stock market surges, hits 32-months high

RIYADH: The Saudi stock market hits a 32-month high as analysts claim higher oil prices, and easing anxieties helped fuel confidence. The Tadawul All-Shares Index (TASI) added 1% to close trading on 8,050.30 points, rising above the psychologically important 8,000-point mark for the first time since August 2015. “It’s a...

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US adds India on watch list to monitor currency criteria

US adds India on watch list to monitor currency criteria

WASHINGTON: The US Treasury added India to its watch list of countries with potentially questionable foreign exchange policies, joining China and four others, according to a report issued on Friday. Treasury said the “monitoring list” includes those “major trading partners that merit close attention to their currency practices.” In addition...

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Financial Crisis: Government liable to pay back in debt servicing: $3.3 billion by the end of June this year

Financial Crisis: Government liable to pay back in debt servicing: $3.3 billion by the end of June this year

ISLAMABAD: On Thursday, State Mini­ster for Finance and Revenue Rana Mohammad Afzal said that his government has to pay back $3.3 billion on account of debt servicing by end June 2018. Mr. Rana was one of the speakers of a pre-budget seminar at the National Press Club. He was accompanied...

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Foreign reserves slashed by $164 million

Foreign reserves slashed by $164 million

KARACHI: Total liquid foreign reserves of the country account for $ 17.63908 billion during the week ended April 6, State Bank of Pakistan (SBP) reports on Thursday. The foreign reserves held by SBP have substantially dropped by $164 million to $11,438.3m owing to external debt servicing and other official payments....

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Gold prices crept higher as dollar weakened

Gold prices crept higher as dollar weakened

LONDON: Gold prices crept higher on Tuesday as dollar weakened and as investors awaited potential US action against the suspected use of chemical weapons in Syria. Spot gold was up 0.1 per cent at $1,337.16 an ounce at 1250 GMT, having risen to a near one-week high of $1,338.12 earlier...

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Mark your calendars: April 10th marks the ‘Tax Day’

Mark your calendars: April 10th marks the ‘Tax Day’

RAWALPINDI: Tax Day will be observed today across the province in order to create awareness amongst people for payment of taxes regularly. According to Punjab Revenue Authority sources, an awareness walk will be held at Excise and Taxation Office while Director Excise Tanveer Abass Gondal will lead the walk. Later...

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With double-digit growth, govt’s debt rises to Rs22.9tr

With double-digit growth, govt’s debt rises to Rs22.9tr

ISLAMABAD: The federal government’s debt grew at double-digit pace to Rs22.9 trillion, a net addition of Rs2.14 trillion in just eight months, far higher than the annual budget deficit limit parliament approved at the start of the fiscal year. The State Bank of Pakistan’s (SBP) latest central government debt bulletin for...

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Inflation over 6% likely to hamper Pakistan’s economic growth

Inflation over 6% likely to hamper Pakistan’s economic growth

KARACHI: Inflation above 6% is likely to hamper economic growth in Pakistan and would require a careful policy to maintain a balance, read a research paper released by the State Bank on Thursday. “Inflation below 5.67% may be favorable for economic growth while above 6.05pc can hurt growth,” said the...

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Foreign Exchange Reserves deteriorate

Foreign Exchange Reserves deteriorate

KARACHI: Foreign exchange reserves of the State Bank of Pakistan further deteriorate by $174 million to $11.6 billion, due to external debt servicing and other official payments. As per the press release issued by the SBP on Thursday, the total reserves of the county glided to $17.79 billion during the...

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Gold prices fall as trade tensions between US-China moderate

Gold prices fall as trade tensions between US-China moderate

LONDON: Gold prices take a downward-slight on Thursday after the United States and China appeared to be seemingly ready to resolve a trade dispute thro­ugh negotiations, redu­cing demand for bullion as a safe resort to park assets. Investors plunged money back into equities, pushing global stock markets higher, while the...

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Optimism Redefined: Pakistan’s exports on upward flight, set to reach $24bn this year

Optimism Redefined: Pakistan’s exports on upward flight, set to reach $24bn this year

ISLAMABAD: Pakistan’s total exports are on the upward flight and set to reach $24 billion mark this year, as predicted by a government official. Commerce Minister Pervaiz Malik said exports had deteriorated over the last three years but were bound to increase by almost $4 billion this year. The PML-N government...

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Increase in taxes on the import of edible oil in the upcoming budget for FY2018-19

Increase in taxes on the import of edible oil in the upcoming budget for FY2018-19

ISLAMABAD: The Federal Board of Revenue (FBR) has sought an increase in taxes on the import of edible oil in the upcoming budget for fiscal year 2018-19, which, if granted, will ultimately jack up cost of doing business for the domestic cooking oil and ghee manufacturers. The cooking oil and vegetable...

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PSX, BRIndex update

PSX, BRIndex update

KARACHI: Thursday 29, March 2018 until 13:10, BRIndex 30 was at 25,223.16 with a positive change of 154.7 and volume of 129,806,700 shares. High and low were 25,274.78 and 25,088.17 respectively. Total volume traded in the market was 191,037,020 shares with 30 total traded companies out of which 17 were up. 12 were down and 1 were unchanged. Chemicals was the top traded sector with total traded volume of 39,187,100 shares. It was...

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