KARACHI: Remittances sent by overseas Pakistani workers increased 13.2 per cent in the first two months of 2017-18, the State Bank of Pakistan (SBP) reported on Tuesday. Inflows from all major sources rose in July-August, indicating that the trend of negative growth witnessed in 2016-17 has reversed. The country received $3.49 billion in the period […]

KARACHI: Five former senior officials of National Bank of Pakistan (NBP) and two corporate chiefs are in the crosshairs of the National Accountability Bureau (NAB) for allegedly engaging in a fraud to the tune of Rs10.4 billion. The accused include Azgard Nine Ltd CEO Abid Humayun Shaikh and CFO Abid Amin. The company is a […]

Over the past two and a half decades, bank loans to creditworthy private businesses and individuals as a ratio of GDP have been shrinking. This has prompted two central bank researchers to revaluate the worth of both financial market reforms as well as state-directed bank lending in the light of private ownership of the banking […]

KARACHI: Reserves of the State Bank of Pakistan (SBP) decreased by $3.9bn between October and July 21 despite commercial borrowing of more than $4.4 billion in 2016-17. Currency experts said pressure is mounting on the exchange rate as reserves fall. Dealers in the interbank market said the dollar rate, after reversing from Rs108 to Rs105.40, […]