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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, […]

ISLAMABAD: A World Bank report warns that Pakistan’s external sector situation could become unsustainable due to a lack of policy actions. The report, however, appears to exaggerate the problem due to the claim that Islamabad needs $31 billion this year to meet foreign financial obligations. In its twice-a-year South Asia Economic Focus (SAEF) report, released on […]

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 […]

ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Tuesday signed two loan agreements worth $435 million aimed at supporting the country’s efforts to build modern transport infrastructure and create an environment for participation of the private sector in infrastructure schemes. The signing of the loan documents would remove irritants in completing other procedural formalities for […]

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 […]

ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended September 14, 2017 registered a decrease of 0.27% for the combined income group, going down from 222.71 points in the previous week to 222.11 in the week under review. Compared to the corresponding week of previous year, the SPI for the combined income group rose 1.10%. […]

DEPOSITS and other accounts of all scheduled banks stood at Rs11,651.413 billion after a 0.86 per cent increase over the preceding week, according to the weekly statement of position of all scheduled banks for the week ended Aug 25. On a year-on-year basis, the figure was higher by 14.61pc. Deposits and other accounts of all […]

IN the local currency market, the rupee/dollar parity last week displayed almost a stable trend amid minor variations. No new development was observed in the market where trading activity remained sluggish as leading currency players preferred to remain in sidelines. Last week on the interbank market, the rupee/dollar parity traded almost stable amid minor variations […]

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 […]

ISLAMABAD – Pakistan’s total tax revenue witnessed gradual increase from 10.6 percent of Grand Domestic Product (GDP) in 2000 to 12.6 percent of GDP in 2016. According to a report released by Asian Development Bank (ADB), Pakistan’s tax revenue in 2005 was 10.1 percent during 2010, while it declined to 9.8 percent in 2013; however, […]