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ISLAMABAD: The Asian Development Bank (ADB) said on Wednesday that it would not finance the China-Pakistan Economic Corridor (CPEC) projects and also linked its budgetary support to Islamabad with good economic health certificate from the International Monetary Fund (IMF). The ADB is an international financial institution and cannot become part of any bilateral initiative like the […]

KARACHI: Following intervention from the StateBANK  of Pakistan (SBP), the exchange rate gained stability on Wednesday. The rupee has seen 4.7 per cent devaluation in the last four working days. The dollar was traded as high as Rs111 in the interbank market. But it remained mostly around Rs110.25-50, said currency dealers. However, the SBP reported […]

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, […]

KARACHI: The rupee remained stable against the dollar at 105.4/105.6 in the inter-bank market on Friday compared to Thursday’s close of 105.4/105.6. The currency market has fluctuated regularly in recent months with hefty rises and falls on some occasions. In the long run, however, the rupee has stood firm after experiencing extensive volatility, when it weakened […]

ISLAMABAD: Moody’s – one of the three main global credit rating agencies –anticipates that Pakistan would continue to fight tough against larger economic challenges such as repaying mounting foreign debt amid rapidly declining foreign currency reserves during 2019. The US-based rating agency said Pakistan would have to repay foreign debt amounting to over 160 per cent […]

KARACHI: The National Bank of Pakistan (NBP) has started doing the biometric verification for all its users (personal accounts as well as authorised signatories of corporate/commercial entities), under the directives of the State Bank of Pakistan (SBP). NBP assures you of its continued support to maintain and enhance its relationships with clients (corporate/commercial/consumers) by providing superior […]

JHANG: The Federal Investigation Agency, Karachi, has issued notice to a student of Jhang district belonging to a lower middle class family with regard to an inquiry into a suspicious bank account transaction worth Rs173 million. An FIA team had detected Rs173m worth of transaction through a bank account [in Karachi] under the title of […]

BALI: Muhammad Aurangzeb was invited as the only CEO representative of the Pakistani banking sector in order to share his views in his capacity as the President and CEO of HBL. It is pertinent to mention that Muhammad Aurangzeb is the only CEO from Pakistan as well as the only Pakistani who has accepted an invite […]

KARACHI: The stock market bounced back on Wednesday from its continued dismal performance as renewed buying interest lent support to the index, which surged nearly 1,000 points. The KSE-100 index shot up from the moment trading began, gaining over 2% to power past the 37,600-point mark. Investors picked up stocks at attractive valuations as the index […]

LAHORE – Pakistan banking sector deposits grew by 8 percent YoY during 2018, a decade low growth. According to financial experts, this is in comparison to 10 percent growth in 2017 and 12 percent average in last 5 years. This is also the first time since 2008 that the sector has recorded single digit deposit […]