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The rupee failed to find bottom in the inter-bank market on Tuesday, as it lost another Rs1.85 reaching a new low of Rs151.50 to the US dollar on the fourth consecutive day. Cumulatively, rupee has weakened by over seven per cent, or over Rs10 in the four days. The State Bank of Pakistan (SBP) said […]

KARACHI: The State Bank of Pakistan (SBP) in a circular issued to all banks and Development Finance Institutions (DFIs) on Tuesday announced Islamic financing for low-cost housing in the country. “The SBP is introducing a Mudarabah-based “Islamic Financing Facility for Low Cost Housing for Special Segments” for Islamic Banking Institutions (IBIs) and Islamic DFIs; collectively […]

KARACHI: Pakistan resumed foreign currency remittance operations through currency exchange companies on Wednesday. “The operations had come to a partial halt for about 10 days,” Pakistan Forex Association President Malik Bostan told The Express Tribune. He said both inward and outward remittances had suffered due to what he called negligence on the part of commercial banks. […]

ISLAMABAD: Pakistan’s fiscal deficit accumulated to a whopping 5.8 per cent of gross domestic product (GDP) and reached Rs1.864 trillion mark in absolute terms, the highest in four years of the PML-N government as well as in the country’s 70-year history. Powered by devolution, the four provincial governments appeared pulling down the country’s fiscal resilience […]

ISLAMABAD: In an emerging development, Pakistan may soon become ineligible for financial assistance from one of the two main arms of the World Bank Group – the International Bank for Reconstruction and Development (IBRD), as the country’s official foreign currency reserves are rapidly getting slimmer. One of the key conditions for qualifying for IBRD loans is […]

The Pakistan Stock Exchange landed in the green on Tuesday as the benchmark KSE-100 index gained 523 points, or 1.14 per cent, by the close of the trading session to reach 46,533 points. The index floated around 46,150 points, up almost 140 points from the opening of the session, for the greater part of the […]

WASHINGTON – The International Monetary Fund (IMF) announced on Wednesday that it will launch a new tool to support governments in financial trouble – but one that involves no money – formalising a step it took last week for Greece. Instead of providing cheap loans to member countries, the new IMF tool will serve as […]

KARACHI: National Bank of Pakistan (NBP) reported after-tax profit of Rs22.8 billion for 2016 on Wednesday, up 18 per cent from a year ago. It translates into earnings per share of Rs10.69 against Rs9.03 of 2015. The board also recommended a cash dividend of Rs7.50 per share for the year, which translates into a payout […]

FAISALABAD: The 69th balloting of prize bonds worth Rs 40000 each will be held at Karachi on March 1. According to a spokesman of the National Savings Faisalabad, first position holder will be awarded a cash prize of Rs 75 million while three prizes of Rs 25 million each have been reserved for second position […]