Pakistan

IN THE local currency market, the rupee continued to show divergent trends against the dollar and euro last week. Analysts say there is pressure on the rupee. Over the past seven months, both exports and workers’ remittances have reportedly declined and some analysts foresee 4pc devaluation against the dollar in the months ahead. In 2016 […]

KARACHI: The US dollar crossed the 106 mark against the rupee in the open market on Tuesday after a gap of two months, market sources said. “The dollar traded as high as Rs106.20 during the day,” said Zafar Paracha, secretary general of the Exchange Companies Association of Pakistan. Earlier, the greenback surpassed Rs106 on May […]

Banks in Asia need to raise $400bn to $600bn in additional capital by 2020 to cover losses from non-performing loans while maintaining capital adequacy ratios, a leading consultancy firm estimates. Slowing global growth, the emergence of innovative finance start-ups and an increasing volume of bad loans are combining to create a ‘powerful storm’ for the […]

THE rupee moved both ways with minor changes against the dollar in the local currency market last week. A little pick-up in dollar demand to cover imports and corporate payments amid a firm opening of domestic equities exerted downward pressure on the rupee. However, the suspected SBP intervention through state-owned banks also kept it cheery […]

DIVERGENT trend was witnessed in the local currency market last week as politics overshadowed the trading activities where the dollar displayed strength against the rupee amid mounting month-end dollar demand owing to buying pressure for import and corporate payments. Commencing the week on a negative note, the rupee traded in minus against the dollar in […]

THE rupee traded under slight pressure against the dollar in the local currency market following renewed dollar demand from importers last week. Leading currency dealers, however, kept to the sidelines amid lacklustre activities. Comfortable dollar supplies restricted the sharp decline in the rupee. So far in March, the parity on the interbank market hovered in […]

ENGAGED more actively in the fight against money laundering and terror financing while disciplining forex markets for durable economic benefits, the State Bank of Pakistan is further tightening checks on forex transactions of banks and exchange companies. And, this is being done under a coordinated national programme in collaboration with institutions as Federal Board of […]

KARACHI: Meezan Bank posted earnings of Rs5 billion for 2015, up 9.9% from the profit of Rs4.5 billion in the preceding year. With the earnings per share of Rs5.01, Meezan Bank also announced through a stock notice on Monday a cash dividend of Rs1.25 per share that is in addition to the interim dividend already paid […]

LAHORE: Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President Shah Faisal Afridi stressed on the benefits of the currency swap agreements (CSA) and said that the governments of Pakistan and China should aim to educate traders. He said this while welcoming a six-member Chinese delegation led by Zhangjiakou Shengyuon Leather Chemicals General Manager Zhu Ming […]

KARACHI: Outstanding deposits in the banking system amounted to Rs9.2 trillion at the end of January, up 10.8% from the end of the first month of 2015. According to data released by the State Bank of Pakistan (SBP), the year-on-year increase of almost Rs900 billion in total deposits was largely fuelled by the surge in personal […]

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