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Forex reserves increase by $431 million

KARACHI: The country’s liquid forex reserves posted an increase of $431 million during last week, mainly due to inflows of Extended Fund Facility. According to the State Bank of Pakistan (SBP) weekly forex report, the country’s forex reserves surged to $8.521 billion as on December 27, 2013 compared to $8.09 billion as on December 20, 2013. During the week, the ... Read More »

26th installment under IMF’s SBA repaid

KARACHI: Pakistan has paid the 26th installment to the International Monetary Fund under the Stand-By Arrangement (SBA) facility worth $109 million, as announced by the State Bank of Pakistan. Pakistan has repaid a total amount of $6,361 million to the IMF since July 2011 out of which $5,513 million were paid against SBA. After the current repayment, the remaining amount ... Read More »

Forex reserves decline by $436m

KARACHI: Pakistan’s foreign exchange reserves have declined by $436 million in the last week due to debt payment. According to weekly report issued by the State Bank, the forex reserves decreased to $8.09 billion on December 20, 2013 as compared to $8.526 billion on December 13, 2013. During the week under review, SBP’s liquid forex reserves fell by $275 million ... Read More »

Pakistan receives 2nd tranche under EFF

KARACHI: Pakistan has received the second tranche from International Monetary Fund under Extended Fund Facility. Economic experts have said that these inflows will support the exhausting foreign exchange reserves which have tumbled down to $9 billion. State Bank of Pakistan spokesman has confirmed that Pakistan has received $553.5 million as the 2nd tranche of EFF from the IMF. The tranche ... Read More »

Overseas Pakistanis remit record $14.9b

WASHINGTON: In 2013, Pakistan received a total of $14.9 billion from its nationals working abroad, says a report prepared by a US think-tank, Pew Research Centre. India was the top global recipient of remittances in the year ending this week, followed by China. They also were the top receiving nations among middle-income countries. In 2013, India received an estimated $71bn ... Read More »

Remittances rise to $6.4b during current FY

Islamabad: Overseas Pakistani workers have remitted $6.407 billion from July to November this year. It is accounted as a growth of 7.1 per cent as compared to $5.982 billion received during the corresponding period last year. Most of the inflow of remittances in the current fiscal year came from Saudi Arabia, UAE, USA, UK, and EU countries. Read More »

Govt redoubles efforts to increase foreign exchange reserves: Dar

ISLAMABAD: Senator Mohammad Ishaq Dar Federal Minister for Finance met the heads of Commercial Banks at the Ministry of Finance and exchanged views on the current economic, monetary and fiscal situation of Pakistan. In his opening remarks, the Finance Minister said that the Government has constituted a steering committee which will submit its recommendations for promotion of Islamic Banking in ... Read More »

SBP’s forex reserves down to $3b; lowest in 12 years

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have declined to $3 billion, which is the lowest level since 2001. According to data released by the central bank, foreign exchange reserves have reduced by $558 million to $8.238 billion, while the foreign exchange reserves held by the central bank shrank by $417 million to $3.046 billion during ... Read More »

KSE close higher; rupee steady

KARACHI: Pakistan’s main stock exchange closed higher on Thursday, with the benchmark 100 share index of the Karachi Stock Exchange rising 1.45 percent, or 355.31 points, to 24,800.69. Led by institutional buying helped market gain 355 points, thus enabling it to close at yet another high of 24,801 level. The Fauji Cement Ltd rose 4.55 percent to 14.03 rupees while ... Read More »

KSE end lower; rupee strengthens

KARACHI: Pakistan’s main stock exchange closed lower on Wednesday, with the benchmark 100 share index of the Karachi Stock Exchange felling 0.58 percent, or 143.09 points, to 24,445.38. Some profit taking was seen at the bourse as a result of which the benchmark index closed at the level of 24,445, down 143 points. Despite slightly negative news flow, positivity was ... Read More »

FBR to establish kiosks at airports to stop smuggling of foreign currency

KARACHI: Federal Board of Revenue (FBR) is planning to establish kiosks at all the major airports of the country to verify the source of income of the travelers and to avert smuggling of foreign currency. Sources said that Customs department had previously proposed to SBP to cut foreign currency cap from $10,000 to $3,000 along with imposition of ban on ... Read More »

Dar vows to bring down dollar rate to Rs98

ISLAMABAD: Federal Minister for Finance Ishaq Dar has said that the increasing price of dollar against rupee will be brought back to 98 rupees. He said that the industrial expansion and investment is the need of hour. He said the income support levy has now become part of the budget and this is not a tax as it will be ... Read More »

Pakistan’s foreign currency reserves at lowest ebb

ISLAMABAD: Pakistan’s official foreign currency reserves have decreased to lowest ebb by touching $2.9 billion and putting pressure on exchange rate and causing price hike on imported items. This peculiar situation is moving rapidly towards the worst scenario as exchange companies have threatened to go on strike for indefinite period if the central bank remained unable to provide them foreign ... Read More »

Reduce forex cap to $3,000 for travellers: Customs suggests SBP

KARACHI: Pakistan Customs has urged the State Bank of Pakistan to change the regulations on taking out foreign currency abroad by an individual and has suggested the SBP to reduce it to $3,000 from $10,000 or cap an amount of $25,000 per annum to a person. According to Collector Model Customs Collectorate (MCC) Preventive S M Tariq Huda, the passengers, ... Read More »

Despite improved FDI, SBP shows dismal figures

LAHORE: The foreign exchange holdings of the State Bank of Pakistan have fallen by $379m to reach $3.845 billion after paying off $146m to International Monetary Fund (IMF). Furthermore, SBP governor Yaseen Anwar has disclosed a large scale smuggling of dollars through major airports of the country. The Foreign Direct Investment (FDI) improved by $283m in the current fiscal year. ... Read More »

Pakistan’s liquid foreign reserves stood at over $9b

LAHORE: The total liquid foreign reserves held by the country stood at $ 9,077.7 million on November 8.  Giving break-up of the foreign reserves position, a statement of the State Bank of Pakistan said that the foreign reserves held by the State Bank of Pakistan stood at $ 3,845.4 million while the net foreign reserves held by banks (other than SBP) stood at $  5,232.3 ... Read More »

IMF cautions Pakistan on foreign exchange reserves

ISLAMABAD: Pakistan and the IMF on Friday successfully completed first review under $6.67 billion Extended Fund Facility (EFF) program and now the Fund’s Executive Board will consider release of second tranche $547 million by third week of December. Addressing a joint press conference after completing review talks, Finance Minister Ishaq Dar and the visiting IMF’s mission chief Jeffry Franks said ... Read More »

Declining forex reserves: Closing the trade gap the only answer

There is a growing gap between exports and imports, putting an unbearable pressure on the balance of payments. Of the myriad challenges facing the national economy, the most formidable is its vulnerable external position. The widening trade gap, steadily falling financial inflows and debt repayments have led to a marked drawdown of the forex reserves. According to the data released ... Read More »

Liquid foreign reserves stand at $9,497.2m

LAHORE: The total liquid foreign reserves held by the country stand at $9,497.2 million, State Bank of Pakistan (SBP) has said. The break-up of the foreign reserves position is as under: Foreign reserves held by the SBP:                                             $ 4,229.4 million Net foreign reserves held by banks (other than SBP):         $ 5,197.8 million Total liquid foreign reserves:                                                      $ 9,497.2 million Read More »

Fall in rupee value to help boost revenues

KARACHI: Despite low revenue collection in the first quarter, the tax managers have expressed the hope of achieving the target of Rs2.475 billion on the back of rupee depreciation and high inflation. The Federal Board of Revenue (FBR) has collected Rs481 billion in the first three months of the current fiscal year, which is around 19 percent of the target ... Read More »