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PIAF wants probe into rupee depreciation

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has demanded a high-level probe into devaluation of rupee. PIAF Chairman Malik Tahir Javaid in a statement said the business community appreciated the SBP Governor’s timely intervention that helped stop rise in the prices of greenback but at the same time demanded the State Bank to identify the reasons and share the ... Read More »

Business community concerned over rupee depreciation

LAHORE: Business community has expressed concern over the continuing fall in value of rupee against the US dollar as this posed a serious threat to the economy. In a press statement issued here, PHMA Chairman Sardar Usman Ghani, said that the country is already facing multiple internal and external challenges and the rupee devaluation is further aggravating the economic situation. ... Read More »

Pakistan to borrow $625m from consortium of banks to halt rupee slide

ISLAMABAD: Pakistan will borrow $625 million from a consortium of seven local and foreign banks to boost reserves and stem a slide in the rupee currency, a senior Finance Ministry official said on Tuesday. “Talks with the banks have been taking place for the past few months. Initially they were offering a loan with a 7.77 interest rate, but it ... Read More »

Rupee will get stable soon, claims SBP governor

LAHORE: Consistent depreciation in value of rupees against dollar is not because of the IMF but it is driven by market sentiment and rupees will get stable soon. State Bank of Pakistan (SBP) Governor Yaseen Anwar claimed this while delivering a speech on ‘Strengthening Institutional Ties for Increasing SME’s Access to Finance’ at the 7th Pakistan SME Conference 2013. He ... Read More »

Liquid foreign reserves cross $10b

LAHORE: The total liquid foreign reserves held by the country stood at $ 10,374.5 million on September 13, 2013. Giving the break-up of the foreign reserves position, a statement of the State Bank of Pakistan (SBP) issued on Thursday said that foreign reserves held by the State Bank of Pakistan stood at $  5,118.3 million while net foreign reserves held ... Read More »

Remittances up by 7pc

LAHORE: Overseas Pakistanis remitted $2637.27 million in first two months (July & August) of the current fiscal year. It shows a growth of 7.05 percent as compared to $2463.69 million received during the same period of last fiscal year, said a statement by State Bank of Pakistan. The inflow of remittances in July-August from Saudi Arabia, UAE, USA, UK, GCC ... Read More »

SBP raises discount rate up to 9.5pc

LAHORE: State Bank of Pakistan has increased the discount rate by 50 basis points for two months. Addressing a press conference on Friday afternoon, Governor State Bank of Pakistan Yaseen Anwar said the discount rate is being raised to 9.5 percent, from earlier rate of 9 percent. Increase of 50 basis points in the discount rate would lead to a ... Read More »

Forex reserves slip below $10b

LAHORE: Foreign exchange reserves of Pakistan have dropped below $10 billion to $ 9,998.3 million. Foreign exchange reserves held by the State Bank of Pakistan fell to $4,822.9 million while net foreign reserves held by banks stood at $5,175.4 million. The IMF has approved $6.64 billion bailout package for Pakistan for three years that would strengthen the reserves. The Fund ... Read More »

Expected hike in discount rate to attract high yields in T-Bills

LAHORE: State Bank of Pakistan (SBP) is likely to hike discount rate in the coming policy announcement due on next week for next two months as it has been showed by rising inflation trend in the country which may benefit high realised amount of T-Bills in the subsequent auction. Market participants are expecting higher cut-off yields in T-bill auction as ... Read More »

Rupee at record low against dollar

The dollar traded higher on the interbank market than the open market in three trading sessions last week, but the rupee fell below Rs104-mark against the dollar in the interbank market. The rupee started the week with a three-paisa decline against the dollar on the buying counter and another four-paisa loss on the selling counter, pushing the US dollar up ... Read More »

Rupee slides slightly against dollar

  LAHORE: The traders and finance experts were expecting that with the setting up of new government, local currency rupee slide down trend would not only stop but after taking bold steps by incumbent government for the revival of country’s economy, rupee would be strengthened but all hopes have, so far, been faded since rupee is melting down further with ... Read More »

Overseas Pakistanis to send record level of remittances this year: Dar

ISLAMABAD: Pakistan is likely to get a record level of remittances from the overseas Pakistan, about $16 billion during current fiscal year. Federal Finance Minister Ishaq Dar said on Saturday that during fiscal year 2013-14 a record amount of remittances is expected. “We have been taking measures to improve the economy of the country,” he said in a statement linking ... Read More »

Rupee hits another all-time low vs dollar

KARACHI: The repayment of International Monetary Fund’s (IMF) Stand-by Arrangement of $145.10 million loan has put pressure on the local currency against the dollar as the local currency hit a record-low level of Rs 102.90 for buying in the interbank market on Friday. The currency dealers said in open market the local currency changed hands at Rs 103.35 for buying ... Read More »

Overseas Pakistanis remit $1.4b in July

LAHORE: Overseas Pakistanis remitted an amount of $1,404.39 million in July 2013 of the current fiscal year (FY13-14), showing an impressive growth of 16.57 percent or $199.68 million as compared with $1,204.71 million received during the same month of the last fiscal year (FY12-13). Remittances received from most of the countries showed growth. The inflow of remittances during July 2013 ... Read More »

Customs more vigilant to stop flight of foreign currency

KARACHI: After imposition of ban on import of gold by the government, the Customs officials and other agencies have become more active to keep strict vigilance on illegal import of gold and foreign currency from airports and other border check posts, in the backlash of dramatic fall of Pak rupee against dollar in the local money market. It is pertinent ... Read More »

Overseas Pakistanis send $13.9b remittances in FY 2012-13

LAHORE: Overseas Pakistanis sent home a record $13.920 billion in the previous fiscal year (July 2012-June 2013), showing a growth of $733.64 million as compared with $13.187 billion a year earlier. Remittances from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $4.105 billion, $2.750 billion, $2.186 billion, ... Read More »

Pakistan’s forex reserves reach $10.224b

Lahore: The total liquid foreign reserves held by the country stood at $ 10,224.6 million on July 26, 2013, the State Bank of Pakistan reported on Thursday. According to details, foreign reserves held by the State Bank of Pakistan stood at $5,170.8 million whereas the net foreign reserves held by other banks recorded at $5,053.8 million. Read More »

Pakistan receives $13.92b remittances in FY12-13

Staff Reporter LAHORE: Overseas Pakistanis remitted an amount of US $13,920.26 million during the last fiscal year (July 2012-June 2013), showing a growth of 5.56 percent or $733.64 million more as compared with $13,186.62 million received during the same period of the last fiscal year. According to the State Bank of Pakistan, the inflow of remittances during July 2012-June 2013 ... Read More »

Rupee remains stable after new govt set-up

SYED MOHAMMAD TAHIR LAHORE: Though local currency rupee stabilised its value last week but the cruel fact is that newly-elected government of Pakistan Muslim League (PML-N) remained failed to provide cushion to strong it. Earlier, it is expected that rupee might become strong enough on the back of new government set-up with clear majority for Nawaz Sharif in parliament and ... Read More »

Pakistan’s money in Swiss banks higher than India

CUSTOMS TODAY REPORT ZURICH: When it comes to money in Swiss banks, Pakistan has a slight edge over India with total funds amounting to 1,441 million Swiss francs (about Rs 9,200 crore) held there by Pakistani individuals and entities.  However, this was the lowest level for such funds ever since Switzerland’s central bank began compiling this data in 2002 and ... Read More »