Sep 6

KCCI warns of mass unemployment, business closure on new mini budget

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has warned the government of mass unemployment and closure of business as a result of any move to introduce mini budget or imposing additional taxes to bridge the fiscal deficit. In a statement on Friday, Acting President of KCCI Khurram Shahzad, while referring to various rumors and […]

by Mrs. Anjum Shahnawaz

Stock market gains 252 points on rate cut hopes

Sep 6

Stock & Commodity

Stock market gains 252 points on rate cut hopes

KARACHI: The stock market gained 252 points on Friday owing to hopes of interest rate cut on the basis of latest inflation numbers. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,467 points as against 30,215 points showing an increase of 252 points. Analysts at Arif Habib Limited said that it was […]

by Mrs. Anjum Shahnawaz

Rupee appreciates by three paisas despite higher dollar demand

Sep 6

Money & Banking

Rupee appreciates by three paisas despite higher dollar demand

KARACHI: The Pak Rupee appreciated by three paisas against dollar on Friday despite higher demand for import payments during upcoming holidays. The rupee ended at Rs156.35 to the dollar from previous day’s closing of Rs156.38 in interbank foreign exchange market. The foreign currency market was initiated in the range of Rs156.80 and Rs156.90. The market […]

by Mrs. Anjum Shahnawaz

SBP imposes Rs805 million penalty on 10 banks for violating AML, due diligence, forex regulations

Sep 6

Money & Banking

SBP imposes Rs805 million penalty on 10 banks for violating AML, due diligence, forex regulations

KARACHI: State Bank of Pakistan (SBP) has imposed penalty amounting Rs805.1 million on 10 banks for violating anti-money laundering, due diligence of customers and foreign exchange regulations during the month of August 2019. The central bank issued details on Friday about action taken by the SBP against banks in order to plug loopholes in the […]

by Mrs. Anjum Shahnawaz

Prime minister directs FBR to monitor officials during market visits

Sep 6

Taxation

Prime minister directs FBR to monitor officials during market visits

ISLAMABAD: Prime Minister Imran Khan on Thursday directed Federal Board of Revenue (FBR) to monitor its officials during their visit to different markets. Chairing a briefing on the performance and reforms in the FBR, the prime minister directed the revenue body to ensure the on-spot-recording of all of their officials interactions during visits to different […]

by Mrs. Anjum Shahnawaz

Increasing Credit Risk: monetary tightening may dent borrowers repayment capacity

Sep 6

Money & Banking

Increasing Credit Risk: monetary tightening may dent borrowers repayment capacity

KARACHI: The monetary tightening stance of the State Bank of Pakistan (SBP) may dent repayment capacity of borrowers and may increase the credit risk. The SBP admitted in its Financial Stability Review (FSR) 2018 released on Thursday. The central bank said that the banking outlook depends a lot on the future economic prospects and the […]

by Mrs. Anjum Shahnawaz

Sep 5

Money & Banking

Bank holiday

KARACHI: State Bank of Pakistan (SBP) on Thursday announced bank holiday on account of Ashura on Muharram 9 and 10. The SBP will remain closed on 9th and 10th September, 2019 (Monday and Tuesday) being 9th & 10th Moharram-ul-Haram, 1441 A.H. on the occasion of Ashura. The SBP also announced to celebrate Defence Day and […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves flat at $15.619 billion

Sep 5

Finance

Foreign exchange reserves flat at $15.619 billion

KARACHI – The State Bank of Pakistan (SBP) reported a marginal shift in the country’s liquid foreign exchange reserves, indicating stability in the economic landscape.

by Mrs. Anjum Shahnawaz

Sep 5

Stock & Commodity

Stock market ends flat on mixed trading

KARACHI: The stock market ended flat on Thursday in a mixed trading session. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,215 points as against 30,244 points showing a decline of 30 points. Analysts at Arif Habib Limited expressed the market started as a sign of recovery turned out to be a […]

by Mrs. Anjum Shahnawaz

Sep 5

Money & Banking

Rupee ends down on coming holidays

KARACHI: The Pak Rupee ended down by 15 paisas against dollar on Thursday owing to higher demand due to upcoming long holidays including weekly and on account of Ashura e Muharram. The rupee ended Rs156.38 to the dollar from previous day’s closing of Rs156.23 in interbank foreign exchange market. Currency experts said that weekly holidays […]

by Mrs. Anjum Shahnawaz