Nov 19

Pakistan lifts ban on TikTok

ISLAMABAD: Pakistan has lifted the ban imposed on the services of TikTok, an online social platform, according to a statement issued on Friday. Pakistan Telecommunication Authority (PTA) said that it had restored the services of TikTok on the assurance of the platform to control immoral/indecent content. Subsequent to the imposition of the ban on July […]

by Mrs. Anjum Shahnawaz

Stocks gain 379 points as banks cheer rate increase

Nov 19

Stock & Commodity

Stocks gain 379 points as banks cheer rate increase

KARACHI: The stocks gained 379 points on Friday owing to major trading activity in banking sector on massive rise in interest rate by the central bank. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,489 points as compared with previous day’s closing of 46,110 points. Analysts at Arif Habib Limited said that […]

by Faisal Shahnawaz

Nov 19

Money & Banking

KIBOR rates on November 19, 2021

KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on November 19, 2021. Tenor BID OFFER 1 – Week 7.75 8.25 2 – Week 7.86 8.36 1 – Month 7.98 8.48 3 – Month 8.55 8.80 6 – Month 8.91 9.16 9 – Month 9.24 9.74 1 – Year 9.46 9.96

by Faisal Shahnawaz

State Bank enhances frequency of MP reviews to eight

Nov 19

Money & Banking

State Bank enhances frequency of MP reviews to eight

KARACHI: State Bank of Pakistan (SBP) on Friday decided to increase the frequency of monetary policy reviews to eight in a year instead of the existing six reviews. In continuation of efforts to make the process of monetary policy formulation more predictable and transparent in line with international best practices, the SBP decided to increase […]

by Faisal Shahnawaz

July-Oct current account deficit widens to $5.08 billion

Nov 19

Finance

July-Oct current account deficit widens to $5.08 billion

KARACHI: The current account deficit of the country has widened to $5.08 billion during July – October of fiscal year 2021/2022. According to the balance of payment released by the State Bank of Pakistan (SBP) on Friday the current account deficit during first four months of the current fiscal year widened to $5.08 billion as […]

by Hamza Shahnawaz

SBP increases policy rate by 150 basis points to 8.75%

Nov 19

Money & Banking, Top stories

SBP increases policy rate by 150 basis points to 8.75%

KARACHI: The State Bank of Pakistan (SBP) on Friday decided to increase the key policy rate by 150 basis points to 8.75 per cent for next two months from the existing 7.25 per cent. At today’s meeting, the Monetary Policy Committee (MPC) decided to raise the policy rate by 150 basis points to 8.75 percent. […]

by Faisal Shahnawaz

SPI inflation of essential items climbs up by 18.34%

Nov 19

Finance, National

SPI inflation of essential items climbs up by 18.34%

KARACHI: The inflation based on Sensitive Price Indicator (SPI) has increased by 18.34 per cent for the week ended November 18, 2021 over the same week a year ago, according to data issued by the Pakistan Bureau of Statistics (PBS) issued on Friday. The year on year trend depicts increase of 18.34 per cent, LPG […]

by Mrs. Anjum Shahnawaz

SBP issues customers exchange rates for November 19

Nov 19

Money & Banking

SBP issues customers exchange rates for November 19

KARACHI: The State Bank of Pakistan (SBP) on Friday issued customers’ exchange rates for November 19, 2021. The exchange rate is on the basis of weighted average rates of commercial banks. The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients. The banks provide their indicative exchange rates for commercial transactions with customers. CURRENCY BUYING SELLING AED […]

by Hamza Shahnawaz

Dollar goes up to Rs175.24 at interbank closing

Nov 19

Money & Banking, Top stories

Dollar goes up to Rs175.24 at interbank closing

KARACHI: The dollar is again reached above Rs175 near an all-time high despite efforts made by the central bank to stabilize the local currency, dealers said on Friday. The Pak Rupee (PKR) depreciated by 57 paisas to close at Rs175.24 to the dollar as compared with the previous day’s closing of Rs174.67 in the interbank […]

by Faisal Shahnawaz

IR officers may determine fair price in transactions

Nov 19

Taxation

IR officers may determine fair price in transactions

Section 25AA of the Sales Tax Act, 1990 grants Inland Revenue (IR) officers the authority to determine the fair market value of supplies in transactions between associates.

by Hamza Shahnawaz