The central bank said in a statement it had set an interest rate of 0.25 percent — up from around zero to 0.1 percent — having ditched its maverick negative rate policy aimed at boosting economic growth in March. Its decision, announced after a two-day policy meeting, caused the yen to surge briefly before weakening […]
The Indian rupee closed at 83.7275 against the U.S. dollar, unchanged from its close on Friday, after hitting an all-time low of 83.74 earlier in the session. Factors such as outflows from local equities, volatility in the Chinese yuan, and tepid risk appetite have contributed to weakness in the rupee in recent sessions. The currency […]
According to sources, the government of Pakistan has expedited the process of privatizing First Women Bank, and the UAE government has shown interest in the privatization of the bank, sources added. Sources said that efforts have been made for a government-to-government privatization plan for First Women Bank since February 2024. The privatization of First Women […]
According to the State Bank of Pakistan (SBP), the PKR witnessed a Rs 0.12 depreciation against the US Dollar in the interbank trading and closed at Rs 278.38 against the previous day’s closing at Rs 278.50. Pakistan’s foreign exchange reserves stand at US$ 13,427.6m SBP Earlier in the day, Pakistan’s total debt reached a record […]
Brent crude oil futures rose 40 cents, or 0.5%, to $85.41 a barrel by 0406 GMT. U.S. West Texas Intermediate crude futures gained 43 cents, or 0.5%, to $81.26 per barrel. “It seems the market is shrugging off demand concerns for now, anticipating inventory drawdowns in peak third quarter demand season. Official Energy Information Administration […]
In a significant stride towards fostering innovation and entrepreneurship in Pakistan, the National Science & Technology Park (NSTP) at NUST and U Microfinance Bank (U Bank) have reached an understanding to collaborate for NSTP’s flagship programs, including Hatch8 Incubation Programme and Rising Stars Startup Competition. Engr Javed Mahmood Bukhari, Rector NUST, and Mohamed Essa Al […]
Pakistan Banks’ Association (PBA) is pleased to announce that Mr Zafar Masud, President & CEO of the Bank of Punjab (BOP), has been elected as the new Chairman of the Association. This change is after Mr Muhammad Aurangzeb, the sitting PBA Chairman, assumed the role of Federal Minister of Finance and Revenue for Pakistan earlier […]
The news came as Germany’s biggest bank, seeking to put years of turmoil behind it and focus on steadier retail banking, reported a 30% drop in fourth-quarter profit that still beat analyst expectations. The bank had already announced plans to cut jobs, but this was the first time it had put a number on the […]
The foreign exchange reserves held by the central bank rose 0.45% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 23, the foreign currency reserves held by the SBP were recorded at $12,121.5 million; up $55 million compared with $12,066.6 million in the previous week. […]
