Tag: SBP
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Rise in Interest Rate Disastrous: EFP
KARACHI: President, Employers’ Federation Pakistan (EFP), Ismail Suttar, was completely bemused by the central bank’s actions towards the recent inflation rates. According to the details, he affirmed that the State Bank’s action to run riot in increasing the level of already augmented interest rates to all high 8.75% proves that there is an absolute uncertainty…
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PKR reaches new low, drops to 175.73 against USD
The Pakistani rupee (PKR) dropped to a record-breaking low of rupees 175.73 against the United States’ dollar (USD) in the bank market on Friday. The local currency devalued around PKR 1.54 against the greenback before it settled. In total, the value has lost 5.76 rupees during most recent seven days. Interbank closing #ExchangeRate for today:https://t.co/GvctANz3jH…
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Dialogue between Farogh Naseem and IMF mission chief ends inconclusively
Law minister, IMF mission chief hold second round of talks for $6b EFF revival
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NBP Bank: FIA officials find no evidence of hacking
National Bank Pakistan (NBP) was reportedly hacked into, however, Federal Investigation Agency (FIA) officials say they have found no evidence of customer data being hacked during a cyber attack. NBP’s services across the country were suspended after a cyber attack yesterday. National Bank President Arif Usmani had said in a statement: “Hackers had attacked last…
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Cryptocurrency takes over National Assembly
Cryptocurrency was raised in the National Assembly (NA) by Muttahida Qaumi Movement (MQM) Pakistan’s Member Punjab Assembly (MPA), Osama Qadri. Sources have revealed, the National Assembly session was chaired by Deputy Speaker Qasim Suri, in which an MQM member presented a notice drawing attention to the cryptocurrency. Osama Qadri said: “Cryptocurrency needs to be regulated…
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SBP takes steps to put an end to US Dollar Smuggling
The State Bank of Pakistan (SBP) has taken an important decision to curb the rapidly declining foreign exchange reserves and the depreciation of the rupee. According to media reports, the SBP has imposed a major ban on the remittance of dollars from Pakistan to stop the smuggling of the foreign currency to Afghanistan. According to…
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SBP announces New Regulations on Car Finance
Islamabad: The State Bank of Pakistan (SBP), in its recent notification, has announced a new policy for consumers and banks regarding car financing matters. According to the details, the SBP has taken important decisions regarding the bank loan policy for consumers regarding car finance. In the notification, the maximum period of personal loan repayment has been…
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State Bank of Pakistan (SBP) raises interest rates by 0.25%
The State Bank of Pakistan (SBP) has announced a monetary policy for the next two months under which the interest rate has been fixed at 7.25 per cent after an increase of 0.25 per cent. According to reports and findings, the Monetary Policy Committee (MPC) sat for a meeting under the chairmanship of Governor SBP,…
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SBP raises policy rate by 25 basis points to 7.25 pc
Lahore: At its meeting on 20th September 2021, the Monetary Policy Committee (MPC) decided to raise the policy rate by 25 basis points to 7.25 percent. Since its last meeting in July, the MPC noted that the pace of the economic recovery has exceeded expectations. This robust recovery in domestic demand, coupled with higher…
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SBP urged to arrest dollar flight
Lahore: Hasty fall of rupee against USD will dent the economic cycle of the country besides scaring of the foreign investors. State Bank of Pakistan should immediately intervene into the matter and control this dilemma. In a statement, President of the Lahore Chamber of Commerce & Industry Mian Tariq Misbah said that the devaluation…