Pakistan’s foreign exchange reserves held by the central bank rose by $66 million to $3.258 billion in the week ending February 17, the State Bank of Pakistan (SBP) said on Thursday. The SBP said total liquid foreign reserves stood at $8.726 billion. Pakistan, which is a $350bn economy, is facing economic turmoil, with a balance of payment crisis and only enough foreign exchange reserves to
An interest rate hike of around 200 basis points by the State Bank of Pakistan (SBP) is highly likely, financial market experts say, after the recent treasury bill auction rates saw a similar increase. While the unexpected rate jump in the government auction to raise domestic debt surprised the trade and industry, the investors in the treasury bills found the situation suitable due to over 27 p
Stocks extended their overnight gains on Wednesday as the benchmark index of representative shares traded on the higher side throughout the session. Arif Habib Ltd said the upswing was because of the expected signing of a staff-level agreement between the government and the International Monetary Fund (IMF) for the ninth tranche of the $7 billion Extended Fund Facility. Volumes increas
Soon after the completion of all prior conditions set by the International Monetary Fund for the revival of the $7bn bailout programme, Finance Minister announced that the Board of China Development Bank (CDB) on Wednesday approved a $700 million credit facility for Pakistan hoping inflows from other multilateral lenders and friendly countries. Mr Dar said the amount expected to be received thi
United Bank Ltd said on Wednesday its consolidated profit for October-December remained Rs13.3 billion, up 52 per cent from a year ago. The bank also announced a cash dividend of Rs9 per share, taking the full-year dividend to Rs22 per share. Its annual income increased 5pc in 2022 to Rs32bn. The bank’s net interest income for 2022 clocked in at Rs257.8bn, up 69pc year-on-year. “The i