The consistent devaluation of the rupee is not only causing inflation but is also compelling the central bank to raise interest rates to mitigate the repercussions of uncontrolled depreciation of the local currency, according to bankers who manage exchange rates and imports. The State Bank of Pakistan (SBP) reported that the dollar appreciated by Rs1.40 to reach Rs304.45 in the inter-bank on We
The Pakistan Stock Exchange (PSX) witnessed accelerated selling pressure on Tuesday as the benchmark KSE-100 index registered a loss of over 700 points by the end of the trading session. The market stood at 47,344.53 at 10am and slid to 46,634.48 by 1:40pm, 844.13 points below the closing rate of the previous session. It eventually settled at 46,770.41, 708.20 points or 1.49pc down from yesterd
National Bank of Pakistan reported its profit after tax (PAT) surged by almost 115 per cent to Rs26 billion for the half-year ended on June 30 from Rs12.1bn in the same period last year. The bank posted a profit before tax of Rs47.7bn for the period, about 41pc higher than the same period of last year. With a 18.5pc year-on-year growth in its assets base, the bank achieved Rs6tr milestones i
Caretaker Federal Minister for IT and Telecommunication Dr Umar Saif and Pakistan Telecommunication Authority (PTA) Chairman retired Maj Gen Hafeezur Rehman on Tuesday decided that the 5G services will be launched within 10 months. Dr Umar Saif said that all the hurdles in the launch of 5G services will be removed on a priority basis, adding that issues relating to taxation, teledensity and
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed grave concerns over the ongoing mass protests and said that Pakistani households and businesses are facing mounting power prices. At a press conference, FPCCI President Irfan Iqbal Sheikh quoted Nepra’s latest forecast for power purchase prices for the fiscal year 2023-24 that reveals a substantial financial burden,