The State Bank has removed the Minimum Deposit Rate (MDR) requirement for all conventional banks on deposits from financial institutions, public sector enterprises and public limited companies. The State Bank issued two circulars on Tuesday for conventional banks and Islamic banking institutions (IBIs). The circulars carried several instructions specific to the IBIs. The MDR is a regulatory
Amid a record stock market rally, receding food inflation, low current account deficit and improving foreign investment, trade and industry leaders have expressed concerns that the rising political uncertainty, deteriorating security situation and high cost of doing business are forcing local industrialists to switch over their businesses to foreign countries. They urged the government and the
The State Bank of Pakistan’s (SBP) foreign exchange reserves rose further by $131 million to $11.418 billion during the week ended on Nov 22, announced the central bank on Thursday. With the beginning of FY25, the SBP reserves have been increasing each month reflecting both the inflows and dollar buying by the central bank from the currency market. The details showed that the SBP’s reserves
The city managers on Thursday decided to involve Pakistan’s missions abroad and embassies to attract investors for the auction of plots for two five-star hotels next month. A meeting, which was chaired by CDA Chief Muhammad Ali Randhawa, decided to approach the federal government to engage Pakistani missions and embassies to attract investors to make the auction of two five-star hotel plots suc
Opec+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025, Opec+ sources told Reuters on Thursday, and will hold further talks on this and other options ahead of its delayed policy meeting on Dec 5. Issues that need to be addressed include an output hike for the UAE agreed in June this year that’s scheduled to start in January 2025, two of the sour