The rupee continued to recover in the interbank market on Monday, closing at Rs277.92 per dollar, data shared by the State Bank of Pakistan showed. This equates to an appreciation of 54 paise, or 0.19 per cent, from Friday’s close of Rs278.46 a dollar. Tresmark’s Head of Strategy Komal Mansoor said the rupee appreciated on market expectations that a staff-level agreement (SLA) would be signe
Pakistan will be required to give an assurance that its balance of payments deficit is fully financed for the remaining period of an International Monetary Fund (IMF) programme, the lender’s resident representative said. The external financing is one of the last in a string of prior actions the lender wants Islamabad to complete before it clears funding stalled since late last year, Esther Pere
The Sindh High Court on Monday restrained the JS Group from acquiring majority shares of BankIslami till next hearing. A single-judge bench headed by Justice Mohammad Shafi Siddiqui also issued notices to JS Bank, Jahangir Siddiqui & Company Ltd, State Bank of Pakistan, BankIslami and other defendants for a date to be fixed in two weeks. The AKD Investment Management Ltd along with three ind
Ghandhara Nissan Ltd (GNL), the assembler of Dongfeng and JAC vehicles, on Monday announced production suspension from March 6-10 due to a shortage of parts. In a stock filing, the company also informed that from March 13 it would start production activities on an alternative weekly basis until further notice. The company said its vendors continued to face major hurdles in the import of raw
Following Pakistan’s exit from the Financial Action Task Force’s (FATF) grey list, a global body of banking supervisory authorities has acknowledged the progress made by the country in the overall regulation of the financial affairs slightly lowering the risk score of the country. However, experts believe that the recently-released Basel AML [anti-money laundering] Index briefing on Pakistan wo