Once again the dollar breached the Rs300-barrier in the open market on Wednesday, widening the exchange rate differential to over Rs14 compared to the interbank market. Currency dealers said the shortage of dollars was the main reason for the price hike, however, other factors also influenced the exchange rate in the open market. The dollar was traded as high as Rs301 in the open market whil
The Securities and Exchange Commission of Pakistan (SECP) is formulating laws to convert all non-banking financial services, including the capital market, insurance sector, leasing and savings funds, to Sharia-compliant mode. However, a weak understanding of tax authorities and banking channels is one of the key impediments in this regard to meeting the Federal Shariat Court’s directive of conv
Pakistan’s exports to the Middle East shrank 14.18 per cent year-on-year to $1.912 billion in the first 10 months of FY23, mainly driven by a substantial decline in exports to the United Arab Emirates. The exports to the region saw a mixed trend with an increase to Saudi Arabia, while a decline to other countries of the region, data compiled by the State Bank of Pakistan showed on Thursday.
The external debt repayments further slashed the foreign exchange reserves of the State Bank of Pakistan (SBP) by $72 million to $4.31 billion during the week ending on May 12, announced the central bank on Thursday. While the fear of default is haunting the country, the declining remittances and FDI inflows put the SBP’s reserves in a weaker position. Miftah Ismail, the former finance mini
The State Bank has warned banks that they would be held responsible for lost account holder funds if they failed to take preventive measures to combat social engineering and other digital banking frauds on time. “Banks are required to compensate the customers due to delay on their part in taking timely remedial and control measures such as delay in blocking digital channels, delay in raising di