State Bank of Pakistan (SBP) Governor Jameel Ahmad unveiled on Tuesday a commemorative banknote of Rs75 to mark the 75 years of the central bank’s founding. The banknote is predominantly blue, which has been chosen to impart a sense of stability associated with a central bank. A distinctive feature of this new banknote is the inclusion of a stylised sketch of the SBP building by renowned callig
The subscription for Pakistan’s first gender bond, which will help a microfinance provider raise Rs2.5 billion for onward lending, will be complete in the next “four to six weeks”. Speaking to a group of reporters on Tuesday, InfraZamin Pakistan CEO Maheen Rahman said the privately placed bond will subsequently be listed on the Pakistan Stock Exchange within 180 days. InfraZamin, which is a
The executive board of the International Monetary Fund (IMF) will meet on July 12 to review, and possibly endorse, a $3 billion Standby Arrangement (SBA) for Pakistan, finalised last week. Pakistan expects the board also to release the first tranche of $1.1bn as part of the loan programme. The initial disbursement is contingent upon board approval. Pakistan was absent from an earlier schedul
The Pakistani rupee gained over Rs10 against the US dollar in the interbank market on Tuesday, in the first trading session after the country secured last-minute funding from the International Monetary Fund (IMF). According to the State Bank of Pakistan (SBP), the local currency closed at Rs275.44 per dollar, up 3.83 per cent. The rupee stood closed at 285.99 against the dollar on June 27. M
The stock market witnessed the highest single-day gain on Monday with the benchmark KSE-100 index rising more than 2,400 points following the agreement with the International Monetary Fund (IMF). The index was up 2,414 points at 43,867 at 11:30 am. It closed at 43,899 points, up 2,446.32 points from Friday’s close of 41,452.68. “Historic day-on-day gain witnessed at PSX today with KSE-100 in