SBP cut to interest rate 200 bps to at 17.50pc
Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 17.5 percent, effective from September 13, 2024. Both headline and core inflation fell sharply over the past two months. The pace of this disinflation has some what exceeded the Committee’s earlier expectations, mainly due to the delay in the implementation of planned increases in administered energy prices and favorable movement in global oil and food prices.
Adil Aziz
Huawei launches new Mate XT tri-fold smartphone
China’s Huawei Technologies unveiled a US$2,800 tri-foldable phone as it seeks to extend its lead in the world’s biggest smartphone market and steal the spotlight from Apple hours after it debuted a new iPhone.
VISA aims for 10-fold rise in Pakistani use of digital payments
VISA plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.
Aurangzeb terms agriculture, IT as mainstay of economy
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said that agriculture and information technology (IT) were the backbone of country’s economy and the real levers of economic growth.
Mastercard and UPaisa launch a new debit card to transform the Pakistan payments landscape
Mastercard and UPaisa – a digital and financial app by U Microfinance Bank and Ufone 4G – have launched a new physical and virtual debit card, advancing the digital payments landscape in Pakistan. Consumers can now benefit from a hassle free and secure way to shop online with over 7,500 online merchants in Pakistan and wherever Mastercard is accepted globally.
SI Global Signs Partnership with Global Tech Company ProDevice
SI Global Solutions, has signed a strategic agreement with the global tech firm, ProDevice, to become its exclusive partner in Pakistan. This partnership was formalized during a recent signing ceremony in Poland, where CEO of SI Global, Dr. Noman Said, and CEO of ProDevice Global, Tomasz Filipów, signed the partnership agreement.
KCCI wants substantial reduction of 500 basis point in policy rate
Chairman Businessmen Group Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI)Iftikhar Ahmed Sheikh have advised the State Bank of Pakistan (SBP) to announce a substantial reduction in interest rate by at least 500 basis points to bring the existing interest rate down to 14.5 percent from the existing 19.5 percent in the next monetary policy statement as the inflation continues to descend to reach 9.6 percent in August whereas the Moody’s recently upgraded local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3.
Aurangzeb discusses investment opportunities with foreign investors
Finance Minister Senator Muhammad Aurangzeb held a meeting with a delegation of international investors, led by Chief Executive Officer (CEO) J.P. Morgan Pakistan, Amin Mohammad Khowaja, to explore fixed income investment opportunities in country’s economy.
BISP, JazzCash team up for digital empowerment of its beneficiaries
Benazir Income Support Programme (BISP) will collaborate with JazzCash for digital empowerment of its beneficiaries.
LUMS Welcomes Students at Orientation 2024
LUMS welcomed an exceptional cohort of over 1,200 students from across the country. This year’s Orientation programme offered a blend of innovative activities and engaging events, designed to inspire, connect, and prepare students for the rigorous and transformative journey ahead.