Rupee weakens by Rs 3.43 against US Dollar
Pakistani rupee on Wednesday (August 16) witnessed a Rs 3.43 devaluation against the US dollar in the Interbank trading; closing at Rs 294.93 against the previous day’s closing of Rs 291.50. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs…
Adil Aziz
Rupee extends losses against dollar
Exchange rate of Pakistan rupee weakened by Rs 3.01 against the United States dollar in the Interbank trading on Tuesday (August 15) and closed at Rs 291.50 against the previous day’s closing of Rs 288.49. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market…
SBP Governor lauds Quaid’s role in establishment of State Bank
The Governor of State Bank of Pakistan (SBP) Jameel Ahmad while addressing the flag hoisting ceremony to mark the 76th Independence Day at State Bank of Pakistan (SBP), paid rich tributes to Quaid-e-Azam Muhammad Ali Jinnah and his companions, who despite adversities, led the freedom struggle and won an independent state for Muslims of the…
Rupee sheds 90 paisa against US Dollar
Pakistani Rupee on Friday witnessed a 90-paisa devaluation against the US dollar in the interbank trading as it closed at Rs 288.49 against the previous day’s closing of Rs 287.59. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market stood at Rs 294.5 and…
SBP to issue Rs 100 coin to commemorate 10 years of CPEC
To mark the 10th anniversary of the China-Pakistan Economic Corridor (CPEC), the State Bank of Pakistan (SBP) to issue Rs 100 commemorative coin on Friday. The coin shall be issued through the exchange counters of SBP Banking Services Corporation from August 11, 2023. The government of Pakistan has decided to issue a commemorative coin of…
Agriculture financing hits record Rs.1.78 trillion in FY-23: SBP
The financial institutions disbursed Rs1,776 billion under agriculture financing during fiscal year 2023 and achieved 97.6% of the agriculture credit target of Rs1,819 billion set by State Bank of Pakistan (SBP). The credit disbursement recorded an impressive growth of over 25% compared to Rs 1,419 billion disbursed in same period of last financial year 2022,…
ECC approves proposed revised features of scheme, its budgetary impact as proposed by SBP
The summary of the Finance Division regarding SME Asaan Finance (SAAF) Scheme was submitted for consideration by the ECC The Economic Coordination Committee (ECC) approved the proposed revised features of the scheme and its budgetary impact as proposed by the State Bank of Pakistan (SBP). The ECC considered a summary of Ministry of Industries and…
US, China, UK remained top three destinations of Pakistani exports in FY-23
The United States (US) remained the top export destination of Pakistani products during the fiscal year (2022-23), followed by China and the United Kingdom (UK). Total exports to the US during July-June (2022-23) were recorded at US$ 5929.176 million as opposed the exports of US$ 6808.278 million during July-June (2021-22), showing a decline of 12.91…
SBP keeps policy rate unchanged at 22 percent
The Governor of State Bank of Pakistan (SBP) Jameel Ahmad while announcing the monetary policy, said that SBP has decided to keep the policy rate unchanged at 22 percent. Addressing a press briefing about the Monetary Policy, along with SBP Deputy Governors Dr. Inayat Hussain and Sima Kamil, and Director Policy Rate Fida Hussain, the…
Dar pledges to raise foreign reserves to $15 Billion
Minister for Finance and Revenue, Muhammad Ishaq Dar pledged to increase the country’s foreign exchange reserves from $14 billion to $15 billion in the next seven weeks. Speaking on a Point of Order in the Senate, Dar mentioned that the past 11 months had been challenging due to predictions from rating agencies about Pakistan’s potential…