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Articles for tag: cut, fade, hits, hopes, Inflation, Interest, November, rate

December 2, 2023

News Desk

Interest rate cut hopes fade as inflation hits 29.2% in November

SBP is likely to keep the discount rate unchanged in December. Food inflation also rose to 28% in November People buy nuts at a market in Karachi, Pakistan, February 1, 2023. — Reuters Inflation is up from 26.9% the previous month. The increase in natural gas tariffs results in high inflation. Food inflation in November also rose to 28%. ISLAMABAD: Pakistan’s inflation accelerated to 29.2% in November 2023 from 26.9% the previous month, dispelling market expectations of a rate cut at the upcoming policy decision meeting this month, as the State Bank of Pakistan (SBP) is likely to keep the

November 12, 2023

News Desk

Bank deposits rose 18% this year on high interest rates, currency suppression

An employee counts Pakistani rupee notes at a bank in Peshawar, Pakistan, August 22, 2023. — Reuters Deposits rose to Rs 26.398 trillion in October. The increase in remittances also boosts deposits. Bank profits to rise in coming months: Analysts. KARACHI: Bank deposits rose to Rs26.398 trillion in October, up 18% from last year, as savers flocked to take advantage of the highest interest rates in Asia, State Bank of Pakistan (SBP) data showed. However, deposits in the banking sector rose slightly by 0.3% from Rs 26.318 trillion in September. The news reported on Sunday. Analysts attributed the rise in

November 7, 2023

News Desk

Inzamam responsible for informing about potential conflict of interest: head of PCB media

Inzamam’s resignation not accepted by PCB: Aalia Rasheed. The media chief says Mohammad Rizwan is not part of the investigation. PCB will take up India’s issue with ICC in future. Aalia Rasheed of the Pakistan Cricket Board (PCB) Media and Communications, said Chief Selector Inzamam-ul-Haq had a responsibility to inform the cricket body of any potential conflict of interest. “I think it was Inzamam’s responsibility to inform the PCB of any possible conflict of interest. No cricketer wants to create controversies during a World Cup and be ridiculed in the media,” Rashid said while speaking to Geo News on Tuesday.

November 1, 2023

News Desk

Wall Street is moving higher as yields fall ahead of the Fed’s interest rate decision

A trader works on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 27, 2023. — Reuters Wall Street rose on Wednesday as investors were upbeat about the Federal Reserve keeping interest rates unchanged later in the day, while a drop in bond yields after the US Treasury’s refund plans boosted megacap stocks. The Fed’s policy announcement is due at 14:00 ET (1800 GMT), but investors will focus on Chairman Jerome Powell’s post-statement conference to gauge how long the central bank could keep interest rates high. A raft of economic data, including a smaller-than-expected increase

November 1, 2023

News Desk

Interest costs absorb the entire income

Islamabad: Finance Minister Dr Shamshad Akhtar on Tuesday identified the rising cost of interest payments as a “primary concern” for fiscal stability. In the first quarter of the current fiscal year, debt servicing consumed almost the entire net federal income of Rs 1.4 trillion. In her foreword to the monthly economic outlook report for October from the finance ministry, Akhtar noted that economic activities have started to pick up and inflationary pressure has eased. The ministry has forecast a drop in inflation to 27% in October from September’s level of 31.4%. He pointed out, “On the expenditure side, the primary

October 30, 2023

News Desk

Pakistan’s chief selector Inzamam ul Haq has resigned following allegations of a “conflict of interest”.

The PCB forms a five-member inquiry committee. Inzamam is said to be a member of the players’ management company. The former chief selector was “saddened” by such complaints. Pakistan cricket team’s Chief Selector Inzamam ul Haq on Monday resigned from his position amid the 2023 World Cup following allegations that he was a partner in a player management company. “People speak without investigation. Questions were asked about me, so I decided it was better to resign,” Inzamam said in a statement according to Geo News. There were allegations that Inzamam acquired shares in a company owned by the players’ agent

October 30, 2023

News Desk

SBP keeps interest rate at 22%

The facade of the State Bank of Pakistan building in Karachi. — AFP/File The MPC’s decision is in line with market expectations. The interest rate remains unchanged for the next month and a half. The MPC says inflation rose in September 2023 as expected. The State Bank of Pakistan (SBP) on Monday decided to keep the key policy rate at 22%, in line with market expectations, with the next announcement on December 12. In a statement, the central bank said: “At its meeting today, the Monetary Policy Committee (MPC) decided to keep the policy rate at 22%. The committee noted

April 7, 2023

The Pakistan Daily

600 people were given $3bn loan at zero interest rate during PTI govt

National Assembly’s standing committee on finance was told on Thursday that $3 billion were given out as interest-free loans in the last government’s tenure. The revelations were made in a meeting of the committee which the deputy governor also attended. The committee chairman said that the loans had been issued by the State Bank and claimed that the bank had a list of the people the money had been given to. However, the deputy governor said that the loans had been issued by commercial banks. He added that the Temporary Economic Refinance Facility (TERF) had been given during the Covid-19

November 12, 2022

The Pakistan Daily

Govt’s step against interest welcomed in Pakistan, entire Muslim world: Religious scholars

Ulema and religious scholars have appreciated the government’s decision to withdraw the appeal challenging the decision of Federal Shariah Court on abolition of interest. Observing the ‘Thanksgiving Day’ over the decision at every nook and cranny of the country they assured the government of all out support in this noble cause. The Ulema thanked the government, particularly Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar for taking such a bold step to get rid of the interest-based system from the financial institutions of the country. They said the government’s announcement has infused a wave of happiness in the entire

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