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November 22, 2023

News Desk

The currency is resisting further gains amid a weak exchange rate

PHOTO: FILE KARACHI: The Pakistani currency is showing signs of stability, hovering near and around the current level slightly below Rs 286 against the US dollar in the interbank market. The currency faced resistance to make significant gains in its fourth consecutive uptrend trading day on Tuesday. According to State Bank of Pakistan (SBP) data, the domestic currency improved by 0.06% or Rs0.18 to close at an 11-day high of Rs285.79 against the dollar. Over the past four days, the currency has cumulatively improved by 0.82%, or Rs2.35, against the foreign currency year to date. The Exchange Association of Pakistan

November 5, 2023

News Desk

Pakistan fined for slow rate against New Zealand in World Cup

Pakistan’s Fakhar Zaman and captain Babar Azam (R) leave the field as rain stops play during the ICC Men’s Cricket World Cup 2023 one-day international (ODI) match between New Zealand and Pakistan at the M. Chinnaswamy Stadium in Bangalore on November 4, 2023. — AFP The International Cricket Council (ICC) on Sunday fined Pakistan for keeping the over rate low during their World Cup match against New Zealand at the M.Chinnaswamy Stadium, Bengaluru, India. The Green Shirts were fined 10% of their match fee by the international cricket body. A day earlier, Pakistan were declared winners in the crucial World

November 3, 2023

News Desk

Pakistan focus on winning, improving their net run rate in the New Zealand match

Pakistan’s Shaheen Shah Afridi (3R) celebrates with teammates after taking the wicket of Bangladesh’s Tanzid Hasan during the ICC Men’s Cricket World Cup 2023 one-day international match between Pakistan and Bangladesh at the Eden Gardens in Kolkata on October 31, 2023. — AFP BANGALORE: As Pakistan prepares for a crucial ICC Cricket World Cup clash against New Zealand, team manager Mickey Arthur has expressed his focus on both winning the game and improving the net run rate. Speaking during the press conference, which shed light on Pakistan’s strategy for the must-win match, Arthur also indicated a change in Pakistan’s game

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

October 30, 2023

News Desk

SBP may leave the rate unchanged

KARACHI: Pakistan’s central bank is scheduled to meet on Monday to review its key interest rate for the next six weeks. Experts strongly believe the bank will keep interest rates unchanged for the third consecutive time in the past four months to push inflation down. Experts have developed a consensus that the hiking cycle has ended at an all-time high of 22%. However, they were divided on the timing of a rate cut in the coming months – between December 2023 and March 2024 – amid high inflation and the Middle East crisis. Inflation hit a four-month high of 31.4%

October 30, 2023

News Desk

SBP keeps the key policy rate unchanged at 22%.

KARACHI: In line with market expectations, Pakistan’s central bank left its key policy rate unchanged at a record high of 22% for the third consecutive time in the past four months, saying the rate remains appropriate to strike a balance between reading inflation and of the economy. activities. In its latest monetary policy statement released on Monday, the State Bank of Pakistan (SBP) said “[The monthly] Headline inflation rose in September 2023 as expected. However, it is forecast to decline in October and then maintain a downward trajectory, especially in the second half of the financial year.” While recent volatility

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

October 28, 2023

News Desk

SBP will announce the rate on October 30

An undated image of a State Bank of Pakistan plague. — Reuters/File SBP hiked its key interest rate by 1,500 basis points from October 2021. The price is on hold from July 2023. Some analysts, however, expect a 25-100 bps cut in the policy rate. KARACHI: The State Bank of Pakistan (SBP) will announce its new monetary policy after a meeting of the Monetary Policy Committee (MPC) on October 30 (Monday). Speaking on X – formerly known as Twitter – the central bank said: “The Monetary Policy Committee of #SBP will meet on Monday 30 October 2023 to decide on

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