Year: 2023

Crackdown ‘bridges’ forex market gap

Admin
open-market

• Interbank, kerb rates edge closer to IMF’s 1.25pc target• SBP introduces structural reforms for exchange firms, raises minimum capital requirement to Rs500m from Rs200m• Orders banks to set up separate entities to conduct forex transactions KARACHI: The rupee rebounded in the open market on Wednesday as a crackdown on the informal currency market started to help the gap between the interbank and open-market rates edge closer to the International Monetary Fund’s (IMF) target of 1.25 per cent. Meanwhile, the State Bank of Pakistan has also stepped up supervision of…

Read More

ECC raises margins for fuel dealers, marketing firms

Admin
Petrol-prices

• Consumers to pay Rs3.51 per litre more on petrol, diesel• PIA’s request for bailout package, suspension of payments to CAA and FBR denied ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved per-litre hikes of Rs1.64 and Rs1.87 in margins to petroleum dealers and oil marketing companies (OMCs), respectively, on petrol and diesel sales and allowed Rs40 billion supplementary grants to armed forces. However, the committee did not immediately clear a bailout package to PIA, nor did it allow the suspension of its tax and service…

Read More

Economic update for August: Upward adjustment in energy tariffs, fuel price hike to strain inflationary pressures: MoF

Admin
economy

ISLAMABAD: The Finance Ministry Wednesday said the upward adjustment in energy tariffs and further increase in fuel prices would strain the inflationary pressures in coming months. In its monthly, “Economic Update and Outlook” for August 2023 released on Wednesday, the Finance Ministry said the two massive fuel price hikes witnessed in August 2023 and upward adjustment in energy tariffs would strain the inflationary pressures in coming months. Inflation is anticipated to remain around 29 to 31 percent in August 2023 as the two times raise in fuel prices drives a…

Read More

Pakistani origin Ahmed Larik selected among top 100 Saudi Technology Leaders

Admin
Ahmed-Ali

Pakistani Origin IT Wizard Ahmed Ali Larik has been selected among the Top 100 Saudi visionary leaders by the prestigious platform DT100 for his extraordinary contribution in the transformation of the digital banking landscape. He is the only Pakistani who receive this recognition this year. Ahmed Ali Larik became limelight as an accomplished visionary professional who was a leading force behind digital banking & fintech. He has a key role for technological development in EMKAN Finance, a subsidiary of Alrahji Bank which is one of the biggest Islamic Banks in…

Read More

State Bank of Pakistan has decided to introduce structural reforms in the Exchange Companies’ sector.

Admin
state-bank

Leading banks actively engaged in foreign exchange business will establish wholly owned Exchange Companies Aim is to cater to the legitimate foreign exchange needs of general public. Exchange Companies and their franchisees will be consolidated and transformed into a single category of Exchange Companies In addition, the minimum capital requirement for Exchange Companies has been increased from Rs 200 million to Rs 500 million. The Exchange Companies reforms

Read More