Profit statements

Status quo policy rate: 9.75%

The State Bank of Pakistan (SBP) kept its benchmark interest rate at 9.75% on Monday, signaling a pause in the tightening cycle. “There is no need for further tightening at the moment due to government fiscal policy,” SBP Governor Reza Baqir said Monday at a press conference. In line with the Monetary Policy Statement (MPS), […]

Profit statements

IMF extends emergency funding for 18 months during pandemic

WASHINGTON: The International Monetary Fund has announced that it will extend its flexible access to emergency funding for an additional 18 months to help countries severely affected by the Covid-19 pandemic. According to a press release, the IMF’s Executive Board approved 18-month extensions (until end-June 2023) to temporary increases in cumulative access limits under its […]

Profit statements

Pound plunges again after Erdogan cites Islam to defend rate cuts

ISTANBUL: The ailing Turkish lira plunged after President Recep Tayyip Erdogan invoked Islamic teachings as a justification for not raising interest rates in order to cushion the currency against historic falls. Erdogan pushed the central bank to sharply lower borrowing costs despite the annual rate of inflation soaring to over 20%. Economists believe the policy […]

Profit statements

SBP amends the regulation of foreign exchange transactions via brokerage firms

LAHOR: In order to improve documentation and transparency and further strengthen the foreign exchange regulatory regime, the State Bank of Pakistan (SBP) has amended the regulations governing the sale of foreign currency to individuals by foreign exchange companies. According to a statement released by the central bank on Sunday, this measure, which is a continuation […]

Profit statements

PIA acquires a modern A320 simulator

ISLAMABAD: Pakistan International Airlines (PIA) has acquired the first state-of-the-art Airbus A320 simulator, which will allow pilots to train in the country and save heavy expenses abroad. PIA CEO Arshad Malik and L3Harris CEO Robin Glover signed an agreement in a ceremony also attended by British Ambassador to Pakistan Christian Turner, according to a statement. […]

Profit statements

The PSX jumps 1120 points on a balanced hike in key rates

KARACHI: The Pakistan Stock Exchange (PSX) turned bullish on Wednesday, with the benchmark KSE-100 gaining 1,120.15 points or 2.59%, to close at 44,366.86 points. The market opened on a bullish note, gaining over 700 points early in the session, and continued this momentum throughout the session. It can be recalled that the State Bank of […]

Profit statements

A 100bp hike brings the key rate to 9.75pc

KARACHI: The State Bank of Pakistan (SBP) announced a 100 basis point hike in the policy rate following today’s Monetary Policy Committee (MPC) meeting. The increase aims to “counter inflationary pressures” and “ensure growth that remains sustainable”. Although the term forward guidance was not used in the statement, the MPC said: “As a result of […]

Profit statements

SBP will launch the Asaan mobile account program tomorrow

LAHOR: The State Bank of Pakistan (SBP) today announced that it will launch the Asaan mobile account (AMA) Monday as part of its national financial inclusion strategy (NFIS) to bank the largely unbanked population of the country. In a statement, the central bank said the initiative (AMA) was developed under the NFIS with the aim […]