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Bloodbath at stock market as central bank moves to slow down the economy

KSE-100 plunges to five-week low, loses $430m as SBP raises interest rates

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Dollar sees highest-ever rise, jumps to Rs143.5

With a Rs9.5 jump, this is the highest dollar rate in Pakistan’s history

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Banks won’t be charging you for SMS alerts from January

The SBP has issued strict guidelines to banks to protect customers and their information against cyber-attacks

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Justice should be non-discriminatory and fair, says CJ

He is currently in London to raise funds for dams

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Dollar reaches all-time high of Rs135.2

The greenback gained Rs1 in four trading sessions this week

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Banks bar consumers from international transactions after data theft report

SBP spokesperson says there is no way to confirm the data theft

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IMF bailout on the cards for next government, say analysts

Pakistan’s next government, to be chosen in a July 25 election, faces growing fears of a balance of payments crisis with speculation it will have to seek its second IMF bailout in five years, analysts say. The central bank is running down its foreign reserves and devaluing the currency in a bid to bridge a…

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Pakistan’s rupee extends slide, central bank may have lent support

The Pakistan rupee slid against the dollar for a second day before paring some losses, dealers said on Tuesday, noting the central bank may have stepped in to stabilise the currency. The rupee slumped 3.8 percent on Monday in what appeared to be the third currency devaluation by the central bank in seven months amid…

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Pakistan’s State Bank devalues currency: Bloomberg

Pakistan’s central bank devalued the currency for a third time since December amid mounting economic pressure and speculation that the country may need International Monetary Fund support. The rupee dropped as much as 5.1 percent to 121.5 a dollar in trade today, according to bank foreign-exchange traders who asked not to be identified since they are not authorized to…

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Pakistan doubles size of currency swap agreement with China

China has increased the size of a currency swap agreement with Pakistan by 10 billion yuan ($1.57 billion), two Pakistani central bank sources said, with cash earmarked for boosting fast-depleting foreign currency reserves. Two State Bank of Pakistan (SBP) sources told Reuters that the currency swap agreement between SBP and China’s central bank has been…

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Pakistan issues commemorative coin in honor of Dr. Ruth Pfau

Governor State Bank of Pakistan, Tariq Bajwa and German Ambassador to Pakistan Martin Kobler unveiled Rs 50 commemorative coin in recognition of meritorious services rendered by Dr. Ruth Katherina Martha Pfau here at SBP’s Head Office. The SBP, with the approval from federal government, has issued a commemorative coin of Rupees 50 which will be…

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SBP denies rumors of issuing Rs 10,000 banknote

KARACHI:The State Bank of Pakistan (SBP) has categorically denied a news item circulating in a section of social media regarding issuance of Rs 10,000 banknote. The existing banknote denominations satisfactorily meet the payment, settlement and other allied needs of the economy and thus there is no need for issuing higher denomination banknotes, said a press…

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Zardari calls Rao Anwar a ‘brave child’

KARACHI: Co-Chairman of Pakistan People’s Party (PPP)  Asif Ali Zardari has called former SSP Malir Rao Anwar as a brave child who survived the fight against Muttahida Qaumi Movement (MQM). He made the statement in his interview to a private news channel. The former Pakistani president stated that the ex-SSP was one of the police…

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Statistics released by SBP tell that every Pakistani owes Rs 130,000

KARACHI: As per the latest figures released by the State Bank of Pakistan on Friday, every Pakistani is now indebted by Rs 130,000.  The debt situation of Pakistan continues to increase at an alarming rate as the latest figures and statistics released by the State Bank of Pakistan indicate. Pakistan’s total debt has increased to…

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No discrimination against companies regarding rescheduling of loans: SBP

ISLAMABAD: Senate Standing Committee on Finance and Revenue Thursday was informed that no discrimination was made against any company regarding rescheduling of loans and that State Bank of Pakistan was not dictating banks in this regard. Discussing the agenda on discriminatory treatment being meted out with some private companies namely Omni Group, Pale etc, Deputy…

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SBP policy rate raised to 6 percent

KARACHI: The State Bank of Pakistan on Friday raised its policy rate by 25 basis points to 6 percent to preempt overheating of the economy and inflation breaching its target rate. ‘This is the right time to make a policy decision that would balance growth and stability in the medium to long term,’ said SBP…

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Dr. Shahid Masood’s claim on bank accounts proved wrong

LAHORE: The bank accounts that were alleged to belong to the accused in Zainab rape and murder case do not exist, said the State Bank of Pakistan. The central bank said it found no such bank accounts that were maintained by Imran Ali, the accused in Zainab murder case. The bank handed the record to…

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Companies are free to choose Chinese Yuan for bilateral trade, investment activities: SBP

The State Bank of Pakistan, in the capacity of the policy maker of financial & currency markets, has taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in CNY. Both public and private sector enterprises (i.e. both Pakistanis and Chinese) are free to choose CNY for bilateral Trade &…

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