Business News
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Pakistan finally out of FATF’s grey list after four years
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[ad_1] A view of the Financial Action Task Force (FATF) plenary meeting. — FATF Twitter PARIS: In a major development, the Financial Action Task Force (FATF), a global money-laundering and terrorism-financing watchdog, finally removed Pakistan from its grey list after four years. Addressing the FATF plenary meeting in Paris, the global body’s President Raja Kumar…
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ADB approves $1.5b in financing to help Pakistan amid devastating floods
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[ad_1] Staff members of the Asian Development Bank step out of the Manila-based lender’s headquarters. — AFP/File The Asian Development Bank (ADB) has approved $1.5 billion in financing to help Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions, a statement issued by…
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Fitch downgrades Pakistan’s rating to ‘CCC+’ | The Express Tribune
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[ad_1] Fitch Ratings on Friday downgraded Pakistan’s long-term foreign currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-‘, citing deterioration in the country’s external liquidity and funding conditions. The rating agency stated that one of the key factors behind the decision is the decline of foreign exchange reserves due to devastating floods in the country.…
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Dollar extends gains on Fed rate hike expectations
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[ad_1] The dollar is up sharply against other currencies as the Federal Reserve presses ahead with sharp interest rate hikes to fight inflation. — AFP HONG KONG: The dollar extended gains Friday on expectations the Federal Reserve will press ahead with its programme of bumper interest rate hikes for the rest of the year. Traders…
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Axe falls on uplift spending as creditors stay aloof | The Express Tribune
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[ad_1] ISLAMABAD: The government has capped the development spending for the first half of the fiscal year at mere 20% of the annual budget because of severe economic crisis, as multilateral creditors remained reluctant to provide any major solace to Pakistan in the aftermath of the recent floods. However, the spending limit condition would not…
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Pakistan’s foreign exchange reserves remain steady
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[ad_1] A staff counts US dollar currency notes at a money changer booth at Raffles Place financial business district in Singapore on October 6, 2022. — AFP/File KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded no major change during the week ending October 14. According to the data released…
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SBP’s forex reserves stand at $7.59b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank remained almost flat on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 14, the foreign currency reserves held by the SBP were recorded at $7,597.2 million, up only $0.3 million compared with $7,596.9 million…
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Seventh consecutive session: Rupee continues to lose against US dollar
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[ad_1] A file image showing a currency dealer counting $100 notes — AFP KARACHI: The rupee’s steep slide against the US dollar slowed down on Thursday as reports of encouraging current account deficit data extended support to the local unit. According to the State Bank of Pakistan (SBP), the local currency closed at Rs220.95 in…
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FATF to decide Pakistan’s grey list fate today
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[ad_1] FATF to decide Pakistan’s grey list fate today Pakistan has high hopes of getting its name struck off from the grey list of the Financial Action Task Force (FATF) as the Paris-based global watchdog holds the two-day plenary session starting today. State Minister for Foreign Affairs Hina Rabbani Khar has already flown to Paris…
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Pakistan’s troubles justify slump in bond prices: JPMorgan | The Express Tribune
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[ad_1] LONDON: Investment bank JPMorgan has called the slump in Pakistan’s bonds to just a third of their face value justified, following the country’s devastating floods and recent warnings by officials that some debt payments may need to be suspended. “Pakistan’s debt and fiscal dynamics flag rising solvency concerns,” JPMorgan’s analysts wrote in a…
