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India hikes interest rate but at slower pace
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[ad_1] India’s central bank’s logo can be seen embedded on a wall. — AFP/File MUMBAI: India’s central bank on Wednesday raised its main interest rate for the fifth time this year, but by a smaller margin as inflation eases and other countries look to slow the pace of hikes. The move by the Reserve Bank…
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US rate hikes could slow ‘as soon as’ December: Fed chair
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[ad_1] US Federal Reserve Bank Board Chairman Jerome Powell answers reporters’ questions during a news conference following a meeting of the Federal Open Market Committee (FMOC) at the bank headquarters on November 02, 2022 in Washington, DC. — AFP/File WASHINGTON: The US central bank could ease its pace of interest rate hikes “as soon as”…
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Pakistan gets $500m loan at 4.9% interest rate | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Tuesday received one of the most expensive loan tranches of $500 million by any multilateral creditor, as the cash-starved country also urged a Chinese commercial bank to refinance the maturing debt and review the possibility of giving more loans. The “AIIB (Asian Infrastructure Investment Bank) has transferred today, as per their…
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PSX takes a hammering after SBP’s sudden interest rate hike to highest since 1999
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[ad_1] A view of the Pakistan Stock Exchange (PSX) building the main hall in Karachi. — INP/File The Pakistan Stock Exchange (PSX) took a hammering at opening bell Monday morning in reaction to the State Bank of Pakistan’s (SBP) unforeseen hike Friday, while the market was closed, in the interest rate to 16% — the…
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PSX dives 900 points after surprise interest rate hike | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange (PSX) plunged 2% (or almost 900 points) to close to 42,000 points at around 1:8pm on Monday, as traders aggressively pulled out investment in panic after the central bank unexpectedly hiked the key policy rate by 100 basis points to over two decades high at 16%. The development stands negative…
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SBP jacks up interest rate to 16% — highest since 1999
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[ad_1] The State Bank of Pakistan (SBP) building in Karachi. — AFP/File KARACHI: Contrary to market expectations, the State Bank of Pakistan (SBP) raised its key policy rate by 100 basis points to 16% — the highest level since 1999 — on Friday amid elevated inflation as the economy struggles to recover from floods that caused…
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Remittances fall amid widening exchange rate differential
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[ad_1] A man counts one hundred US dollar bills in Bogota, on October 24, 2022. — AFP/File KARACHI: The remittances sent home by overseas Pakistanis fell over 9% month-on-month to $2.2 billion in October owing to a widening exchange rate differential in the open and interbank market and global slowdown. According to data released by…
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US stocks fall as BoE follows Fed with big rate hike
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[ad_1] US stocks fall — AFP/file NEW YORK: Wall Street stocks fell early Thursday after the Bank of England followed the US Federal Reserve in enacting a big interest rate hike to combat inflation. The BoE said it was lifting borrowing costs by 0.75% percentage points to 3% in its biggest rate hike since 1989.…
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Oil prices rise before expected Fed rate hike | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose on Wednesday before an expected rate hike by the Federal Reserve, supported by another decline in US oil inventories as refineries picked up activity ahead of the winter heating season. Brent crude rose $1.74, or 1.8%, to $96.39 as of 1601 GMT, while US West Texas Intermediate (WTI) crude…
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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…
