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SBP leaves key policy rate unchanged at 15% | The Express Tribune
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[ad_1] KARACHI: In line with market expectations, Pakistan’s central bank left its key policy rate unchanged at 15% for the next seven-week on Monday, as it revised down projection for economic growth to 2% for current fiscal year 2023. “The existing monetary policy stance (at 15%) strikes an appropriate balance between managing inflation and maintaining…
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Academics urge cut in interest rate | The Express Tribune
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[ad_1] KARACHI: Opposing a further hike in the central bank’s benchmark interest rate, academics have urged a decrease to make liquidity affordable for businesses. The continuous hike has increased the quantum of interest payments on the country’s ever-growing debt. The interest rate has remained a catalyst for the rise in inflation readings in the country…
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Rupee continues recovery against USD, inter-bank rate at 204.85 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee recovered 0.13% (or Rs0.27) on a day-to-day basis to a three-week high of Rs204.85 against the US dollar on the last day of the outgoing fiscal year on Thursday. Cumulatively, in the outgoing fiscal year, the rupee slumped a record 30% to Rs204.85 on Thursday compared to the close of…
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Rupee gains ground against USD, inter-bank rate at 209.20 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee started showing signs of recovery on Thursday as it gained Rs2.73 against the US dollar to reach Rs209.20 in the inter-bank market before midday, eventually breaking the two-week-long downward streak. The domestic currency had closed at Rs211.93 on Wednesday. The significant recovery of the local currency follows headway with the…
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Rupee gains ground against USD, inter-bank rate at 207.33 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee started showing signs of recovery on Thursday as it gained Rs4.60 against the US dollar to reach Rs207.33 in the inter-bank market, eventually breaking the two-week-long downward streak. The local currency recovered 2.17% to Rs207.33 at around 1 pm compared to Wednesday’s close at Rs211.93. The significant recovery of the…
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Rate of return edges down in PIB auction | The Express Tribune
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[ad_1] KARACHI: The rate of return for commercial banks on Wednesday dipped slightly in the range of one to three basis points on long-term financing for three to 10 years for the government, but the rates remained largely around the recent three-year highs. The government raised Rs155 billion at interest rates in the range of…
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SBP may raise policy rate as yields stay high | The Express Tribune
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[ad_1] KARACHI: Commercial banks have maintained interest rates at a recent 11-year high at 15.25% on financing to the government for a period of three-month, signaling that the central bank may increase its key policy rate in the range of 50-100 basis points early next month. The interest rate on financing for six and 12-month…
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Indian rupee hits record low on rate hike worries | The Express Tribune
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[ad_1] MUMBAI: The Indian rupee plunged to a record low against the dollar on Monday, ahead of an expected US interest rate hike this week, aimed at fighting surging inflation. The rupee hit 78.2825 per dollar for the first time as a forecast-beating US inflation report on Friday heightened prospects for a further tightening of…
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Tax rate for banking companies enhanced to 42% | The Express Tribune
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[ad_1] KARACHI: The PML-N led coalition government has increased the rate of taxes on commercial banks’ windfall gains (profit) after they apparently defied the directives to reduce the high interest rate on financing to the government. “The banking sector has earned windfall gains due to higher interest rates and risk-free investment in government securities (like…
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Market watch: Stocks falter on policy rate hike | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange witnessed another volatile session on Tuesday, as jittery investors preferred to stay on the sidelines amid a deteriorating political and economic condition in the country. After spending most of the day in the red, the benchmark KSE-100 index recorded a decrease of around 490 points to settle below the…
