Islamabad, July 17, 2019: Pakistan’s current account deficit declined sharply 32 percent during the last fiscal year (FY19) due to regulatory reforms to cut the import bill. According to State Bank of Pakistan (SBP), Pakistan current account deficit was $ 13.587 billion in FY19 compared to $19.897 billion in FY18, showing a declined of $…
Karachi, July 17, 2019: Panic gripped among the customers and stakeholders of the two banks — Sindh Bank and Summit Bank — as the government ministers imposed allegation on the banks declaring them as Benami Banks developed purposefully for exercising money laundering. Customers of the two banks are getting worried from the serious level allegation…
Transport Mafia Using Fake Fare Lists to Fleece Commuters Karachi, July 16, 2019: For the second time within a year (from July 2018 to July 2019), the transport mafia in Karachi has raised bus fare by 50 percent to 100 percent per commuter per trip without any notification issued by the government. Following the increase…
Karachi, July 16, 2019: The Monetary Policy Committee (MPC) decided to raise the policy rate by 100 bps to 13.25 percent with effect from 17th July 2019. The decision takes into account upside inflationary pressures from exchange rate depreciation since the last MPC meeting on 20th May 2019 and the likely increase in near term…
Karachi, July 15, 2019: Pakistan Stock Exchange saw a significant decline of ~750 points during the session that is caused by uncertainty on monetary policy. As per revised schedule, SBP is set to announce monetary policy tomorrow, where consensus estimate is for a hike of 100bps. An interest rate hike in line with expectation will increase…