November 29, 2022
Business

Between July and October 2022, there was record-breaking drop in car sales

Despite increasing month over month in October, car sales fell 47% between July and October 2022, from 74,952 to 39,700, as a result of inflation, limits on auto financing, and high interest rates.Interestingly, the number of cars sold increased from 9,213 in September to 11,129 in October, which is still much behind the 17,413 sales […]

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Business

Rupee continues to decline, losing 2.76 rupees in interbank trading

In the interbank market on Friday, the rupee, which has been falling for nearly a week, lost Rs2.76 to the dollar. The PKR lost 1.21 percent from yesterday’s close to close, closing at Rs228.18 per $1. The currency rate was under pressure, according to Saad bin Naseer, director of Mettis Global, due to payments and […]

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Business

Housing plan is not indefinitely on hold

KARACHI:The government has chosen to modify the MPMG scheme’s components in light of the altered macroeconomic environment, therefore it has not been totally abandoned.In the seventh instalment of the SBP Podcast series, Executive Director Development Finance Group (DFG) of the State Bank of Pakistan (SBP), Samar Hasnain, made the statement. Hasnain emphasised that a committee […]

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Business

Banks will be closed on August 8 and 9, 2022, for Muharram

KARACHI: A two-day bank holiday in honour of Ashura was announced by the State Bank of Pakistan (SBP) on Thursday (Muharram 9-10). The State Bank of Pakistan announced that it would be closed on August 8 and 9, which were the 9th and 10th Muharram-ul-Haram, 1444 AH, in observance of Ashura. In a notification sent […]

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Business

Rupee appreciates against dollar after the government released the strategy for FY2023

KARACHI: After the Finance Ministry and State Bank of Pakistan (SBP) provided a blueprint for the current fiscal year to solve the economic crisis affecting the country, the rupee made a significant rebound versus the US dollar during intraday trade. The local currency increased by 4.50 on the open market and decreased to 243.50 per […]

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Business

Financial Ministry, SBP: Economic issues are “temporary, being firmly addressed”

ISLAMABAD: In a joint statement, the Finance Ministry and State Bank of Pakistan (SBP) guaranteed that the nation’s issues were transient and that they were being aggressively addressed. According to the joint statement, Pakistan’s foreign exchange reserves have decreased since February as a result of outflows of foreign currency outpacing inflows. On the other hand, […]

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Business

PSX weekly review: In a volatile rollover week, stocks only manage a little rise

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index fluctuated between the red and green, making trading there turbulent for most of the sessions during the previous futures rollover week. It increased just 73 points, or 0.18 percent, to close at 40,150 points, maintaining its previous level. The stock market started the week off poorly […]

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