Pakistan’s current account deficit (CAD) decreased by 86 percent on a year-on-year (YoY) basis to clock in at $74 million in February 2023, data released by the State Bank of Pakistan (SBP) showed on Monday. The country recorded a current deficit of $0.52 billion during the same period of the ...

Following the refusal of other players, Saudi Arabia’s Al-Rajhi Bank is now the only foreign bank currently confirming letters of credit (LCs) for Pakistani crude oil imports. Foreign banks have been unwilling to confirm letters of credit for crude oil imports for several months due to ...

The bank deposits in the country have risen to record high after a 15 percent jump during the last month. According to a State Bank of Pakistan (SBP) report, the deposits in banks have touched the all-time high of Rs22,921 billion. Sources in the SBP said these deposits were Rs19,914 billion in ...

ISLAMABAD – Finance Minister Ishaq Dar said on Friday Pakistan is expected to receive $1.3 billion in financing from the Industrial and Commercial Bank of China in the coming days to help improve its foreign exchange reserves. Addressing a press conference, he hoped that by June 30 the State ...

KARACHI – The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $596 million to $3.814 billion in the week ending on February 24, the central bank said on Thursday. According to SBP, net foreign reserves held by commercial banks witnessed a decline of $14 million to dip ...

Federal Finance Minister Ishaq Dar Thursday said the staff-level agreement with International Monetary Fund (IMF) is expected to be finalized next week. The finance minister told the media on Thursday that negotiations with the IMF are about to end as discussions with the IMF are proceeding ...

KARACHI – The State Bank of Pakistan (SBP) on Thursday increased the benchmark interest rate by a significant 300 basis points (bps), taking it to 20% as Pakistan is desperate to unlock the International Monetary Fund (IMF) deal. “At its meeting held on 2nd March 2023, the Monetary Policy ...

Although Pakistan's economic situation remains a cause of concern for a vast majority of its people, Pakistan’s foreign exchange reserves rose by $276 million to $3.2 billion in the week ending on February 10, the State Bank of Pakistan (SBP) said on Thursday. According to SBP, net foreign ...

KARACHI – The Pakistani rupee on Friday registered gains against the US dollar in the inter-bank market. The rupee was being quoted at 262.05 during intra-day trading before the Friday prayers. The Pakistani rupee continued its upward momentum against the US dollar on Thursday, settling at ...

The foreign exchange reserves held by the central bank decreased by another 5.5 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 3, the foreign currency reserves held by the SBP were recorded at $2.916 billion, down $170 million ...