The government slightly reduced the cut-off yields by up to 54 basis points for different tenors to raise Rs260 billion, exceeding the auction target of Rs210bn, on Wednesday. According to the State Bank of Pakistan (SBP), it received a total of Rs1.77 trillion in bids. This was the first auction after the 100bps cut announced on July 29 to bring down the SBP policy rate to 19.5pc. The yi
The first month of the current fiscal year saw a record foreign investment of $258.3 million in treasury bills (T-bills) after January 2020. The latest data released by the State Bank of Pakistan (SBP) on Wednesday showed that inflows exceeded the previous monthly high of $230m recorded in May. However, the inflows were far less than the $1.4bn invested in T-bills and Pakistan Investment Bon
State Bank of Pakistan (SBP) Governor Jameel Ahmad cautioned on Wednesday that budgetary measures are expected to increase inflation but assured that the external sector will remain manageable in the current fiscal year, thanks to debt rollovers from friendly countries. Mr Ahmad testified before the National Assembly Standing Committee on Finance and Revenue, chaired by MNA Naveed Qamar, and pr
In an attempt to quash speculations, Prime Minister Shehbaz Sharif appointed Rashid Mahmood Langrial, a BS-21 officer of the Pakistan Administrative Services, as the new chairman of the Federal Board of Revenue (FBR) on Wednesday. He faces the daunting task of carrying out end-to-end digitisation of the tax process. The coveted office of FBR chief fell vacant last month after Zubair Tiwana requ
Pakistani shares on Tuesday staged a partial recovery of staggering overnight losses as global equities bounced back a day after world markets rattled on fears of a US recession. Ahsan Mehanti of Arif Habib Corporation said stocks closed higher, led by second and third scrips, amid a recovery in global equities and strong corporate earnings. He added that the discovery by the Pakistan Oilfie