Remittances sent home by overseas Pakistanis slowed down to a four-month low at $2.44 billion in September 2022. The State Bank of Pakistan (SBP) reported on Tuesday that the receipts contracted 10.5% in September 2022 compared to inflows of $2.72 billion in the prior month. The remittances were 12.3% lower compared to the same month of previous year when they stood at $2.78 billion. Experts
The shares market witnessed a range-bound session on Tuesday as investors chose to book profits. Arif Habib Ltd said the benchmark index failed to continue its upward momentum despite opening in the positive zone. Sluggish participation led the benchmark to close in the red zone, it added. The trading volume remained healthy in main-board stocks while hefty volumes were recorded in third-ti
After hitting an all-time low of 239.71 to a US dollar on September 22, the Pak rupee has since made a handsome gain of 8.25 per cent. It closed at 219.92 per dollar on October 7. Whether Finance Minister Ishaq Dar can bring the exchange rate to Rs200 per US dollar, as he has repeatedly claimed, broadly depends on two things: how the US dollar fares against major foreign currencies and how quic
In a follow-up to Pakistan’s sovereign rating downgrade, Moody’s Investors Service on Tuesday downgraded the long-term deposit ratings and long-term Foreign Currency Counter Risk Rating (CRR) to Caa1 from B3 of five leading Pakistani banks. These banks include Allied Bank Ltd (ABL), Habib Bank Ltd (HBL), MCB Bank Ltd, National Bank of Pakistan (NBP) and United Bank Ltd (UBL). “The outlook on al
Uber Technologies Inc said on Tuesday it won’t operate its ride-hailing app in Karachi, Multan, Faisalabad, Peshawar and Islamabad anymore. “Uber remains committed to Pakistan — we will continue to serve these five cities with our subsidiary brand Careem and continue to operate the Uber app in Lahore,” the company said in a statement. It’ll continue to offer services in Lahore with new produ