Commercial banks in Pakistan have failed to attract new deposits from accountholders, but have continued to increase safe lending at exorbitant returns to the cash-strapped government compared to lower credit offers to private sector for economic activities. Deposits improved 0.2% to Rs22.15 trillion in August 2022 compared to Rs22.10 trillion in the prior month. Deposits, however, were signifi
The shares market saw a range-bound session on Monday as investors remained concerned about mounting inflation as well as other economic and political challenges. Arif Habib Ltd said no materialisation of the promised funds from friendly nations kept investors’ sentiments in check. Volatility marred the benchmark index, which moved sideways owing to the continuous flight of the dollar against t
The Federal Board of Revenue (FBR) clarified on Sunday that the requirement of submitting a currency declaration form for inbound passengers to Pakistan was not a new development, stating that a notification in this regard had been issued by the State Bank of Pakistan (SBP) over a decade ago. "FBR has rebutted misleading information being shared in some sections of press that Pakistan has recen
The rupee continued to weaken against the dollar on Monday, falling by Rs1.64 in the interbank market. The local currency closed at Rs229.82 per dollar, data shared by the State Bank of Pakistan (SBP) showed. This equates to a depreciation of 0.71 per cent. Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said there were several factors behind the rupee’s dec
The ‘Global Estimates of Modern Slavery’, published on Monday says 50 million people are living in modern slavery in 2021, and of these people, 28m are in forced labour and 22m are trapped in forced marriage. The report from the International Labour Organisation (ILO) further says the number of people in modern slavery has risen significantly in the last five years. Ten million more people were