Tag: interest rates
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SBP likely to hike key policy rate by up to 300 basis points next month
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will likely meet at its upcoming meeting to decide on the key policy rate, and the market anticipates a possible rate increase of up to 300 basis points.
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High interest rates and taxes lead to 20.90% drop in car financing in Pakistan
Delve into the latest financial trends as we analyze the sharp decline of car financing in Pakistan, with insights from State Bank data indicating a 20.90% YoY decrease. Discover the factors behind this downturn and its implications for the auto industry and the economy as a whole.
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Pak Suzuki’s fiscal year ends with Rs9.68 billion loss: Operational disruptions and low demand
Pak Suzuki Motor Company Limited ({PSMCL) has reported a substantial net loss of Rs9.68 billion for the fiscal year that ended on June 30, 2023. The loss was attributed to import restrictions and weakened demand, causing a significant increase compared to last year’s Rs17.238 million loss.
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Gold price drops by Rs2,800 per tola amidst Pakistani rupee appreciation
Domestic bullion prices in Pakistan experienced a significant drop, with both gold and silver witnessing declines. The 24-karat gold closed at Rs220,200 per tola, falling by Rs2,800, while the price of 10-gramme 24-karat gold went down by Rs2,401, closing the day at Rs188,786 per tola. Additionally, 10-gramme 22-karat gold stood at Rs173,054 per tola, down…
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UK house prices drop at fastest rate in 12 years, more decline expected: Halifax
According to mortgage lender Halifax, UK house prices witnessed a significant decline last month on an annual basis, marking the fastest rate of decrease in 12 years.
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State Bank announces aggressive policy rate hike to 22% in response to inflation risks
During an emergency meeting convened on Monday, the State Bank of Pakistan (SBP) made the decision to raise the policy rate by 100 basis points (bps), resulting in a new rate of 22 per cent.
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IMF’s disapproval of budget raises odds of default and economic fallout for Pakistan
In a recent report, the International Monetary Fund (IMF) expressed criticism of Pakistan’s latest budget, increasing the likelihood that the lender may withhold the much-needed aid before the bailout programme concludes at the end of June. According to Bloomberg, this development could lead to a severe dollar shortage in the first half of the upcoming…
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Govt expected to present Rs13-15 trillion budget for FY23-24 amidst economic uncertainties
The government is anticipated to present a budget ranging from Rs13-15 trillion for the fiscal year 2023-24, according to a budget preview report by Topline Securities. This substantial increase is attributed to the record-high markup cost caused by the soaring interest rates. The proposed budget target of Rs9-9.2 trillion marks a 21 per cent surge…
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US could default by next month unless debt ceiling is raised
Janet Yellen, the United States Treasury Secretary, has written to Republican House Speaker Kevin McCarthy, warning that the federal government may exceed its spending limit by June 1 if Congress does not raise the debt ceiling. Yellen’s letter, which was published on Monday, noted that available data suggests that the government will no longer be…
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IMF loan delay continues to impact Pakistani rupee
During trading on Wednesday, the Pakistani rupee experienced a slight decrease against the US dollar, with a depreciation of almost 0.06 per cent in the inter-bank market. At around 12:45 pm, the currency was being traded at 284.06, which is a decline of Re0.16.