Tag: interest
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SBP maintains policy rate at 22% for sixth consecutive time
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has opted to maintain the key policy rate at 22 per cent, marking its sixth consecutive decision to uphold the status quo.
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Customers express frustration over inability to pay for Netflix with Islamic Cards while being charged Sood for late payments
A Faysal Bank customer expressed his discontent with the bank on Facebook after his credit card was converted into a shariah-compliant card called “Noor Islamic Card”. The customer complained that he is unable to make transactions with Netflix or use the card for any “unislamic” purposes. He posted on Facebook, saying, “Just converted my Faysal…
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SBP jacks up policy rate by 300 bps to 20%
In a meeting held today, the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) increased the policy rate by 300 basis points (bps) to 20 per cent as a measure to curb inflationary pressure. The meeting’s result matched the market’s predictions, with analysts expecting the State Bank of Pakistan’s Monetary Policy Committee to implement…
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SBP hikes export financing markup rates from 11% to 13%
The State Bank of Pakistan (SBP) has revised the rates of specialised lending schemes in accordance with its increased monetary policy rate of 16 per cent.
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SBP raises policy rate to 14-year-high of 15 per cent
In an attempt to calm the economy, control inflation, and support the beleaguered rupee, the State Bank of Pakistan’s Monetary Policy Committee (MPC) decided to raise the policy rate by 125 basis points (bps) to 15 per cent on Thursday. The previous policy rate at the same level was in 2008, so the current policy…
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SBP hikes interest rate by 150 basis points to control inflation
The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) approved a 150 basis point increase in the benchmark interest rate, pushing it to 13.75 per cent to control inflation. It is worth noting that this is the maximum level of interest rate since 2011 when it was 14 per cent. The central bank mentioned in…
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Turkey: Food prices surged by 89 per cent, transportation costs increased by 106 per cent
Turkey’s inflation rate skyrocketed to almost 70 per cent last month, creating a substantial challenge for President Recep Tayyip Erdogan, whose unusual economic strategies are frequently blamed for the country’s economic woes. Erdogan, defying economic conventional wisdom, insists that major interest rate cuts are essential to reduce spiralling consumer costs. Turkey’s consumer price index (CPI)…
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State Bank of Pakistan hikes interest rate to 12.25% in an emergency meeting
Following an emergency meeting, the State Bank of Pakistan (SBP) raised interest rates by 250 basis points, as mounting political uncertainty and rising worldwide oil prices threaten to drive the country into a full-fledged economic catastrophe. The key rate is now 12.25 per cent, as per the latest statement released by the central bank on Thursday.…
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Pakistan to import 32.7 million barrels of oil to cover petroleum needs
Under a deferred payment agreement with the Saudi Fund for Development (SFD), Pakistan would acquire roughly 32.7 million barrels (MBL) of crude oil in 2022 to cover its petroleum product needs. The Pak-Arab Refinery Company Limited (PARCO) and National Refinery Limited (NRL) plan to import 16.89 and 15.81 million barrels of oil in the ongoing…