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    Saudi Arabia deposits $5 billion in Turkish central bank

    DUBAI: The Saudi Fund for Development (SFD) announced on Monday that Saudi Arabia and Turkey have agreed to deposit $5 billion into the Turkish central bank. Mohammed Bin Abdullah Al-Jadaan, the Saudi Arabian minister of finance, said in December that his nation will make the deposit. Even though Turkey’s net foreign exchange reserves have increased […]

    Banks to pay if depositors lose funds to digital frauds: SBP

    KARACHI: The State Bank has warned banks that failure to promptly take preventive action to combat social engineering and other digital banking frauds could result in them being held liable for lost account holder funds. “Banks are required to compensate the customers due to their part in their taking timely remedial and control measures, such […]

    World Bank predicts dramatic drop in global commodities prices

    ISLAMABAD: The World Bank forecasted a significant drop in global commodity prices this year, but Pakistanis could expect 21 percent annual inflation in the coming fiscal year. In its most recent Commodity Markets Outlook, the World Bank predicted that global commodity prices would fall at the highest rate since the Covid-19 epidemic began, casting doubt […]

    US bank worker kills five co-workers in shooting

    Police said a 23-year-old bank employee armed with a rifle killed five colleagues and injured nine others at his workplace in Louisville, Kentucky, on Monday while live streaming the attack on social media. According to Louisville police, the gunman was fatally shot at the scene. It was unclear whether he was killed by police or […]

    Dar skips World Bank-IMF spring meetings amid political unrest

    ISLAMABAD: In a significant development, Finance Minister Ishaq Dar has canceled his trip to the United States, where he was scheduled to meet with IMF management to discuss removing bottlenecks in the way of the staff-level agreement on the revival of the stalled bailout package. Dar will not attend the World Bank-IMF spring meetings, which […]

    Chinese bank provides $500 million in credit to Pakistan: Dar

    ISLAMABAD: The State Bank of Pakistan has received $500 million of a $1.3 billion loan facility from the Industrial and Commercial Bank of China Ltd (ICBC), according to Finance Minister Ishaq Dar, bolstering the cash-strapped nation’s foreign exchange reserves. Late Friday night, Dar stated in a message posted to Twitter that all formalities for the […]

    Foreign exchange: SBP reserves drop $119 million to $4.19 billion

    KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell for the fourth week in a row to less than $4.2 billion, according to official figures released Thursday. According to a central bank announcement, the SBP’s foreign currency reserves were $4,193 million on May 12, a $119 million decrease from $4,311.9 million on May […]

    Key deliberations scheduled to finalize budget

    ISLAMABAD: With less than a month until the fiscal year’s budget is presented, the government is considering holding meetings of the Annual Plan Coordination Committee and the National Economic Council on May 23 and June 1 respectively, to finalize more than Rs900 billion in federal Public Sector Development Programme (PSDP). Even before these events, the […]

    SBP reserves fall $6m, now stand at $4.46b

    The State Bank of Pakistan’s (SBP) foreign exchange reserves slightly decreased by $6 million and are currently at $4.46 billion. After payments were made up until April 28, the SBP’s foreign exchange reserves decreased by $6 million, bringing the total held by the central bank to $4.46 billion. Up to April, commercial banks’ reserves climbed […]

    Oil rises as falling US inventories refocus market on demand

    After sliding more than 2% the previous session, oil recovered on Wednesday as reports of declining US crude oil and fuel stocks refocused investors on healthy demand in the world’s biggest oil consumer. Brent crude rose 40 cents, or 0.5 percent, to $81.17 a barrel by 0723 GMT. West Texas Intermediate crude in the United […]