US dollar. File photo
KARACHI: Pakistan has recorded an almost two-decade high growth rate in remittances from abroad during the last fiscal year of 2020/21, lending much support to the external sector, the central bank’s data showed on Tuesday.
“This [remittances] helped improve the country’s external sector position despite the challenging global economic conditions in the past year,” the State Bank of Pakistan (SBP) said in a statement.
The SBP’s data showed that remittances amounted to $29.4 billion for the year ended in June. Remittances stood at $23.13 billion during the previous fiscal year.
The 12-month inflows were up 27 percent over last year, the fastest rate of expansion since FY2003.
Pakistan records fastest remittance growth of 27% in two decades: report geo.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from geo.tv Daily Mail and Mail on Sunday newspapers.
KARACHI: The stock market started the trading week on a bearish note. The KSE-100 index oscillated between the intraday high and low by 53 and 311 points evidencing investors’ lack of interest in equity trading. The index fell 257 points, or 0.54 per cent, to close at 47,429.
Awais Ashraf, Head of Research at Foundation Securities, said that the commercial banks came under heavy pressure after the Finance Bill 2021 disclosed ‘incremental profit on government securities to be taxed at 37.5pc,” which was initially not included in the budget this year.
Other than that investors were spooked with the simmering tensions with the US, which they thought could impact both the ongoing negotiations with the IMF and Pakistan’s later exit from the FATF. Other analysts also complained of lack of positive triggers; the resurfacing of political anxiety due to the reawakening of opposition PDM and the abrupt withdrawal of US forces from Afghanistan raised security concerns for the borderi
Central bank expected to leave interest rate unchanged
Business
May 21, 2021
KARACHI: The State Bank of Pakistan is expected to keep the policy rate unchanged at 7 percent in the monetary policy meeting scheduled for next week, analysts said on Thursday.
A number of analysts interviewed by The News expected the central bank’s monetary policy committee (MPC) to hold interest rates steady at 7 percent for a fifth consecutive time on Friday. The SBP had cut its policy rate by 625 basis points last year.
“Our expectation for the upcoming monetary policy is that SBP will keep interest rates unchanged in line with its forward guidance at 7 percent,” said Mustafa Mustansir, head of research at Taurus Securities Limited.
Central bank expected to leave interest rate unchanged thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.