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Central bank to issue Rs50 International Anti-Corruption Day commemorative coin

KARACHI: The State Bank of Pakistan (SBP) to issue Rs50 commemorative coin of International Anti-Corruption Day on December 10. The federal government has authorised the central bank for issuing the coin, which would be available at the exchange counters of all the field offices of SBP Banking Services Corporation from Monday. "Corruption is a complex social, political and economic phenomenon that affects all countries. Corruption undermines democratic institutions, slows economic development and contributes to…

FBR advises central bank to pay sales tax refunds to exporters

ISLAMABAD: The Federal Board of Revenue (FBR) has issued an advice to the State Bank of Pakistan for making payment of sales tax refunds amounting to 8,741 million rupees to facilitate the exports. According to the FBR, the payment will benefit 739 claimants from five export-oriented zero-rated sectors which included textiles, carpets, leather, sports goods and surgical instruments. The refund has been paid against 4,117 payment orders issued up to November 8. It said those refund claimants who have not provided…

Foreign exchange reserves diminished by $98Mn, placed at $7.68 Billion

KARACHI: Foreign exchange reserves held by the central bank continues to show downward trend for the 11th consecutive week as they knock down 1.26% on a weekly basis, according to data revealed on Thursday. The continuous downward trend elevates apprehension about Pakistan’s capability to meet up its financing necessities as the reserves have fallen very much below the $8-billion amount. However, the government has declared the previous month that it had administer to secure a financial package of $6 billion from Saudi…

Indian rupee plunges to new low against the dollar

MUMBAI: India's rupee hit fresh lows against the dollar Wednesday as emerging market currencies continue to be sold off. The under-pressure currency in Asia's third-largest economy slid to 70.50 to the greenback in late morning trade, a record low. The rupee has been steadily falling throughout 2018 after starting the year at 63.67. Earlier this month it crossed 70 for the first time as India was buffeted by the turbulence of the Turkish financial crisis. The rupee was not alone, with the currencies of other…

Rupee depreciates- US dollar hits extraordinary record of Rs122 in interbank market

KARACHI: Pakistan’s currency is devalued sharply in the opening of the week as US dollar hits a highest record of 122 for a third time since December by Central Bank. According to today’s early trade, the rupee dropped as much as 5.1 percent to 121.5 a dollar in trade. Whereas it was observed trading at Rs119.80 in the inter-bank market previously. The main reason for the ramble in the value of US Dollar is mainly increase in imports and a broadening current account deficit. The rupee was being traded at Rs124 against…

Value of Pakistani Rupee remains stable against dollar

KARACHI: Pakistani rupee showed stability against US dollar in the inter-bank market on Tuesday compared with Monday’s close of Rs115.5/115.7. The rupee remained constant against the dollar at Rs115.5/115.7 As per Central bank report, rupee showed a downward trend nearby to 9% of its value, since December. The main reason of such negative trend is an answer of the burden created due to broadening of current account deficit. According to State Bank of Pakistan, rupee value mainly depends upon the supply & demand…

Iran central bank bans cryptocurrency dealings

TEHRAN: Iran’s central bank has banned the country’s banks from dealing in cryptocurrencies, including Bitcoin, over money-laundering concerns, the state news agency IRNA reported on Sunday as the country tries to halt a currency crisis. “Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them,” IRNA said, quoting a central bank circular based on a ban on cryptocurrencies passed by Iran’s anti-money laundering body in December. Iran…