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It’s Rs 122 now – Dollar falls by Rs5 against Pakistani rupee

KARACHI: Pakistani rupee on Monday surged by 4.3 percent to 122.5 per dollar on Monday, following domestic media reports over the weekend that China had agreed to provide $2 billion in loans. Monday brought the first significant strengthening in years for the rupee, which has weakened more than 20 percent since December after four separate devaluations by the central bank. Karachi-based brokerage Intermarket Securities said weekend publication of full results of the July 25 election may have also helped sentiment, as…

Pakistan wants recognition of sacrifices, not dollars, says minister

WASHINGTON: Interior Minister Ahsan Iqbal says Pakistan does not want any security aid, but recognition of the sacrifices it has made in the fight against terrorism. In an interview with BBC, he said, “We don’t want any dollars, we want understanding and recognition of the sacrifices that Pakistan has made.” He reiterated that Islamabad would not compromise its dignity. Separately, talking to media in Washington, the minister said Pakistan wanted to maintain good relations with all its neighbours for the sake of…

Saudi Arabia may seek funding in Chinese yuan

JEDDAH: Saudi Arabia is willing to consider funding itself partly in Chinese yuan, a senior Saudi official said on Thursday, raising the possibility of closer financial ties between the two countries. The Saudi government has started borrowing tens of billions of dollars abroad in the past year to cover a big budget deficit caused by low oil prices, but its foreign bond issues and loans have been denominated entirely in U.S. currency. Obtaining some funds in yuan could give Riyadh more financial flexibility and would…

Banks paid $321 billion in fines since financial crisis: BCG

BOSTON: Banks across the world have paid about $321 billion in fines since the 2007-2008 financial crisis as regulators stepped up scrutiny, according to a note by the Boston Consulting Group. Almost ten years since the financial crisis, the banking industry has not completely recovered, BCG said in an industry report. North American banks accounted for nearly 63 percent of the total fines, or about $204 billion, during 2009-2016, the consultancy firm said. While U.S. regulators have been more effective in imposing…

SBP directs banks, exchange companies to accept all dollar notes

KARACHI: State Bank of Pakistan (SBP) has instructed money exchange companies and banks to accept all kinds of dollar notes, citing sources ARY News reported on Tuesday. Sources said that commercial banks were not accepting old design dollar notes due to which the people were facing problems. The money exchange companies, taking advantage of the situation, were returning less amount to the people over the old design dollar notes. The central bank has ordered the commercial banks and money exchange companies to…

Banks, money changers refuse to accept old design US dollars notes

KARACHI: Many people across the country face an uncertain situation as banks and money changers have refused to accept the old-design United States dollar notes. This causes great risk of devaluation for many people who keep dollars in their lockers, and prefer cash to settle payments to avoid tax on bank transaction. This can affect those people who are not familiar between the design of the old and new notes. Bank and money changers confirmed that they are not accepting the old-design as they are susceptible to…