Author: Sibtain Ali

Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

The Sarwa Islamic Savings Account (SISA) and the Sarwa Islamic Term Account are two Shariah-compliant programmes that have been introduced by the Central Directorate of National Savings (CDNS) (SITA). The Rafa National Savings (RNS) Islamic Window has been established by the CDNS in accordance with the 2019 Islamic Savings Account Rules with the purpose of offering various Shariah-Compliant investment accounts. The federal cabinet has already given its approval to these regulations, and all national savings centres are permitted to participate in this programme. A supervisory board made up of prominent academics has also been appointed by the CDNS to oversee…

Read More

The National Savings on Saturday announced an increase in profit on standard income certificates and savings accounts. A handout released today states that the interest rate on regular income certificates has increased to 12.6%, and the profit on savings accounts has increased by 1.25 percent to 13.6 percent. Pension Benefit, Behbud Saving, and Special Certificates in National Savings will continue to earn 14.16 percent and 13 percent profit, respectively. To keep the balance between inflation and economic growth, the State Bank of Pakistan (SBP) on Thursday increased the monetary policy rate by 125 basis points to 15 percent for the…

Read More

USD to PKR (Dollar Rate in Pakistan Rupee) – The Dollar Price in Pakistan Today on 04 August 2022 is Rs. 226.15. The State Bank of Pakistan (SBP) publishes the interbank closing currency exchange rate for the US Dollar to Pakistani Rupee every day at the conclusion of the working day. This USD to PKR (US Dollar to Pakistani Rupee Rate in Pakistan) is the inter-bank closing exchange rate as of today 04 August 2022, according to the State Bank of Pakistan (SBP). DOLLAR RATE IN PAKISTAN The US Dollar rate was 228.8 against Pakistani Rupee (PKR) on Thursday (04 August 2022) and decreased by…

Read More

On Thursday, the rupee maintained its advances against the dollar for a fifth straight day in the interbank market. According to the State Bank of Pakistan, the local currency increased by Rs2.65 or 1.17 percent from yesterday’s close to close at Rs226.15 (SBP). The decreased import bill for July, which was anticipated to drop even more in August, according to Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (Ecap), was one of the factors contributing to the rupee’s rebound. “Since we have enough supplies for almost two months, we won’t need to import oil [in August]. Internationally,…

Read More

As the US dollar increased above Rs229.98 in the interbank market on Thursday, the Pakistani rupee lost even more value. The dollar continued to soar as the nation’s economic difficulties grew and, according to reports, commercial banks resumed extending expensive lines of credit for oil imports. Despite a dearth of supply in the interbank market, the demand for foreign currency is rising, which has caused the USD to reach a new high. The State Bank of Pakistan (SBP) has indicated that the current account situation, under the dynamic market-based exchange rate system, correlates to news of internal uncertainty in its…

Read More

In the interbank market on Wednesday, the rupee kept losing value, reaching a record low of Rs225 versus the dollar as Finance Minister Miftah Ismail blamed political unrest for the decline. Ismail told Reuters that political unrest was the main cause of the market’s worry and that it will pass in a few days. He also predicted that pressure on the rupee would decrease over the following few days. Analysts ascribed the fall to a lack of economic direction in the midst of the nation’s political unrest and the State Bank of Pakistan’s (SBP) inaction. The rupee was trading at…

Read More

For the second straight day, the rupee decreased to an all-time low versus the dollar, reaching Rs224 in the interbank market. According to the Forex Association of Pakistan (FAP), the dollar increased by Rs8.8, or 4%, from its close of Rs215.20 the day before to hit Rs224 at roughly 2:30pm. The rupee is weakening, according to Mettis Global Director Saad Bin Naseer, as a result of “panic buying [of the dollar] by banks in the interbank market.” Following the by-elections for the 20 seats in the province, he claimed that “panic is settling in the financial markets due to fears…

Read More

750 Prizebond Winner List: The 91st Rs. 750 Prize Bond Draw will take place in Lahore on July 15, 2022. The first prize for the Rs. 750 prize bond is worth Rs. 1500000 PKR, the second prize is for Rs. 500000 PKR, and the third reward is worth Rs. 9300 PKR, according to the representative of National Savings. On this page, look up draw 91 of the Rs. 750 prize bond. On July 15, 2022, the winners of these prize bond numbers will also be announced here. 750 Prize bond draw list 2022 Bond Worth City Date First Prize Second…

Read More

ISLAMABAD: The International Monetary Fund (IMF) announced an agreement at the staff level with Pakistan on the conclusion of two unfinished programme evaluations on Thursday and increased the overall loan amount to $7 billion. However, the international lender advised Islamabad to be prepared to “take any extra steps”. In contrast to the primary budget surplus target of Rs153 billion or 0.2 percent of the GDP set in the recently amended budget, the IMF announcement disclosed that the global lender had actually set the 0.4 percent aim. The government may need to implement more revenue-generating initiatives or reduce spending overall—aside from…

Read More

Contrary to popular belief, a drop in the price of an oil barrel on the international market will likely cause the price of petroleum products to drop by Rs. 15–20 per litre only within the next 24 hours. Rumors are circulating in the public that the government is going to cut the price of petroleum products by up to Rs. 50 per litre after it was announced that the benefit of a decrease in fuel prices on the international market will be distributed to the masses soon. However, sources familiar with the situation have said that the anticipated reduction in…

Read More