Tag Archives: Forex

SBP lifts ban on forex exports

SBP lifts ban on forex exports

The State Bank of Pakistan (SBP) on Wednesday lifted a ban on the export of all types of foreign currencies except the US dollar after, what the SBP spokesman referred to as, a result of the stabilisation of the exchange rate. According to Exchange Companies Association of Pakistan (ECAP), the ‘good’ decision would help the country avoid smuggling of foreign exchange and a monthly loss of over $200 million that the money exchangers previously contributed to the exchequer before the

Forex reserves dip to $17.09b

KARACHI – The country’s total liquid foreign reserves have slightly shrunk to $17.09 billion, after hitting a record high of $17.19 billion last week.
Coalition Support Funding (CSF) to Pakistan, Washington’s major non-Nato ally in the war against terror, had taken the country’s foreign exchange reserves up to an all time high of over $17.197 billion during the week that ended on January 1.
According to the state bank, the country’s foreign exchange reserves stood at

China forex reserves hit record

BEIJING – China said Tuesday its foreign exchange reserves hit a record high at the end of 2010, which is likely to fuel calls for a stronger yuan when President Hu Jintao visits Washington next week.
The increase in the forex holdings, already the world’s largest, highlighted imbalances in global trade and the challenge Beijing faces in stemming a flood of liquidity into the country.
China’s foreign exchange reserves expanded 18.7 percent from a year earlier to $2.847

Forex reserves inch up to $16.424b

KARACHI – The country’s foreign exchange reserves slightly rose by 0.18 percent to over $ 16.424 billion during the week ending on December 25, the State Bank said Thursday. During the week under review, the country witnessed its foreign exchange reserves surging by $ 31 million against last week ending on December 18 when the liquid reserves were calculated at $ 16.393 billion.
During the week the central bank counted its foreign exchange reserves at over $ 12.709 billion,

Forex reserves rise to $16.417b

KARACHI – The country’s liquid foreign exchange reserves underwent a slender increase of $27.4 million and reached $16.417 billion during the week ending on December 11, the State Bank said on Saturday.
The week under review saw the foreign exchange reserves held by the country augment 0.16 percent. Foreign exchange reserves had dwindled $350 million and reached $16.39 billion in the week ending on December 4.
The funds-starved country’s foreign exchange reserves had faced a

Debt payments reduce forex reserves to $16.852 billion

KARACHI: The country’s foreign exchange reserves have dropped further and reached $16.852 billion for the week that ended on November 19, 2010, State Bank’s statistics revealed on Thursday.
According to the central bank, the country’s foreign exchange reserves contracted $57.4 million or 0.33 percent in the week under review against $16.910 billion last week.
“The state bank’s reserves registered a nominal dip due to routine debt payments,” SBP Chief Spokesman Syed

Forex reserves dip to $16.910b

KARACHI: The country’s liquid foreign exchange reserves have dwindled by 0.21 percent or $37 million to $16.910 billion for the week ending on November 22, the State Bank’s statistics revealed on Monday.
According to the central bank, the total liquid foreign reserves held by the country stood at $16,910.2 million on November 12, 2010 against $16.947 billion on October 11, 2010.
Talking to Pakistan Today, Chief Spokesman of the State Bank of Pakistan Syed Wasimuddin

China needs ‘sound’ world economy for forex reform

SEOUL: Chinese President Hu Jintao told US President Barack Obama Thursday that Beijing has an “unswerving” resolve to pursue currency reform, but needs a sound world economy to do it, an official said.
“President Hu also stressed that China’s resolve to push forward foreign exchange reform is unswerving,” foreign ministry spokesman Ma Zhaoxu said after Hu and Obama met just prior to the start of a G20 summit in South Korean capital, Seoul.
“The reform will need a very sound

Forex reserves jack up KSE

KARACHI
A record increase in the foreign exchange reserves and birth of a soft corner over law and order situation jacked up the Karachi Stock Exchange 100-Index by 93.74 points on Friday as it closed at 10,652 points. The volume of trading also climbed to 114.67 million shares, as investors traded shares worth Rs 5.11 billion on Friday.
High trading activity kept the volume generating machine busy as the benchmark index hit a six month high, primarily associated with an

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