Pakistan News

    Forex Trading In Islamabad Ancient

  • NAB arrests forex case absconder

    He was operating different forex trading offices to lure the public into forex investment with a promise of delivering profits on exorbitant rates...

    The agents of M/s High Aim Business Solutions (Pvt) Ltd used to introduce the complainants with the company director (Ashraf) who induced the complainants to pay minimum amount of Rs3 million to open a trading account in his company...

  • Goldman to settle forex suit

    NEW YORK: Goldman Sachs Group Inc is expected to pay $129...

    5 million to settle its portion of a lawsuit that accuses banks of rigging prices in the foreign ex­­change market, The Wall Street Journal reported, citing a person familiar with the matter
  • Six top banks fined $6bn for forex manipulation in US, UK

    They said forex traders from the banks had met in an online chatroom brazenly named “the Cartel” to set rates that cheated customers while adding to their own profits in the massive global currencies market...

    And Bank of America was included with the other five in fines levied by the US Federal Reserve in the forex rigging case...

  • Interest rate and forex outlook

    According to them, the exchange rate, too, may come under pressure as nothing concrete is in sight for a strong growth in net forex earnings...

    This has affected growth in banks’ forex reserves build-up...

  • Nine banks will pay $2bn to settle forex rigging suit

    NEW YORK: Nine major banks accused of foreign-exchange rigging have agreed to pay more than $2 billion to investors in settlements, a law firm involved in the process said on Thursday...

    Plaintiffs have “reached settlements totalling more than $2bn with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS and UBS,” legal firm Hausfeld said in a statement published after a hearing in New York
  • Central banks get access to China’s forex market

    Seven institutions have completed registration with the China Foreign Exchange Trading System, a move which signals their official access to the market, the People’s Bank of China said on its website...

    They will be allowed to conduct renminbi and foreign exchange trading of one or more traded forex products, including spots, forwards, swaps and options, Xinhua added...

  • Tighter control on forex transactions

    ENGAGED more actively in the fight against money laundering and terror financing while disciplining forex markets for durable economic benefits, the State Bank of Pakistan is further tightening checks on forex transactions of banks and exchange companies...

    Without such input it would have been difficult for us to discipline forex regime on sustainable basis,” says a senior central banker...

  • Two held for running illegal forex trade

    QUETTA: The Federal Investigation Agency (FIA) arrested two people on Thursday on charges of running an illegal foreign exchange business, including transactions in Hawala and Hundi...

    The raids were conducted after the government satisfied itself that “financiers and sympathisers of militant organisations” usually took the Hawala and Hundi route for transfer of money
  • Disciplining the speculative forex market

    When exporters don’t convert export earnings into rupees on time it results in temporary shortage of forex flows in the interbank market and consequently weakens the rupee’s parity with foreign currencies...

    “On the face of it, the SBP initiative isn’t due to any anticipation of forex crunch in the market,” says a former central banker...

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