Pakistan News

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  • Pakistan currency limit for travellers raised to Rs10,000

    KARACHI: People travelling to or from Pakistan can now carry Rs10,000 in cash after the State Bank of Pakistan (SBP) raised the limit on Tuesday by more than three times...

    A passenger can carry up to $10,000 or equivalent notes of another currency while going abroad, according to SBP’s foreign exchange rules...

  • Currency dealers quash panic rumours

    KARACHI: Though dollar gained a little against the local currency on Tuesday, inching towards Rs102...

    85 amid reports of its shortage in some parts of the country, currency dealers said there was no panic in the market...

  • Pricing oil in yuan may be next move in China’s currency ambitions

    However, on one front, there is a conspicuous lack of discussion — the internationalisation of the Chinese currency...

    That would seem odd considering the great efforts made by China to turn the yuan into a reserve currency by becoming the fifth currency in the basket that formed the International Monetary Fund’s (IMF) Special Drawing Right...

  • Market seesaws amid currency drama

    On July 5, the State Bank of Pakistan (SBP) let the overvalued rupee find its real market worth...

    A stronger indication could have been the conversion of rupee bank accounts into foreign currency accounts...

  • SBP surprises currency dealers with 1pc margin

    KARACHI: The State Bank has allowed exchange companies to charge up to one per cent as spread between buying and selling, surprising even currency dealers who were doing business with half a per cent spread...

    However, Exchange Companies Association of Pakistan’s (ECAP) Secretary Zaffar Paracha said the SBP had taken the decision on the demand of exchange companies...

  • Kazakhstan rejects Russia’s single currency proposal

    ASTANA: Kazakhstan will not accept a single currency in a trade bloc championed by Moscow, a top official said on Wednesday, rejecting a proposal from Russian President Vladimir Putin...

    The Russian leader has called for a common currency to be created in the Eurasian Economic Union (EEU), a four-country trade grouping consisting of Armenia, Belarus, Kazakhstan and Russia...

  • China wants to follow rules on currency basket: IMF

    Beijing tightly controls the yuan’s movements and has strong capital controls, but it is pushing for increased use of the currency for trade and investment as part of a long-term strategic goal to reduce dependence on the dollar and to raise its global economic clout...

    The yuan’s inclusion as the first emerging market currency in the basket would mark another stage in China’s rise as a global economic player...

  • Fake Indian currency seized

    HYDERABAD: Cantonment police have arrested a man for allegedly carrying fake Indian currency of Rs100,000, two Kalashnikovs and live bullets near Defence phase-II on Thursday...

    He was found in possession of Rs100,000 fake Indian currency which he was carrying in a bag, along with two loaded Kalashnikovs with two magazines...

  • Currency dealers assured of dollar supply at Rs103

    KARACHI: The State Bank of Pakistan (SBP) has for all practical purposes set the US dollar rate at Rs103...

    20 for the open market and assured currency dealers unlimited supply of the greenback at Rs103 from the National Exchange Company and Habib Exchange Company...

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