Pakistan News

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  • UAE pardons Briton sentenced to life for spying

    The United Arab Emirates on Monday pardoned a British researcher who was sentenced last week to life in prison for spying in a case that shocked Britain...

    Matthew Hedges was among more than 700 prisoners pardoned by UAE President Sheikh Khalifa bin Zayed Al-Nahyan on the occasion of National Day...

  • State Bank holds fire on policy rate

    KARACHI: The State Bank of Pakistan (SBP) on Saturday kept its policy rate unchanged at 6 per cent, saying headline inflation is expected to reverse its declining momentum...

    Furthermore, realisation of investment inflows stemming from the China-Pakistan Economic Corridor would indeed strengthen the external sector outlook over the medium to long term,” the State Bank said...

  • State Bank, finance ministry want dollar rate cut by Rs2

    KARACHI: The Ministry of Finance and the State Bank of Pakistan (SBP) want to see a cut of Rs2 per dollar in the open market, and have warned the exchange companies to comply or face the consequences...

    The exchange companies were told to cut the dollar rate by Rs2 immediately, but they only agreed to bring it down gradually...

  • Editorial: State Bank needs to be upfront about exchange rate depreciation

    ON Friday morning, the interbank market for foreign currency had a rude awakening as the rupee plunged against the dollar, and, just like last July, no attempts were made by the State Bank to shore up its value...

    “This movement in the exchange rate is based on demand and supply of foreign exchange in the interbank market,” the central bank said in a press release issued only a couple of hours later, adding, “[t]he exchange rate will...

  • State Bank raises benchmark interest rate to 13.25pc

    The State Bank of Pakistan raised its main policy rate by 100 basis points on Tuesday to 13...

    The move follows this month's accord with the International Monetary Fund over a $6 billion loan package that comes with tough conditions aimed at cutting Pakistan's substantial fiscal and current account deficits and bolstering its shrinking currency reserves...

  • State Bank holds policy rate steady at 13.25pc

    KARACHI: The State Bank of Pakistan (SBP), in its monetary policy announced on Monday, kept the policy rate unchanged at 13...

    On the other hand, inflation could begin to fall earlier than expected if oil prices decline, aggregate demand slows faster than expected, or the exchange rate appreciates...

  • Nawaz says he will rid Pakistan of ‘state above state’

    LAHORE: As the Pakis­tan Muslim League-Nawaz (PML-N) prepares to give a rousing welcome to ousted prime minister Nawaz Sharif and his daughter Maryam Nawaz on their arrival in Lahore on Friday, the party supremo has pledged that he will liberate Pakistan from “those who are running a state above the state”...

    Speaking at a party conference in the ballroom of the Grosvenor House Hotel in central London’s Mayfair district, Nawaz Sharif...

  • NAB arrests 23 State Life men for embezzlement

    LAHORE: The National Accountability Bureau, Lahore, on Saturday arrested 23 employees (Grade-18 and above) of the State Life Insurance Corporation on charges of embezzlement of Rs106 million...

    The NAB Lahore spokesman said the bureau had initiated investigation on the complaint of the State Life zonal office Lahore...

  • Modi's home state of Gujarat greenlights life sentences for cow slaughter

    Indian Prime Minister Narendra Modi's home state of Gujarat on Friday increased the punishment for cow slaughter from seven years to life imprisonment as Hindu hardliners push for tougher protections for the holy animal...

    Under the stiffened penalties passed by Gujarat's state assembly, anyone caught transporting cows for slaughter could also face up to 10 years in jail...

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