The Weakening Rupee and its fluctuating exchange rate against the dollar have become a matter of concern in the interbank market. On Tuesday, the rupee experienced a significant depreciation of Rs2.46 against the dollar, dampening the initial optimism surrounding the agreement with the International Monetary Fund (IMF). Understanding the Exchange Rate Movement According to the… Read More »
Bank Makramah Limited (BML) recently obtained approval from the State Bank of Pakistan to change its name from Summit Bank Limited. This strategic decision comes after the acquisition of a controlling stake in Summit Bank by Nasser Abdulla Hussain Lootah, a prominent Emirati investor. However, the name change will be subject to further regulatory and… Read More »
Pakistan’s foreign exchange reserves, managed by the central bank, saw a substantial increase of $393 million, reaching $4.462 billion by the week ending June 30, according to the latest report by the State Bank of Pakistan. This surge in reserves can be attributed to the inflow of official funds. The total reserves held by the… Read More »
The Pakistan Cricket Board (PCB) is set to welcome a new chairman on June 27, as the governing body of the sport has announced the upcoming elections for this pivotal position. In a statement released by the PCB, it was confirmed that the election would take place at the organization’s headquarters in Lahore. Following the… Read More »