Islamabad, Aug 29: Data released by the central bank on Thursday showed that the State Bank of Pakistan’s (SBP) foreign exchange reserves showed a weekly gain of $112 million. The SBP reported that as of August 23, its foreign currency reserves stood at $9.403 billion, up $112 million from $9.292 billion on August 16. This information is based on the most recent statistics that the SBP has made available. With net reserves held by institutions other than the SBP included, the nation’s total liquid foreign currency reserves were $14.776 billion, an increase of $109 million from the previous week. Bank…
Author: Mawadat Fatima
Islamabad, Aug 29: More than five years have passed since the introduction of foldable cellphones. The industry is looking forward to tri-fold gadgets as the next evolutionary step as the technology advances. After major manufacturers like Huawei and Tecno leaked images of their tri-fold prototypes, Oppo is now taking center stage to present its interpretation of this innovative form factor. With a rendering of its next tri-fold smartphone, Oppo is giving consumers a glimpse into the future of foldable smartphones. Product manager for the Oppo Find series Zhou Yibao posted a picture of the gadget that highlights its unique design,…
Islamabad, Aug 29: Strict health standards for pilgrims are imposed by the Saudi Ministry of Hajj and Umrah in their new health advise for Hajj 2025. A Religious Affairs representative stated that people with serious medical issues will not be allowed to make the journey. Strict health restrictions have been enforced by the Saudi Ministry of Hajj and Umrah due to the expected bad weather during the Hajj season. Only those in good health and physical condition will be permitted to complete the Hajj. Pregnant women and children under the age of twelve will not be allowed to perform the…
Islamabad, Aug 29: The deadline for all school boards in the state to release the results of their intermediate and matriculation exams is September 15th, according to a schedule published by Muhammad Abbas Baloch, Secretary of Sindh Universities & Boards. A press announcement released on Wednesday night states that in order to guarantee consistency and prompt delivery, all boards in the province have been told to make the results public by September 15. Results in Larkana will be released on August 29; results in Hyderabad and Mirpurkhas will be released by September 5. The results of the science group will…
Islamabad, Aug 29: The introduction of new undergraduate degree programs was approved at the 56th academic council meeting of the University of Agriculture (UoA) Peshawar on Wednesday. The meeting was presided over by Vice Chancellor Emeritus Prof. Dr. Jehan Bakht. Professors, faculty members, and elected representatives were present at the gathering. In order to improve the university’s academic offerings, the council approved a number of academic initiatives. Among these were the addition of new undergraduate degree programs, including BS Agriculture Development, BS Development Studies, BS Economics, and BS Sociology. Prof. Dr. Jehan Bakht, vice chancellor, thanked everyone for a well-run…
Islamabad, Aug 29: The Baseline Credit Assessment (BCA) has been increased to caa2 from caa3, and the Corporate Family Rating (CFR) of Pakistan Water and Power Development Authority (WAPDA) has been upgraded from Caa3 to Caa2. According to the Rating Agency, the rating’s outlook was changed from stable to positive. This rating action comes after the Pakistani government’s (Caa2 positive) rating action from Moody’s Ratings. Given their strong credit relationship, the upgrade of WAPDA’s CFR and outlook change is consistent with the action taken on the rating of the Pakistani government. According to Spencer Ng, a vice president and senior…
Islamabad, Aug 29: Many retirees who live overseas are receiving pensions in foreign currency to which they have no legal claim. The Finance Division has emphasized that the federal government is not authorized to permit foreign-resident retirees to receive their pension in foreign currency due to the country’s current account balance. After taking notice of the situation, the Finance Division issued an office memo (OM) directing that pensioner appointed after January 2, 1959, be prohibited from receiving their benefits in foreign currency. According to the OM, “the Finance Division has received reports of certain retirees who live overseas and are…
Islamabad, Aug 29: According to the Framework for “Domestic Systemically Important Banks (D-SIBs)” notified in April 2018, the State Bank of Pakistan has announced the designation of D-SIBs for the year 2024. The structure that State Bank has established adheres to international standards and considers both local dynamics and global best practices. It outlines the improved regulatory and supervisory requirements, the process for identifying and designating D-SIBs, and the D-SIB implementation recommendations. The purpose of the increased standards is to increase the systemically important banks’ ability to manage risk and to withstand shocks. There are two steps involved in identifying…
Islamabad, Aug 29: Three people, one of them was a woman, were apprehended by the Anti-Narcotics Force (ANF) in Karachi for drug trafficking while assuming the identity of non-governmental organization (NGO) employees. The group leader was among the individuals who were captured in the Landhi area. Authorities found more than 1.5 kg of heroin during the operation. Following a tip, the ANF detained a female narcotics courier who was traveling from Tando Adam to Karachi and seized 400 grams of heroin. After more research, another suspect was apprehended and 500 grams more of heroin were taken from them. The group…
Islamabad, Aug 29: The Pakistan Stock Exchange’s (PSX) 100-Index saw a bullish trend on Thursday, rising 356.88 points and closing at 78,349.66 points as opposed to 77,992.79 points on the previous working day. This represents a positive movement of 0.46 percent. The Government of Pakistan’s senior unsecured debt and local and foreign currency issuer ratings were raised by Moody’s Ratings to Caa2 from Caa3 one day earlier. In comparison to the 636,024,989 shares traded the day before, a total of 599,820,775 shares were moved during the day. The price of the shares was Rs. 20.409 billion as opposed to Rs.…
