The rupee continued to weaken against the dollar on Monday, falling by Rs1.64 in the interbank market. The local currency closed at Rs229.82 per dollar, data shared by the State Bank of Pakistan (SBP) showed. This equates to a depreciation of 0.71 per cent. Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said there were several factors behind the rupee’s dec
The ‘Global Estimates of Modern Slavery’, published on Monday says 50 million people are living in modern slavery in 2021, and of these people, 28m are in forced labour and 22m are trapped in forced marriage. The report from the International Labour Organisation (ILO) further says the number of people in modern slavery has risen significantly in the last five years. Ten million more people were
Owing to a “lack of progress” in the proposed transaction, a group of three investors has formally decided not to proceed with the acquisition of more than 50 per cent shares in Escorts Investment Bank Ltd, a subsidiary of real estate developer Bahria Town Ltd, a bourse filing said on Monday. The three investors made a public announcement of their intention in March to buy more than 50pc shareh
The economic pressure has increased due to floods, said Finance Minister Miftah Ismail. “Difficult decisions have been taken to save the country from bankruptcy. The economic pressure has increased owing to recent floods,” the minister said during his meeting with Punjab Governor Balighur Rehman on Monday. The economic conditions of the country and the flood situation were discussed. The
The Asia-Pacific Group (APG) on Money Laundering has rated Pakistan’s level of effectiveness as ‘low’ on 10 out of 11 international goals on anti-money laundering and combating the financing of terror (AML/CFT), even though the country is now compliant on 38 out of 40 technical recommendations. The Sydney-based regional affiliate of the Financial Action Task Force (FATF) released an update, as