HANOI: According to Vietnamese police, they have detained five individuals and dismantled a money-laundering network that imported US$1.2 billion (S$1.6 billion) in illicit funds into the nation. Members of the ring, including bank personnel, created 187 firms and opened over 600 corporate bank accounts between 2022 and 2024 by forgingRead More →
WASHINGTON DC: Bitcoin has now reached a new all-time high, surpassing $108,000 for the second time in history, according to Coin Gecko statistics. Its current price is $107,847. This milestone was attained on the day of Donald Trump’s inauguration, during which time the crypto space was quite busy in preparationRead More →
Bloomberg predicts that Pakistan’s currency would fare best worldwide this month as the interim administration keeps up its drive against illegal dollar transactions. Bloomberg reports that despite other currencies, including the South Korean won and Thai baht, falling against the dollar due to expectations that US interest rates will remainRead More →
Reuters: ISLAMABAD Pakistan’s petroleum minister said on Monday that the South Asian nation’s first government-to-government purchase of discounted Russian oil was paid for in Chinese currency, marking a major change in its export payment policy, which had previously been dominated by the U.S. dollar. Discounted crude provides relief as PakistanRead More →
ANKARA (AP) — Recep Tayyip Erdogan was re-elected as president of Turkey last month, even though the economy is in bad shape and there is a cost-of-living problem that experts say is made worse by his unusual economic policies. The longtime leader put a well-known former banker in charge ofRead More →
LONDON (Reuters) : On Friday, sterling was on track for its greatest one-week gain versus the dollar in six months, as US interest rates seemed set to peak sooner than UK rates. With the all-important monthly US jobs data expected later in the day, currency market action was muted. “FromRead More →
As political unrest plagues markets, the Pakistani rupee plunged to its all-time low of 300 versus the US dollar during intraday trade today after dipping below 296 at 12:10 PM. The interbank rate lost Rs. 10 during the first few hours of intraday trade today, falling to Rs. 300.25 atRead More →
LAHORE (Wed Desk) – The State Bank of Pakistan declared that the Rs 75 commemorative bank note released on Pakistan’s 75th Independence Day was lawful cash. The bank stated that the note will be utilised as a means of exchange for all transactions in Pakistan. On Pakistan’s 75th Independence Day,Read More →
KARACHI: Due to political upheaval and intermittent suspensions of the International Monetary Fund (IMF) lending programme, the Pakistani rupee has continued to depreciate against the US dollar into the year 2022. On Friday, the rupee fell 22% year-over-year to Rs226.43 versus the dollar in the interbank market. However, it isRead More →
With the economy under great strain, as seen by depleted foreign reserves, a rising current account deficit, and the currency plunging to a historic low, Pakistan must act quickly to reactivate the International Monetary Fund programme in order to avert a Sri Lanka-style collapse. “In order to re-enter the program,Read More →