Govt hikes petrol, diesel prices by Rs 35 per litre
Finance Minister Ishaq Dar on Sunday announced that the federal government has decided to raise the prices of petrol and diesel by Rs 35 per litre, which will be applicable from 11am.
Pakistani rupee falls over Rs 8 against US dollar
The Pakistani rupee continued its downward trend on Friday with the local currency plunging Rs 8.87 against the US dollar in the interbank market. The rupee’s freefall started soon after the government.
Textile sector suffers $70m loss after power breakdown
The textile sector suffered a massive financial loss worth $70 million after the day-long countrywide power breakdown on Monday. Following the major power outage, industries across the country came to halt as.
Pakistan-IMF virtual talks remains inconclusive
The first round of talks between Pakistan and the International Monetary Fund (IMF) remained inconclusive as the government officials failed to convince the global financing lending institution to revive the loan programme..
IMF agrees on talks with Pakistan for ninth tranche
Islamabad: The International Monetary Fund (IMF) agreed on resuming talks with Pakistan regarding the release of the tranche under the ninth review of the Extended Fund Facility (EEF). Sources reported that the.
Iran’s currency hits record low
Iran’s currency reached an all-time record low amid rising tensions with the West and the unrest gripping the country. On Sunday, the United States dollar went past the 450,000-rial mark for the.
China to develop huge Bolivian lithium deposit
A giant Chinese battery company, Catl, has won a bidding process to develop Bolivia’s huge lithium reserves. The ultra-light metal is used in electric vehicle (EV) batteries, production of which is expected.
PSO denies the rumours of fuel shortage
Pakistan State Oil (PSO) spokesperson on Friday denied all the rumours about the shortage of fuel reserves and said that there is ample stock of petroleum products in the country. According to.
SBP foreign reserves reach $4.6 billion
Islamabad: According to data released by the State Bank of Pakistan (SBP), foreign exchange reserves increased by $258 million to $4.6 billion. The country’s total liquid foreign reserves were $10.44 billion of.
PSX plummets ahead of monetary policy meeting
KARACHI: On Friday, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Shares Index lost 423.60 points or 1.09% to close at 38,407.98 points. During the intraday trade, the index went as high as.
SHC seeks reply over FIA’s action against cryptocurrency
The Sindh High Court (SHC) on Friday sought reply from the secretary finance and State Bank of Pakistan over FIA’s action against cryptocurrency. The SHC was hearing a plea against FIA’s Cybercrime.
SBP directs commercial banks to open accounts of mosques
State Bank of Pakistan (SBP) wrote letters to heads of commercial banks on Thursday directing them to open accounts for mosques. The SBP sent letters to the executives of commercial banks requesting.
13 arrested for hawala, hundi business in separate raids
Federal Investigation Agency (FIA) detained eight persons on Thursday as part of a crackdown against currency smugglers and hundi, hawala businesses. The FIA team raided Sadiq Plaza Mall Road, Nabha Road, and.
Pakistan records 59pc drop in FDI
Karachi: The State Bank of Pakistan (SBP) data showed that the Foreign Direct Investment (FDI) into the country dropped by 59 percent during the first half of the fiscal year (FY23). According.
Pak, Russia agree to enhance cooperation
Islamabad: In a significant development at the second round of talks of the Pakistan-Russia Inter-Government Commission session in Islamabad, the two countries agreed to form a working group for bilateral cooperation. The.
CPPA moves NEPRA for power tariff reduction
Islamabad: The National Electric Power Regulatory Authority (NEPRA) is likely to reduce the power tariff by Rs2.19 per unit on account of fuel cost adjustment (FCA) for December 2022. The Central Power.
World Bank delays approval of loan for Pakistan
Islamabad: World Bank on Wednesday delayed the approval of two loans worth $ 1.1 billion for Pakistan until the next fiscal year. The Bank had earlier earmarked $ 450 million for a.
PSX plunges to hit 2.5-year low
Karachi: Pakistan stocks on Tuesday plunged to a 30-month low as the country’s extremely riotous political situation freaked economy-wary investors. The KSE-100 Shares Index, the benchmark of the country’s capital market, lost.
Gold price shows downslide
Hyderabad: The price of a single tola of 24-karat gold was recorded in Hyderabad at Rs.183,900 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs.157,651..
Gold prices show a downslide
All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) noted that the price of gold plunged Rs. 2,800 per tola and Rs. 2,401 per 10 grams to settle at Rs. 184,500 and Rs. 158,179..
IMF wants Pakistan to meet targets for loan
Islamabad: The International Monetary Fund (IMF) refused to relax its conditions set for Pakistan to complete the ninth review of the $7 billion loan program. Earlier this month, Finance Minister Ishaq Dar.
Remittances decline by 19pc in December
The State Bank of Pakistan (SBP) said on Friday that remittances for December 2022 came in at $ 2 billion, declining 19 percent over the same month last year. Compared to.
SBP-held reserves plummet below $4.5bn
Pakistan’s central bank forex reserves have plunged to the lowest level since February 2014 after a decline of 22.11%. It has posed a serious challenge for the country in financing imports. The.
SECP issues guidelines for Islamic Financial Services
Islamabad: The Securities and Exchange Commission of Pakistan issued Guidelines for Offering Islamic Financial Services, 2023, covering all its regulated sectors. The are framed to facilitate the growth of Shariah-compliant financial products.
Pakistan, KSA to ink $1bn oil sector agreement
Islamabad: As per the Saudi news channel, Pakistan and Saudi Arabia are expected to ink an agreement of over $1 billion in the oil sector, through the Saudi Development Fund. “The coming.
New gas reserves discovered in Sindh
Mari Petroleum Company Limited (MPCL) has announced a gas discovery at an exploratory well Mari Ghazij-1, located in Mari Development and Production Lease (D&PL) in Sindh. The well was spudded-in on November.
AIIB president holds virtual meeting with Ishaq Dar
Asian Infrastructure and Investment Bank (AIIB) President Jin Liqun held a virtual meeting with Finance Minister Ishaq Dar on Friday. Finance Minister Ishaq Dar said the government inherited a weak economic legacy.
World food prices hit record high in 2022
As per the reports, world food prices dropped for a ninth month in December but hit their highest level on record for the full year in 2022, UN data found. Food prices.
Food prices push weekly inflation to 30.6pc
Short-term inflation measured by the Sensitive Price Index (SPI) reached 30.6pc in the week ending on January 5. It is up from last week’s 29.3pc, as food prices continue to remain high..
Millat Tractors shut down for indefinite period
Millat Tractors Limited (MTL), on Thursday, announced that it was shutting down production for an indefinite period starting from Friday. It argued that the company could not plough ahead with operations amid.