Business News
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Gold gains lustre after multi-session decline in Pakistan
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[ad_1] A trader displays gold bangles at a jeweller shop in this undated photo. — AFP Gold prices broke a seven-session losing streak and the precious metal gained some value in Pakistan despite a decline in international prices. The per tola price of 24 karat gold increased by Rs5,600 and was sold at Rs215,000 today…
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Analysts anticipate hike of 150bps in key rate | The Express Tribune
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[ad_1] KARACHI: Pakistan’s central bank is expected to hike rates when it meets to decide on policy on Thursday as it seeks to tackle sky-high inflation and bolster diminished foreign exchange reserves that have sent the rupee to record lows. Economic and political crises have seen the State Bank of Pakistan (SBP) lift its benchmark…
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Oil crisis brews as depots run dry | The Express Tribune
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[ad_1] ISLAMABAD: The government on Tuesday feared oil crisis as retail outlets of some oil marketing companies (OMCs) were reportedly found dry at a few locations in the country. Keeping in view this situation, the Petroleum Division called upon the Oil and Gas Regulatory Authority (Ogra) chairman to take regulatory action against those companies operating…
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SNGPL unearths gas theft at major mobile tower | The Express Tribune
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[ad_1] LAHORE: In a startling development, Sui Northern Gas Pipelines Limited (SNGPL) has said on Monday, that it uncovered a significant case of gas theft at a mobile phone tower site operated by Pakistan’s largest mobile phone operator, Jazz, located in Karak, Khyber-Pakhtunkhwa (K-P) province. SNGPL has recently launched an aggressive anti-gas theft campaign and…
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Sharp drop in worker remittances | The Express Tribune
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[ad_1] KARACHI: The inflow of workers’ remittances sent home by overseas Pakistanis through official channels remained low at $2.09 billion in August 2023, adding to pressure on the country’s capacity to pay for imports and repay the maturing foreign debt. According to the State Bank of Pakistan (SBP)’s data released on Monday, the remittances from…
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Gold continues to lose value in Pakistan as rupee appreciates
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[ad_1] Price of gold in the international market increases by $7 to $1,926 from $1,919. — AFP/File ISLAMABAD: As the rupee gained ground against the US dollar the per tola price of 24 karat gold declined by Rs2,600 and was sold at Rs209,400 on Monday compared to the Rs212,000 close it did last week. The…
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Rupee continues to make gains against dollar
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[ad_1] A dealer collect US dollars at a money exchange market in Karachi on January 26, 2023. — AFP KARACHI: The Pakistan rupee posted massive gains against the dollar on Monday in the open market in line with the government’s decision to launch a crackdown against currency smugglers, hoarders and black marketers. The greenback was…
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Eurozone 2023 growth forecast slashed; German seen going into recession
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[ad_1] An emloyee works on the assembling of a brake caliper for an electric vehicle in Dueren, western Germany. — Reuters The European Commission cut its 2023 and 2024 eurozone economic growth forecasts on Monday, with the single currency area weighed down by Germany’s poor performance. The EU’s executive arm predicted the German economy would…
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Oil bonded warehouse policy’s impact on economy | The Express Tribune
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[ad_1] ISLAMABAD: Recently, an oil bonded warehouse policy has been announced. This is one of the best and useful policies that one would have seen in recent years. Petroleum Division is the author of this policy along with input from relevant agencies like the Federal Board of Revenue (FBR), Customs and commerce ministry, who deserve…
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The ultimate trade challenge | The Express Tribune
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[ad_1] KARACHI: Pakistan continues to face challenges in its external account as the PKR to USD exchange rate rises beyond the Rs300 threshold, and the foreign exchange reserves held by the central bank decline. Although policymakers managed to reduce the trade deficit to less than $28 billion in FY2023 from $48.4 billion in FY2022, as…
