Business News
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Govt rules out freeze on $5.4b FCAs | The Express Tribune
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[ad_1] ISLAMABAD: Top government functionaries, while explaining that the authorities would not inquire about the source of income on foreign remittances up to $100,000, on Monday ruled out any freeze on the $5.4 billion in private foreign currency accounts (FCAs) as part of the ‘Plan-B’. The statements made in the Senate Standing Committee on Finance,…
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Ishaq Dar for further enhancing economic ties with China
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[ad_1] Pang Chunxue, Charge’d Affairs at the Chinese embassy, calls on Finance Minister Ishaq Dar on June 12, 2023. — PID ISLAMABAD: Finance Minister Ishaq Dar on Monday stressed the need to further deepen bilateral relations with China with special focus on economy, trade and financial sectors. He made the remarks while talking to Pang…
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Pakistan seeks fast-track refinancing of $1.3b loans | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Monday requested China to fast-track the refinancing of maturing commercial loans of $1.3 billion and apprised it of the diminishing prospects of revival of the International Monetary Fund (IMF) loan programme. The request was made by Finance Minister Ishaq Dar during a meeting with China’s Charge d’affaires Pang Chunxue at the…
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Gold continues to lose shine, falls by Rs1,750 in Pakistan
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[ad_1] An undated image of gold jewellery displayed at a store. — AFP KARACHI: The gold prices in Pakistan continued to decline on Monday in line with the depreciation of the rupee against the dollar. The price of gold (24 carats) lost Rs1,750 per tola and Rs1,500 per 10 grams to settle at Rs225,500 and…
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Auto sector shows signs of recovery amidst YoY decline | The Express Tribune
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[ad_1] KARACHI: Pakistan witnessed a glimmer of hope in the auto sector as automobile sales in May 2023 recorded a month-on-month recovery of 19%. However, it is crucial to note that this improvement comes with a staggering year-on-year decline of 77%. The Pakistan Automotive Manufacturers Association (PAMA) report revealed that approximately 5.3 thousand units were…
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SBP maintains interest rate at 21%
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[ad_1] An undated image of the State Bank of Pakistan building in Karachi. — AFP The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) decided against increasing the interest rate as it “views inflation to have peaked at 38% in May 2023, and barring any unforeseen developments, expects it to start falling from June…
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PM Shehbaz confident of securing agreement with IMF this month
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[ad_1] Prime Minister Shehbaz Sharif addresses during his visit of Sabzazar Sports Complex in Lahore on June 11, 2023.— PID Prime Minister Shehbaz Sharif Sunday hoped to break the stalemate with International Monetary Fund (IMF) as all the preconditions had been met already. Addressing the inaugural ceremony of Sabzazar Sports Complex in Lahore, PM Shehbaz,…
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First Russian discounted oil cargo has arrived in Karachi, announces PM Shehbaz
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[ad_1] First Russian vessel Pure Point reaches Karachi port. — Twitter/ @Roohan_Ahmed For the first time in the history, a vessel carrying Russian oil has finally reached Karachi on Sunday, announced Prime Minister Shehbaz Sharif. Taking to twitter, PM Shehbaz wrote, “I have fulfilled another of my promises to the nation. Glad to announce that…
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Budget 2024: less relief, no reforms | The Express Tribune
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[ad_1] KARACHI: The verdict is out. The much-awaited last budget of the current regime is a bit of everything and not exactly what the economy needs. From a broader perspective, the election is being kept in mind, as well as the fact that squandering money at this pace will shut the doors of the International…
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Migrants in UAE turn to crypto to send remittances home | The Express Tribune
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[ad_1] DUBAI: Muhammed Bilal used to have to wait his turn outside a money transfer office in the scorching heat of Dubai to send home $1,000 to his wife and parents in Pakistan each month, at a cost of about $7 per transfer. He has since switched to an app that allows him to send…
