Business News
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Pakistan places first order for discounted Russian crude oil
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[ad_1] State Minister Musadik Malik addressing a press conference in Islamabad after Russia visit on December 5, 2022. — PID ISLAMABAD: State Minister for Petroleum Musadik Malik has confirmed that Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow. The development comes months after Pakistan approached…
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‘Best strategy’ helped exit economic crisis: Ishaq Dar
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[ad_1] Finance Minister Ishaq Dar speaks during a press conference in Islamabad on February 10, 2023. — AFP The Pakistan Democratic Movement (PDM)-led government’s “best strategy” helped the country come out of the economic crisis, Minister for Finance and Revenue Senator Ishaq Dar said Wednesday. The minister’s comments at an event in Madina, Saudi Arabia,…
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Govt borrows Rs599b via T-bills auction | The Express Tribune
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[ad_1] KARACHI: The government on Wednesday raised debt worth Rs599 billion through the sale of treasury bills to commercial banks, which lent funds at a historical high return of almost 22%. The borrowed amount was, however, almost 40% less than the target of Rs1 trillion as banks demanded a higher rate of return on lending…
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IMF struggles to find trustworthy partners | The Express Tribune
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[ad_1] KARACHI: The International Monetary Fund (IMF) is facing a challenging question regarding whom to trust in Pakistan to revive its $7 billion loan programme for the nation. The incumbent government, led by Finance Minister Ishaq Dar, has continued to fulfil commitments with the IMF and implement tough decisions. However, the IMF is assessing who…
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International decline, unchanged rupee lead to fall in gold’s value
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[ad_1] A representational image of gold bangles. — AFP/File As the price of gold dropped in the international market and the USD-PKR exchange rate remained unchanged, the precious metal’s value declined in the domestic market on Wednesday. The price of gold (24 carats) declined by Rs550 per tola and Rs471 per 10 grams to reach…
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Current account posts surplus for first time since Nov 2020
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[ad_1] A man counts US dollar notes in this undated file photo. — AFP Pakistan’s current account posted a surplus in March after a 28-month period, the State Bank of Pakistan (SBP) data showed Wednesday. It was the first time since November 2020 that the current account was in the surplus territory. This month’s surplus…
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Eid ul Fitr 2023 holidays: How many days will banks remain closed in Pakistan?
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[ad_1] An undated image of the State Bank of Pakistan building. — AFP With only a few days left for the Eid ul Fitr — a religious festival celebrated by Muslims across the world — the State Bank of Pakistan (SBP) on Wednesday announced five-day holidays. According to a statement released by the central bank, …
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Import ban pushes Pakistan’s current account into surplus | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s current account recorded a surplus in March, the highest in two years, the State Bank of Pakistan (SBP) alongwith other market analysts said, following stringent import restrictions to manage the economy’s turmoil. Pakistan is trying to get an IMF bailout back on track and both sides have been engaged since early February in talks to clear…
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Soaring inflation dampens Eid holiday spirit | The Express Tribune
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[ad_1] The holiday that marks the end of the Muslim fasting month of Ramazan used to be a guaranteed earner for Pakistan’s small shops and businesses — a big-spending week that could match the take from the rest of the year. This year, however, many worry they will not even make enough to pay their…
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Govt goes ahead with petrol subsidy scheme | The Express Tribune
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[ad_1] ISLAMABAD: Contrary to the assurance given to the International Monetary Fund (IMF) of shelving the petrol subsidy scheme, the government has moved a summary for a relief package for motorcyclists and small vehicle owners. In February, Prime Minister Shehbaz Sharif gave go ahead to petrol subsidy to motorcyclists and car owners of up to…
