Business News
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Oil ticks up as US inflation cools | The Express Tribune
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[ad_1] BENGALURU: Oil prices nudged higher on Friday with US inflation data showing some signs of slowing price rises, but for the month, oil was on course for its weakest performance since November. Brent futures, which have risen nearly 6% this week, were up 26 cents, or 0.3%, at $79.53 a barrel by 1456 GMT.…
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China rolls over $2b loan to Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: Pakistani Finance Minister Ishaq Dar said on Friday that China had rolled over a $2 billion loan that matured last week, providing relief during the nation’s acute balance of payment crisis. Locking in a rollover had been critical for Pakistan, where reserves have dipped to just four weeks’ worth of imports and talks…
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Late export proceeds to be fined up to 9% | The Express Tribune
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[ad_1] KARACHI: Pakistan’s central bank has issued new regulations to tighten the process of repatriating export earnings into the country. Under the new rules, exporters who delay bringing their export earnings into the country will face fines of up to 9% of their realised export proceeds. The fines will be imposed if export proceeds are…
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Honda Atlas extends production shutdown to mid-April | The Express Tribune
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[ad_1] Honda Atlas Cars Pakistan Ltd on Friday announced a 15-day extension to the longest plant shutdown to date, citing the country’s current economic crisis, restrictions on opening letters of credit for imports, and halting foreign payments. The company announced an initial shutdown on March 8, which was expected to end on March 31. Honda says that…
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Pakistan begins outsourcing airports as cash crunch bites
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[ad_1] An undated image of Islamabad International Airport. — AFP/File ISLAMABAD: In a move aimed at generating foreign exchange reserves for the cash-strapped nation, the Economic Coordination Committee (ECC) on Thursday kick-started the process of outsourcing three airports in Pakistan. According to a statement issued in this regard, the Finance Division revealed that the committee…
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Forex reserves fall by $354m to $4.24b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank fell by 7.7% on a week-on-week basis to $4.24 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On March 24, 2023, the SBP’s foreign currency reserves stood at $4,244.3 million, down by $354 million compared to $4,598.7 million…
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SBP’s reserves fall by more than $300m to break six-week streak
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[ad_1] A man counts dollar bills. — AFP The State Bank of Pakistan (SBP)-held foreign exchange reserves fell by more than $300 million to break a six-week winning streak as the nation struggles to secure external financing for avoiding a possible default. The central bank, in its weekly bulletin, said that its foreign exchange reserves…
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Chinese loan rollover of $2bn in process: govt source | The Express Tribune
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[ad_1] KARACHI: The rollover of a $2 billion Chinese loan to Pakistan that matured on March 23 is in process, a top government source told Reuters. With the country locked in unsuccessful talks to secure bailout funding from the International Monetary Fund (IMF), the rollover is critical for foreign exchange reserves that have dipped to…
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Pakistan welcomes removal from EU list of high-risk countries
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[ad_1] Pakistan welcomes removal from EU list of high-risk countries. AFP/File ISLAMABAD: Pakistan welcomed the European Union’s decision to remove the country from the list of high-risk countries in recognition of the country’s progress in addressing anti-money laundering issues and countering terrorism financing. The European Union (EU) removed the country from the “List of High-Risk…
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Riyadh signals readiness to provide more credit | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan claimed on Wednesday that it received an indication from Saudi Arabia for additional loans that may help to break gridlock with the International Monetary Fund (IMF) and said that it was not planning to prematurely quit the $6.5 billion programme. “We have received an indication from Saudi Arabia about getting something,” Dr…
