Business News
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Maryam Nawaz calls out Imran Khan for remarks over economic crisis
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[ad_1] PML-N Senior Vice-President Maryam Nawaz (right) and PTI Chairman Imran Khan. — AFP/Online/File Pakistan Muslim League-Nawaz (PML-N) Senior Vice-President Maryam Nawaz called out Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Twitter for his remarks over the deteriorating economic condition — less than a week after they traded barbs on the microblogging site. Last Saturday,…
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SBP’s forex reserves rise to $3.8b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 16.5% on a week-on-week basis to $3.8 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 24, 2023, the SBP’s foreign currency reserves stood at $3,814.1 million, up by $556 million compared to $3,258.5 million on…
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Rupee falls sharply amid delay in IMF deal
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[ad_1] — APP/File KARACHI: The local currency fell sharply on Thursday against the US dollar amid a delay in the International Monetary Fund’s (IMF) deal, plunging by Rs17.59 during the trade, according to the Exchange Companies Association of Pakistan (ECAP). The dollar was trading at Rs283.71 in the interbank market after closing at Rs266.11 a…
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Rupee freefalls in interbank to 290.18 against USD | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee plunged 8.29% (or Rs24.07) to a new all-time low of Rs290.18 against the US dollar in the interbank market at around noon on Thursday. The rupee continued its significant loss of value on the second consecutive day since the government reinstated the market-based exchange rate on the directive of the…
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Power subsidies to agriculture withdrawn to win IMF loan
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[ad_1] Farmers busy in loading green fodder on a trolley at Phandu area, Peshawar, on January 10, 2023. — APP The coalition government on Wednesday revoked the power subsidy given to agriculture consumers — under the Kissan Package announced in October 2022 — as it strives to strike a deal with the International Monetary Fund…
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Pakistan inflation jumps 31.5%, highest in nearly 50 years | The Express Tribune
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[ad_1] KARACHI: The Consumer Price Index (CPI), the inflation monitor, jumped 31.5% in February year-on-year, the Pakistan Bureau of Statistics (PBS) said on Wednesday, the highest annual rate in nearly 50 years, as food, beverage and transportation prices surged more than 45%. February’s 31.5% rate is the highest since 1974, a spokesperson for the PBS…
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Rupee slides to 265.83 in interbank market over IMF concerns | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency nosedived 1.65% (or Rs4.33) to Rs265.83 against the US dollar in the interbank market at 12:45 pm on Wednesday. The latest drop follows the International Monetary Fund (IMF) expressing concern with the incumbent government regarding the still-present control of the rupee in the interbank market. The rupee also took a…
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Islamabad baffled by IMF moving goalposts | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Tuesday once again sought the US help to conclude a desperately-needed deal with the International Monetary Fund (IMF). It is “rare” that despite implementing tough decisions with high political cost, the coalition government has to deal with a situation where the global lender keeps changing the goalposts constantly. The request for…
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Govt slashes petrol price by Rs5 per litre
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[ad_1] A large number of bike owners stand in a queue at a petrol pump in Islamabad on June 7, 2022. — APP ISLAMABAD: The coalition government has slashed the price of petrol for the next fortnight, taking it to Rs267 per litre after a decrease of Rs5 per litre, Finance Minister Ishaq Dar announced…
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Moody’s downgrades Pakistan’s rating to Caa3
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[ad_1] Moody’s headquarters in New York, US. — AFP/File SINGAPORE: Moody’s Investors Service Tuesday downgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa3 from Caa1 as the cash-strapped country struggles to resurrect a long-suspended International Monetary Fund (IMF) loan. Islamabad has been in talks with the Washington-based money lending institution to…
