Business News
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Gold breaks all records, crosses Rs200,000 per tola mark | The Express Tribune
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[ad_1] Amid freefall of the Pakistani rupee and reports of revival of stalled talks with the International Monetary Fund (IMF), gold continued to steal the limelight in the local markets, with prices hitting a record high of Rs Rs202,500 per tola on Friday evening. The prices of per tola and per 10 grams of gold…
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Pakistan-IMF deal to be inked this month: PM Shehbaz
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[ad_1] Prime Minister Shehbaz Sharif addressing the inauguration ceremony of the Green Line Express Train Service at the Margalla Train Station on January 27, 2023. — Twitter/@GovtofPakistan Prime Minister Shehbaz Sharif Friday assured the nation that Pakistan will strike the much-awaited agreement with the International Monetary Fund (IMF) “this month”. The prime minister, while addressing the…
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Rupee freefalls to 268.3 against USD in interbank market | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency maintained a freefall for a second consecutive day, plunging by a fresh 4.78% (or Rs12.87) to a new all-time low of Rs268.30 against the US dollar in the interbank market at around 10:30 am on Friday. Yesterday, the currency recorded the single largest slump in a day of 9.61% (or…
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SBP-held forex reserves plunge to $3.7 billion
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[ad_1] A Pakistani dealer counts US dollars at a currency exchange shop in Karachi on October 9, 2018. — AFP/File The State Bank of Pakistan (SBP)-held foreign reserves plunged to $3.7 billion, their lowest in more than eight years, as the nation of 220 million people struggles to meet its finance amid a stalled International…
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IMF team due in Pakistan soon to discuss 9th review
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[ad_1] The International Monetary Fund’s (IMF) logo. — AFP/File ISLAMABAD: The International Monetary Fund (IMF) will be sending a delegation to Pakistan by the end of this month to discuss the stalled 9th Extended Fund Facility review, an official said. Islamabad is dealing with a severe economic crunch as the foreign exchange reserves are at…
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Dar’s bid to run economy sans IMF damaged Pakistan: Miftah
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[ad_1] Former finance minister Miftah Ismai and his successor Ishaq Dar. — AFP/Screengrab/BBC/File Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail on Thursday took a jibe at his successor, Finance Minister Ishaq Dar, saying that the finmin spoke against him in public and questioned his ability. “I don’t know why Mr Dar was brought back but…
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IMF team to visit Pakistan from Jan 31 | The Express Tribune
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[ad_1] An International Monetary Fund mission will visit Pakistan later this month to discuss the stalled ninth review of the country’s current funding programme, the lender’s resident representative said on Thursday. “At the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad January 31st – February 9th to continue the discussions…
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Rupee reaches all-time low in interbank
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[ad_1] A money exchange employee counts dollars. — AFP/File KARACHI: The rupee posted its biggest single-day decline against the dollar in more than two decades, after rapidly depleting foreign exchange reserves and an unyielding International Monetary Fund (IMF) forced the government to relax its grip on the currency. Following the government’s decision to end its…
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KSE-100 index gains over 1,000 points
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[ad_1] A representational image of investors looking at the digital stock board. — Reuters/File Stocks skyrocketed Thursday after the rupee fell 9.6% against the dollar — the largest single-day fall in over 20 years — a strategically critical development that may help unlock the International Monetary Fund’s (IMF) deadlocked lending to Pakistan. Pakistan Stock Exchange’s…
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PKR plummets to 240 against USD after govt ends exchange control | The Express Tribune
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[ad_1] KARACHI: Pakistani currency nosedived by Rs24.11 (or 9.45%) to an all-time low at Rs255 against the US dollar in the interbank market at around 1 pm on Thursday. The latest fall comes as the government ended its control over the rupee-dollar exchange rate as part of the International Monetary Fund (IMF) condition. The local…
