Business News
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UAE president drops clues on ‘huge investment’ plans for Pakistan
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[ad_1] Prime Minister Shehbaz Sharif (right) photographed in a meeting with UAE president Mohammad Bin Zayed Al-Nahyan on January 25, 2023. — APP ISLAMABAD: United Arab Emirates (UAE) President Sheikh Mohamed Bin Zayed Al Nahyan Wednesday said his country was considering boosting its investment in Pakistan — which drastically needs such inflows to keep its…
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Rupee falls 0.92% against dollar in open market
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[ad_1] A money exchange employee counts dollars. — AFP/File KARACHI: The Pakistani rupee Wednesday fell further against the US dollar after the exchange companies removed the unofficial cap on the greenback, hoping to dent the grey market. The rupee closed at 243 against the dollar, falling 2.25 or 0.92%, the Exchange Companies Association of Pakistan…
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Rupee falls to all time low of 252 against USD | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee fell by 5.75% (or Rs14.5) to an all-time low of Rs252.5 against the US dollar in the open market at 11 am on Wednesday. The slump in the rupee helped the Pakistan Stock Exchange (PSX) jump by 1.87% (or 730 points) to 39,785 points at 11:39 am. The rupee plunged…
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MPs to get Rs90b amid economic morass | The Express Tribune
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[ad_1] ISLAMABAD: Amid the National Austerity Committee’s recommendation to review the practice of dolling out billions of rupees to parliamentarians, the government decided to further increase the discretionary spending budget to a whopping Rs90 billion. As the country is also at the risk of default, the National Austerity Committee recommended slashing the federal cabinet to…
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In bid to dent grey market, exchange companies remove US dollar cap
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[ad_1] A vendor at an exchange company counts dollars in this undated photograph. — AFP/File KARACHI: The Exchange Companies Association of Pakistan (ECAP) has decided — effective from tomorrow (Wednesday) — to remove the cap on the US dollar, in a bid to end the surging “artificial” demand for the greenback in the money market. The…
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Cap on currency value to be removed | The Express Tribune
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[ad_1] KARACHI: Currency dealers have unanimously decided to stop keeping the rupee overvalued artificially against the US dollar at the open market and have said they will let the rupee-dollar exchange depreciate to its actual value with effect from Wednesday. Speculations suggest that the rupee in the open market could rapidly devalue to the level…
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Currency dealers remove cap on dollar-rupee exchange rate | The Express Tribune
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[ad_1] KARACHI: The currency dealers have unanimously decided to stop artificially keeping rupee overvalued against US dollar in open market and let the rupee-dollar exchange rate depreciate to its actual value. Speculations suggest rupee could gradually devalue to the level of black currency market in a couple of days. The domestic currency was available at…
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OGRA denies reports of petrol shortage in country | The Express Tribune
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[ad_1] ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday strongly refuted reports of petrol and diesel shortage in the country, saying that there is sufficient stock. According to OGRA spokesman Imran Ghaznavi, the country has enough reserves available to meet 17 days of petrol and 32 days of diesel demand. Ghaznavi said that ships…
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SBP raises key interest rate to 25-year high of 17%
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[ad_1] State Bank of Pakistan Governor Jameel Ahmad addresses a press conference in Karachi on January 23, 2023. — AFP KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) Monday raised the key interest rate by 100 basis points (bps), taking it to 17% — the highest since October 1997. In…
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SBP withdraws some import restrictions
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[ad_1] This file photo taken on January 3, 2023 shows shipping containers stacked at Nanjing port in China’s eastern Jiangsu province. — AFP Following constant complaints from industry players and stakeholders, the State Bank of Pakistan (SBP) on Monday withdrew the requirement of prior approval of imports and directed banks to prioritise the import of…
