Business News
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SBP foreign exchange reserves fall to near nine-year low
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[ad_1] In this file photo taken on April 22, 2022 US dollar coins and banknotes are seen displayed on a table, in London. — AFP The State Bank of Pakistan-held (SBP) foreign exchange reserves plummet to a near nine-year low as the cash-strapped nation made external debt repayments. The central bank released weekly data showing…
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Germany to fund projects worth €28m | The Express Tribune
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[ad_1] ISLAMABAD: Germany signed two framework agreements worth €28 million, on Thursday, that will focus on the socio-economic uplift and sustainable development of Pakistan. Ambassador of the German government, Alfred Grannas, and the Ministry of Economic Affairs to Pakistan, Dr Kazim Niaz, signed agreements in the energy and governance sectors. According to details, Germany will…
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Forex down to 9-year low at $4.3b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank fell by 22.1% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On January 6, 2023, SBP’s foreign currency reserves were recorded at $4,343.2 million, down $1,233 million compared to $5,576.5 million on December 30. According…
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Pakistan, Saudi Arabia ink over $1bn oil sector agreement
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[ad_1] Ministry of Economic Affairs Secretary Kazim Niaz (left) and Saudi Fund for Development CEO Sultan Abdulrahman Al-Marshad shake hands after signing the agreement. — Twitter/@eadgop ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed an agreement worth more than $1 billion in the oil sector, through the Saudi Development Fund (SDF). A day earlier, the…
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UAE agrees to rollover existing $2bn loan, lend $1bn more to Pakistan
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[ad_1] Prime Minister Shehbaz Sharif meets UAE President Sheikh Mohamed bin Zayed in Abu Dhabi. — APP ABU DHABI: Prime Minister Shehbaz Sharif on Thursday met UAE President Sheikh Mohamed bin Zayed Al Nahyan wherein the latter agreed to rollover an existing loan of US$2 billion and provide an additional loan of US$1 billion, Federal…
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Traders protest outside SBP against non-clearance of containers | The Express Tribune
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[ad_1] KARACHI: Traders of Karachi came out on the streets and protested outside the State Bank of Pakistan (SBP) on Thursday against the non-clearance of containers and embargo on letters of credit (LCs) due to a lack of foreign exchange in the country. On the appeal of Karachi Timber Merchants Group (KTMG) against the non-acceptance…
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MNAs bemoan govt’s apathy towards plight of economy | The Express Tribune
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[ad_1] KARACHI: Treasury and opposition members of the National Assembly (MNAs) criticised the government on Wednesday, particularly the key financial managers, for the prevailing economic situation in the country and urged businessmen to increase liaison with the elected representatives of the people for resolution of their issues. Speaking at a function at the Karachi Chamber…
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Rupee touches new 3-month low | The Express Tribune
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[ad_1] KARACHI: Pakistani currency registered another downtick of Rs0.05 to touch a new three-month low of Rs227.93 against the US dollar in the inter-bank market on Wednesday amid conflicting reports about the revival of International Monetary Fund (IMF) loan programme. The currency fell sharply by Re1 in the open market and reached Rs238 against the…
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Dar rubbishes speculations of using commercial banks’ dollars
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[ad_1] Federal Minister for Finance and Revenue Ishaq Dar addressing a news conference alongside Prime Minister Shehbaz Sharif and other federal cabinet members in Islamabad on January 11, 2023. — YouTube Screengrab via PTV News Finance Minister Ishaq Dar Wednesday rubbished speculations that the government was planning to seize foreign exchange held with commercial banks. ‘Categorically’…
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Govt won’t confiscate commercial banks’ dollars, assures Dar | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar on Wednesday clarified that the government was not considering any access to foreign exchange reserves held by the commercial banks, which he said were the property of the citizens. “I have already said that Pakistan’s reserves are $10 billion. The figures I quoted were based on the principle that…
