Business News
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Gold scales fresh peak of Rs167,300 per tola in Pakistan
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[ad_1] A representational image of gold jewellery displayed in a shop. — AFP/File The gold price soared to a record high at Rs167,300 per tola (11.66 grams) in Pakistan on Saturday. The surge was in line with the fluctuations in rupee-dollar parity that pushed the prices of precious metals up significantly. According to data released…
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Dollar smugglers devise novel ways | The Express Tribune
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[ad_1] ISLAMABAD: Despite official foreign currency reserves falling to a critically low level of $6.7 billion, the government has failed to stop the smuggling of the dollars to Afghanistan that was underway using orange crates and with the connivance of law enforcement agencies (LEAs), revealed the proceedings of a huddle held on Friday. It also…
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TSA deadline will be missed: IMF | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan will miss its end-December deadline to close all bank accounts maintained by the public sector entities and defence ministry in commercial banks, and transfer the money to the central bank, reveal findings from the International Monetary Fund (IMF). The cumulative balance in these accounts amounts to about Rs2.9 trillion. There was also…
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G7 oil price cap not to blame for Turkey tanker queues, EU says | The Express Tribune
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[ad_1] BRUSSELS: The Group of Seven countries’ (G7) price cap on Russian oil is not responsible for a queue of tankers waiting in the Black Sea to pass through Istanbul’s Bosphorus Strait on the way to the Mediterranean, the European Commission said. The number of vessels queuing in the Black Sea increased on Friday to…
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Govt trying to make good use of idle properties in US | The Express Tribune
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[ad_1] ISLAMABAD: The Roosevelt Hotel in New York is not the only Pakistan government’s property lying idle in the US as there are more such properties in Washington, telling a sorry state of affairs because Islamabad has been unable to make a productive use of those buildings despite its best efforts. The Foreign Affairs Division…
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Rupee extends losses as forex reserves continue to deplete
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[ad_1] One dollar notes with the signature of US Treasury Secretary Janet Yellen are unveiled at the Bureau of Engraving and Printing Western Currency Facility on December 8, 2022 in Fort Worth, Texas. — AFP The Pakistan rupee’s rout against the dollar entered the fifth day in the interbank market on Friday. Data released by…
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SBP governor assures Pakistan will pay debts ‘on time’ | The Express Tribune
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[ad_1] Governor State Bank of Pakistan (SBP) Jameel Ahmad has provided assurances that Pakistan will pay all its debts “on time” and that foreign exchange reserves are expected to increase during the second half of the financial year. In the latest episode of the SBP podcast series, governor SBP clarified that during the next seven…
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Vietnam sees trade rising to $1b next year | The Express Tribune
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[ad_1] ISLAMABAD: Vietnam Ambassador Nguyen Tien Phong on Thursday expressed hope that annual trade with Pakistan was likely to reach $1 billion by the end of 2023. He said that the current trade volume stood at $800 million, which could be easily increased to $1 billion by the end of next year by tapping the…
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Forex reserves plummet below $7bn to four-year low
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[ad_1] A representational image of $100 notes. — AFP/File The State Bank of Pakistan-held foreign exchange reserves plummeted to a critical level after falling 10.45% to $6.7 billion to a four-year low. Data released by the central bank showed that the foreign currency reserves held by the SBP were recorded at $6,714.9 million as of December…
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Dollar liquidity crunch, IMF limbo weakens rupee against dollar
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[ad_1] A representational image of $100 notes. — AFP/File Owing to uncertainty surrounding the delay in the International Monetary Fund (IMF) funding and depleting foreign exchange reserves, the Pakistani rupee on Thursday depreciated for the fourth consecutive week. The local unit closed at 224.37 against the greenback after losing 0.09% compared to Wednesday’s close of 224.16, the…
