Business News
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Pakistan to repay $1b bond early: SBP governor | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan will repay a $1 billion international bond on December 2, three days before its due date, the governor of the State Bank of Pakistan (SBP) told a briefing on Friday. There has been growing uncertainty about the ability of Pakistan to meet external financing obligations with the country in the midst of…
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Deadlock persists in talks on sugar export | The Express Tribune
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[ad_1] ISLAMABAD: Deadlock between the government and the sugar mills over permission for sugar export continued on Thursday, as the authorities concerned decided to go for a third-party audit of the available stock in the country much to the dismay of the mill owners. The latest round of negotiation failed to make any headway on…
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After week’s respite, foreign exchange reserves decline once again
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[ad_1] A currency dealer can be seen counting $100 notes. — AFP/File KARACHI: After a week’s respite, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) once again declined by 1.7%. On November 18, the foreign currency reserves held by the SBP were recorded at $7,825.7 million, down $134 million compared…
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Rupee down versus dollar on political uncertainty
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[ad_1] A money exchange employee counts dollars. — AFP/ file The Pakistani rupee Thursday went down by a few notches versus the dollar, losing 0.05% in the interbank market attributable to restrained trade as investors awaited clarity on the army chief’s appointment. The rupee closed at 223.92 after a decline of Re0.11, the central bank data…
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Minister seeks firms’ input on energy deals with Russia | The Express Tribune
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[ad_1] ISLAMABAD: A “breakthrough” between Pakistan and Russia on the projects agreed between the two countries in the energy sector is expected in December. According to Express News, way has been paved for the import of petroleum products, crude oil and gas from Russia, as refineries in Pakistan have expressed their willingness to produce yields…
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IMF seeks flood recovery plan to unlock loan | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s timely finalisation of a recovery plan from devastating floods is essential to support discussions and continued financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) said on Wednesday. Pakistan was already battling a full-blown economic crisis, with decades-high inflation and dwindling foreign exchange reserves, when it was hit by…
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Rupee fails to extend previous gains | The Express Tribune
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[ad_1] KARACHI: Pakistani currency failed on Wednesday to sustain the little gains made against the US dollar a day ago as it resumed the downtrend amid increased demand for the greenback for import payments and foreign debt repayment. The rupee dropped 0.17% (or Rs0.39) to close at a six-week low at Rs223.81 to a dollar…
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After a day’s respite, rupee resumes downward trend against dollar
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[ad_1] A representational image of Rs1,000 rupee notes and $100 US dollar note. — AFP/File KARACHI: After a day’s respite, the Pakistani rupee once again reverted to its downward trend by depreciating 0.17% against the US dollar in the interbank market. The local unit closed at 223.81 against the greenback falling by Re0.39 compared to…
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Row over sugar export further delays crushing | The Express Tribune
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[ad_1] RAHIM YAR KHAN: In what appears to be a deliberate move, the sugar mills in Punjab have refused to start the sugarcane crushing season from November 25, as a deadlock between the government and mills over permission to export the sweetener persists. The delay in the crushing, despite the issuance of the permit to…
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Pakistan, others face risk of currency crisis | The Express Tribune
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[ad_1] LONDON: Nomura has warned that seven countries – Pakistan, Egypt, Romania, Sri Lanka, Turkey, Czech Republic and Hungary – are now at a high risk of currency crises. The Japanese bank said that 22 of the 32 countries covered by its in-house “Damocles” warning system have seen their risk rise since its last update…
