Business News
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Rupee further weakens US against dollar in interbank market
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[ad_1] A representational image of currency dealer exchanging Rs1,000 note. — AFP/File KARACHI: The Pakistani rupee depreciated further against the US dollar in the interbank market on Friday and was being traded at Rs201 amid concerns over the pace of its fall and a lack of support from the central bank According to the State…
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With ‘positive’ IMF talks, Miftah Ismail expects economic turnaround soon
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[ad_1] Finance Minister Miftah Ismail. -The News/File ISLAMABAD: Finance Minister Miftah Ismail on Friday said that the talks with the International Monetary Fund (IMF) are underway in a “positive” manner and hoped that the economic situation in the country would improve soon. The finance minister took to Twitter to share the current account deficit data…
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Govt agrees to implement IMF demands | The Express Tribune
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[ad_1] ISLAMABAD: In a nerve-wracking development, the incumbent government, after much deliberations, has finally agreed to implement most of the demands of the International Monetary Fund (IMF), raising the possibility of the country “coming back on track economically” and receiving the next IMF loan tranche. Talks between IMF and Pakistan continued for the second consecutive…
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Current account deficit narrows 39% | The Express Tribune
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[ad_1] KARACHI: Pakistan’s current account deficit – the gap between foreign expenditures and income – narrowed 39% month-on-month to $623 million in April on the back of historic high workers’ remittances and a reduction in the import bill. “Current account deficit shrank to $623 million in April 2022; only two-thirds of March 2022 deficit of…
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Chinese group to set up EV plant | The Express Tribune
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[ad_1] ISLAMABAD: China-based Gauss Auto Group on Thursday announced plans to establish an electric vehicle (EV) manufacturing plant in Pakistan’s Special Economic Zone (SEZ). It plans to enter into a joint venture with AKD Group Holdings and set up the plant near Port Qasim, Karachi on around 1,000 acres of land, said a press release…
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SBP reserves dip $145m to $10.16b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 1.40% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 13, the foreign currency reserves held by the SBP were recorded at $10,163.6 million, down $145 million compared with $10,308.7 million on May…
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Revised transit trade deal remains elusive | The Express Tribune
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[ad_1] ISLAMABAD: As Pakistan and Afghanistan fail to sign a revised transit trade agreement, the former has granted another extension to continue the reciprocal trade arrangement between the two neighbouring countries. The transit trade agreement expired on February 11, 2021. Though Pakistan has made efforts to ink a revised deal, any agreement between the two…
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Exporters for continuing lower energy tariffs | The Express Tribune
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[ad_1] KARACHI: Textile exporters have demanded the continuation of concessionary energy tariffs for the export industry. “Any imprudent and unwise decision of the government to discontinue the concessionary power tariff for the five export-oriented sectors will be disastrous, damaging the struggle of exporters to enhance exports,” said Pakistan Hosiery Manufacturers and Exporters Association (PHMA) Central…
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Oil, gas production drops on fields’ shutdown | The Express Tribune
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[ad_1] KARACHI: Pakistan’s oil and gas production dropped 5% and 3.5% respectively during the week ended on Thursday as two fields were shut down for annual overhaul. The planned turnaround of the oil and gas fields occurred at a time when the country was suffering from energy crisis like prolonged power outages for residential, industrial…
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Savings, investment targets missed | The Express Tribune
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[ad_1] ISLAMABAD: Investments and savings as a percentage of the size of Pakistan’s economy have remained below the official targets in the outgoing fiscal year, affirming that the 6% economic growth rate was fed by imports and consumption. Like its predecessor, the government of former prime minister Imran Khan could not resolve the two chronic…
