Express
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Does austerity lead to prosperity? | The Express Tribune
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[ad_1] ISLAMABAD: The prime minister, while addressing the news conference announcing austerity measures, said “we have to make collective efforts to make the country prosperous.” The federal cabinet has announced an “austerity package”, that includes steps such as early office opening, early closure of shopping centres, ban on the purchase of luxury vehicles by the…
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Ramzan package to start on March 20 | The Express Tribune
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[ad_1] ISLAMABAD: The Utility Stores will be giving subsidies worth five billion rupees on 19 items under the Ramzan Relief Package. The Ramzan package will be divided into two categories: Rs1.15 billion for the people covered under the Benazir Income Support Programme (BISP) and RS3.85 billion for general consumers. According to the Utility Stores sources,…
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Maiden Russian crude oil shipment due next month | The Express Tribune
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[ad_1] ISLAMABAD: The first oil cargo from Russia is expected to arrive in Pakistan by the end of April after the latter agreed to the former’s demand to import a single cargo first as a test case to bridge “trust deficit”. Moscow has already offered to export 100,000 barrels of crude oil per day to…
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PFMA calls off strike after talks with govt | The Express Tribune
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[ad_1] KARACHI: The Pakistan Flour Mills Association (PFMA), on Friday, announced the end of its two-day strike after conducting successful negotiations with the government, averting the threat of a possible flour crisis. PFMA Sindh Region Chairman Chaudhry Amir along with other officials held a three-hour long discussion with Provincial Food Minister, Mukesh Kumar Chawla, on…
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Rupee makes surprising recovery of Rs6.63 | The Express Tribune
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[ad_1] KARACHI: In a surprise move, the volatile Pakistani currency made a sharp recovery of 2.38%, or Rs6.63, and closed at Rs278.46 against the US dollar in the inter-bank market on Friday. At a point, the rupee had recovered 4.5%, or Rs12, to Rs273/$. The currency partially gained ground after registering a historical drop of…
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Moody’s downgrades five banks | The Express Tribune
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[ad_1] KARACHI: Moody’s Investors Service has downgraded the long-term deposit ratings of five Pakistani banks to Caa3 from Caa1, suggesting that the ongoing economic crisis in the country is likely to have an adverse trickle-down effect on banks. With inflation readings at a historical high of 31.5% in January, coupled with the central bank’s benchmark…
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Rupee recovers 4.5% to Rs273 against US dollar | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency made a sharp recovery of 4.5%, or over Rs12, to Rs273 against the US dollar in the interbank market at around noon on Friday. The rupee partially gained ground against the greenback after yesterday’s historic drop of 6.7%, or Rs19, to an all-time low of Rs285 per US dollar. The…
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IMF agreement won’t lessen default risk: Miftah | The Express Tribune
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[ad_1] Former finance minister Miftah Ismail has stated that the risk of Pakistan defaulting would not be lessened even if an agreement with the International Monetary Fund (IMF) is reached. During an interview on Thursday with a private news channel, Miftah said that the risk of default would not decrease immediately, and the percentage of that risk would…
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SBP’s forex reserves rise to $3.8b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 16.5% on a week-on-week basis to $3.8 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 24, 2023, the SBP’s foreign currency reserves stood at $3,814.1 million, up by $556 million compared to $3,258.5 million on…
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Rupee freefalls in interbank to 290.18 against USD | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee plunged 8.29% (or Rs24.07) to a new all-time low of Rs290.18 against the US dollar in the interbank market at around noon on Thursday. The rupee continued its significant loss of value on the second consecutive day since the government reinstated the market-based exchange rate on the directive of the…
