Express
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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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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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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…
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Dar says 90pc of Geneva pledges are ‘project loans’ | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar on Wednesday said that nearly 90 per cent of the pledges made at the Geneva moot were “project loans”. The minister made the remark while addressing a press conference in Islamabad, alongside Prime Minister Shehbaz Sharif and other ministers of the federal cabinet, on the “success” of the international…
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OGRA recommends 74% increase in sui gas prices | The Express Tribune
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[ad_1] ISLAMABAD: At a time when the people of the country are finding it hard to make ends meet due to skyrocketing inflation, the Oil and Gas Regulatory Authority (Ogra) is seeking to drop a new bomb as it recommended an increase of up to 74% in the natural gas price from July 1. According…
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Textile exporters decry govt’s apathy | The Express Tribune
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[ad_1] KARACHI: Representatives of value-added textile associations on Monday exvpressed dismay over government’s inaction over the difficulties faced by the textile sector. “The value-added textile exporters are deeply shocked and totally disappointed with the sitting government for its inattention, non-seriousness, indecisiveness and lack of vision to take the country out of the worst economic crisis,”…
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Miftah foresees default if Pakistan shuns IMF | The Express Tribune
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[ad_1] KARACHI: Former finance minister Miftah Ismail said on Monday that he fears default if Pakistan did not approach International Monetary Fund (IMF) at this crucial time. He expressed these views at a two-day global conference arranged by Economics and Management Sciences Department of NED University. He said, “We were safe for the first three…
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Dar chairs meeting on GIDC recovery | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar said on Monday that each and every penny of the Gas Infrastructure Development Cess (GIDC) would be recovered from defaulters. Dar chaired a meeting on the GIDC. The meeting was informed that GIDC arrears had risen to Rs447.Officials said that there are 3,194 petitions about the GIDC were pending…
