Express
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Energy sector largest bank defaulter | The Express Tribune
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[ad_1] KARACHI: Pakistan’s energy sector continued to remain the largest defaulter in the repayment of loans to banks in calendar year 2021, as banks’ non-performing loans (NPLs) increased 3.8% (or Rs31 billion) during the year. “Sector-wise analysis indicates that the rise in overall NPLs (the loans which corporate and individuals fail to repay on time)…
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Rupee gains ground against USD, inter-bank rate at 209.20 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee started showing signs of recovery on Thursday as it gained Rs2.73 against the US dollar to reach Rs209.20 in the inter-bank market before midday, eventually breaking the two-week-long downward streak. The domestic currency had closed at Rs211.93 on Wednesday. The significant recovery of the local currency follows headway with the…
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Rupee gains ground against USD, inter-bank rate at 207.33 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee started showing signs of recovery on Thursday as it gained Rs4.60 against the US dollar to reach Rs207.33 in the inter-bank market, eventually breaking the two-week-long downward streak. The local currency recovered 2.17% to Rs207.33 at around 1 pm compared to Wednesday’s close at Rs211.93. The significant recovery of the…
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MoU inked for small agri-businesses | The Express Tribune
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[ad_1] ISLAMABAD: understanding (MoU) was signed on Wednesday between the Small and Medium Enterprises Development Authority (Smeda) and the International Trade Centre (ITC) to reduce poverty by strengthening small-scale agri-businesses in Pakistan. The selective activities of the European Unionfunded project “Growth of Rural Advancement and Sustainable Progress (GRASP)” will be jointly implemented by Smeda and…
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Rupee hits fresh record low at 211.93 | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its downward streak on Wednesday, but the drop was lower than the ones recorded for most of the days in the past three months. The rupee trimmed 0.21% (or Rs0.45) of its value to a new all-time low at Rs211.93 against the US dollar in the inter-bank market compared to…
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Mobile operators’ revenue contracts sharply | The Express Tribune
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[ad_1] ISLAMABAD: user (ARPU), a key tool for gauging the financial health of cellular mobile operators (CMOs), has declined sharply, setting off alarm bells for the telecom companies in Pakistan. The ARPU per month has dropped from $9 in 2003 to around $1 at present. At the same time, the cost of doing business has…
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ECC increases K-Electric tariff | The Express Tribune
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[ad_1] ISLAMABAD: The government on Wednesday agreed to increase electricity tariff for K-Electric consumers and also approved supplementary grants of Rs139 billion, including Rs113 billion for power plants to keep running them and avoid default on payments for fuel supplies. Headed by Finance Minister Miftah Ismail, the Economic Coordination Committee (ECC) of the cabinet cleared…
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20 banks in race for digital licence | The Express Tribune
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[ad_1] KARACHI: (SBP) has so far received 20 applications for digital banking, of which five licences will be awarded to the successful institutions soon, as banks are on the cusp of second digital revolution in the country. “Due diligence (of banks and financial institutions which applied for the digital banking licence) is underway and we…
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Rate of return edges down in PIB auction | The Express Tribune
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[ad_1] KARACHI: The rate of return for commercial banks on Wednesday dipped slightly in the range of one to three basis points on long-term financing for three to 10 years for the government, but the rates remained largely around the recent three-year highs. The government raised Rs155 billion at interest rates in the range of…
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PM steps in to stave off closure of refineries | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif has stressed that the government will take all-out measures to save the oil refineries from the looming shutdown due to the difficulty in opening Letters of Credit (LCs) and assured the industry of payments for oil import. The Petroleum Division took up the matter with PM Sharif, pointing out…
