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High time Pakistan shakes off habit of borrowing loans | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan knocked upon the IMF’s door in 1959, merely a decade after its inception. The young nation’s call for help continues to echo through the decades. And even when it is not seeking palliative medicines from the global money lender, the country is busy picking low-hanging fruits from the friendly countries. On the…
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SBP may raise policy rate as yields stay high | The Express Tribune
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[ad_1] KARACHI: Commercial banks have maintained interest rates at a recent 11-year high at 15.25% on financing to the government for a period of three-month, signaling that the central bank may increase its key policy rate in the range of 50-100 basis points early next month. The interest rate on financing for six and 12-month…
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KIBOR reaches close to 13-1/2-year high | The Express Tribune
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[ad_1] KARACHI: The commercial banks’ benchmark six-month interest rate, at which they lend funds to each other in the Karachi money market, better known as Karachi Inter-bank Offered Rate (Kibor) – reached close to 13-and-a-half-year high at 15.68% on Wednesday. The rate increased by 30 basis points during the day despite reports that the central…
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Oil jumps to 13-week high on US demand | The Express Tribune
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[ad_1] NEW YORK: Oil prices jumped over 2% to a 13-week high on Wednesday as US demand for gasoline keeps rising despite record pump prices, while expectations that China’s oil demand will increase faced growing supply concerns in several countries, including Iran. Iran said it was removing two International Atomic Energy Agency surveillance cameras at…
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High production cost hits glass maker | The Express Tribune
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[ad_1] KARACHI: Pakistan’s corporate sector has reported the first casualty of a spike in cost of production in the country, as a four-decade old glass manufacturing firm announced on Monday to temporarily suspend production of tableware glass due to “increase in prices of RLNG”. “Keeping in view of instant increase in prices of RLNG (re-gasified…
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Despite high gas prices, US refiners strain to meet summer demand
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[ad_1] Photo: AFP/file NEW YORK: Only time will tell how much record US prices at the pump will dent driving demand this summer, but don’t expect a significant increase in gasoline supply from American refineries. The reason: Several US gasoline refineries have shut down in recent years, or been converted to make other fuels, crimping…
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Rupee recovers to one-week high | The Express Tribune
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[ad_1] ISLAMABAD: Pakistani currency partially recovered 1.13% (or Rs2.25) to a one-week high at Rs199.76 against the US dollar in the inter-bank market, ending the previous 15 working days’ long free-fall on Friday. The currency regained after the PML-N coalition government took the much-awaited tough decision of increasing petroleum product prices with effect from May…
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Oil jumps to 7-week high, then dips on supply hopes | The Express Tribune
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[ad_1] NEW YORK: Oil prices jumped above $115 a barrel on Tuesday, their highest in about seven weeks, as the European Union kept pushing for a ban on Russian oil imports that would tighten supply. Prices retreated and were slightly lower after Reuters reported that sources said US President Joe Biden’s administration will authorise as…
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Wheat prices hit record high after India export ban
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[ad_1] In this file photograph taken on April 12, 2022, an Indian farmer poses as he harvests wheat crop in a field on the outskirts of Amritsar, in the northern Indian state of Punjab. -AFP PARIS: Wheat prices surged to a record high on Monday after India decided to ban exports of the commodity as…
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Rupee fall, high prices add to fuel subsidy | The Express Tribune
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[ad_1] ISLAMABAD: The continued rise in global crude oil prices and depreciation of the rupee against the US dollar have increased the cost of petroleum product subsidy. With the rupee’s fall, a 3.17% increase in prices of petroleum products has been projected from May 16. The average exchange rate had been Rs185.95 to the dollar…
