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SBP reserves rise by $66m to $3.258b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by $66 million to $3.258 billion in the week ending Feb 17, the State Bank of Pakistan (SBP) said on Thursday, while its total liquid foreign reserves stood at $8.726 billion. Pakistan, which is a $350 billion economy, is facing economic turmoil, with…
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ICT export remittances rise to $1.5b | The Express Tribune
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[ad_1] ISLAMABAD: The information technology and IT-enabled services (ITeS) industry has received export remittances of $1.523 billion in the first seven months (Jul 2022-Jan 2023) of current financial year, an increase of 2.35% year-on-year. In the corresponding period of last year, the industry had realised information and communication technology (ICT) export proceeds of $1.488 billion.…
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After losing $1.7bn, SBP-held forex reserves register nominal rise
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[ad_1] An employee counts banknotes at a currency exchange shop in Baghdad on February 14, 2023. — AFP Following a massive plunge of $1,685 million cumulatively during the last three weeks, the State Bank of Pakistan (SBP)-held foreign exchange reserves rose above $3 billion once again after registering a nominal increase. The central bank, in its…
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SBP’s forex reserves rise above $3b by $276m | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 9.4% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 10, 2023, the SBP’s foreign currency reserves were recorded at $3,192.9 million, up by $276 million compared to $2,916.7 million on February…
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Power consumers brace for tariff rise | The Express Tribune
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[ad_1] ISLAMABAD: Electricity consumers are bracing for another shock as power tariff is likely to be increased following the free fall of Pakistani rupee against the US dollar in the past one week. However, the Pakistan Muslim League-Nawaz (PML-N) led coalition government will be in trouble and face a political backlash if it goes for…
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Pakistan energy needs may rise by 30% by 2030 | The Express Tribune
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[ad_1] ISLAMABAD: Islamabad. The Asian Development Bank has said the energy needs of Central Asian regional countries, including Pakistan, would increase by 30% by 2030. The bank said with the exception of China, the countries under its Central Asia Regional Economic Cooperation (CAREC) project would have to invest from $25 billion to $49 billion to…
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Forex reserves decline by $327m; expected to rise next week after addition of AIIB proceeds
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[ad_1] A representational image of a $100 note and a coin. — AFP/File KARACHI: In line with the dominant trend for the last several weeks, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) once again declined by 4.17%. On November 25, the foreign currency reserves held by the SBP were…
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Forex reserves rise to $8.9b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 19.7% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 28, the foreign currency reserves held by the SBP were recorded at $8,912.9 million, up by $1,473 million compared with $7,439.9 million…
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Oil prices rise before expected Fed rate hike | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose on Wednesday before an expected rate hike by the Federal Reserve, supported by another decline in US oil inventories as refineries picked up activity ahead of the winter heating season. Brent crude rose $1.74, or 1.8%, to $96.39 as of 1601 GMT, while US West Texas Intermediate (WTI) crude…
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Gold continues to rise as political uncertainty grips country
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[ad_1] A representational image of gold bars. — AFP/File KARACHI: Gold continued to shine in the domestic market for the fourth consecutive day on Tuesday amid political uncertainty and the PTI’s ongoing long march on Islamabad. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the gold…
