Tribune
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SBP hikes policy rate by 100bps to record high of 21% | The Express Tribune
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[ad_1] In line with market expectations, Pakistan’s central bank hiked its benchmark policy rate by 100 basis points to a new record high of 21% on Tuesday as the bank took measures to anchor rising inflation in the country. State Bank of Pakistan (SBP) said on its official Twitter handle “MPC (monetary policy committee) views…
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OPEC+ cuts put $100/bbl oil back in sight | The Express Tribune
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[ad_1] SEOUL/ SINGAPORE/ LONDON: Surprise new cuts to the OPEC+ group’s output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. The decision signals unity within OPEC+ despite Washington’s pressure on its Gulf allies to…
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Dar to attend IMF, WB meetings in Washington next week | The Express Tribune
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[ad_1] ISLAMABAD: Finance Minister Ishaq Dar is set to visit the United States next week to attend the annual spring meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) that will take place in Washington from April 10 to April 16. According to sources in the Ministry of Finance, Dar accompanied…
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Politicians advised to mend fences to prevent economic meltdown | The Express Tribune
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[ad_1] KARACHI: Pakistan’s economy has partially shut down and millions of people have lost jobs due to continuous political instability. The nation is destined to encounter hyperinflation with the domestic currency likely plunging to Rs500 against the US dollar if the situation persists. Former prime minister Nawaz Sharif also anticipated late last week that the…
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Saudi Arabia, OPEC+ producers announce surprise oil output cuts | The Express Tribune
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[ad_1] DUBAI: Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day in a surprise move they said was aimed at supporting market stability. The group had been largely expected to stick to its already agreed 2 million bpd cuts when its…
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POL relief denied to appease IMF | The Express Tribune
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[ad_1] ISLAMABAD: Instead of providing relief to the people, the federal government has increased the petroleum development levy (PDL) on high-speed diesel (HSD) by Rs5 per litre, pushing it up from Rs45 to Rs50 per litre — fulfilling another condition imposed by the International Monetary Fund (IMF) for the revival of the stalled $6 billion…
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Oil ticks up as US inflation cools | The Express Tribune
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[ad_1] BENGALURU: Oil prices nudged higher on Friday with US inflation data showing some signs of slowing price rises, but for the month, oil was on course for its weakest performance since November. Brent futures, which have risen nearly 6% this week, were up 26 cents, or 0.3%, at $79.53 a barrel by 1456 GMT.…
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China rolls over $2b loan to Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: Pakistani Finance Minister Ishaq Dar said on Friday that China had rolled over a $2 billion loan that matured last week, providing relief during the nation’s acute balance of payment crisis. Locking in a rollover had been critical for Pakistan, where reserves have dipped to just four weeks’ worth of imports and talks…
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Late export proceeds to be fined up to 9% | The Express Tribune
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[ad_1] KARACHI: Pakistan’s central bank has issued new regulations to tighten the process of repatriating export earnings into the country. Under the new rules, exporters who delay bringing their export earnings into the country will face fines of up to 9% of their realised export proceeds. The fines will be imposed if export proceeds are…
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Honda Atlas extends production shutdown to mid-April | The Express Tribune
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[ad_1] Honda Atlas Cars Pakistan Ltd on Friday announced a 15-day extension to the longest plant shutdown to date, citing the country’s current economic crisis, restrictions on opening letters of credit for imports, and halting foreign payments. The company announced an initial shutdown on March 8, which was expected to end on March 31. Honda says that…
