Tribune
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Foreign exchange: SBP reserves fall $75m to $10.1b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 0.74% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 20, the foreign currency reserves held by the SBP were recorded at $10,088.6 million, down $75 million compared with $10,163.6 million on May…
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Pakistan urged to set up RMB Capital Circulation System | The Express Tribune
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[ad_1] KARACHI: China has proposed to Pakistan to set up RMB Capital Circulation System to promote trade and transactions in the Chinese currency. In this regard, it was suggested that the State Bank of Pakistan (SBP) hold talks with the Bank of China. The government asked the finance ministry and the central bank to review…
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Dollar nears Rs203 as PKR loses 98 paisas against greenback | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee registered yet another depreciation against the US dollar on Thursday as it dropped to almost Rs203 against the greenback in the interbank market amid dwindling foreign exchange reserves. The rupee hit an intra-day low at Rs202.90 against the greenback at around 12:45 pm, showing a day-to-day drop of Rs0.98 from…
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Govt committed to reviving the IMF programme, says Miftah | The Express Tribune
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[ad_1] Finance Minister Miftah Ismail on Thursday said that the Pakistan Muslim League-Nawaz (PML-N) government is “committed to reviving the IMF programme and put Pakistan back on a sustainable growth path.” Ismail had returned from Doha, Qatar, where talks were being held between Islamabad and the fund from May 18th to 25th. Finance Minister Ismail…
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Chinese firms can invest $6b in ARE | The Express Tribune
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[ad_1] ISLAMABAD: The world needs more and more energy but natural energy sources are dwindling, therefore Pakistan is coming up with new ways to meet its growing needs – via free wind and sun! Pakistan is planning to generate 10,000 megawatts of alternative renewable energy (ARE) by 2030 with an investment of over $6 billion,…
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Govt asked to remove sales tax on hybrid seeds | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan Hi-Tech Hybrid Seed Association (PHHSA) Chairman Shahzad Ali Malik has urged the government to withdraw 17% sales tax on hybrid seeds for boosting agricultural production in order to ensure food security by increasing the per-acre output of all crops. Speaking to a delegation of progressive women entrepreneurs, led by Shaneela Hayat from…
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‘Fragile economy cannot afford political turmoil’ | The Express Tribune
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[ad_1] ISLAMABAD: The country’s fragile economy is not in a position to bear the brunt of prolonged political turmoil at this crucial juncture, cautioned Saarc Chamber of Commerce and Industry (SCCI) President Iftikhar Ali Malik. His comments came while talking to a delegation of progressive educated women on Wednesday. He lamented that the political turmoil…
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Pakistan seeks to diversify trade with France | The Express Tribune
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[ad_1] ISLAMABAD: Federal Minister for Commerce Syed Naveed Qamar has said that Pakistan values its historic, friendly and cooperative relationship with France and wishes to strengthen and diversify bilateral trade and economic linkages in the coming years. He was talking to French Minister for Foreign Trade and Attractiveness Franck Riester on Wednesday, according to a…
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Auto sector to see golden age | The Express Tribune
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[ad_1] BEIJING: As for the automotive industry, Pakistan is about to see a golden age of development. Chinese brands including BAIC Motor, Changan Auto and SAIC Motor have set up their assembly plants in Pakistan, said Pakistan’s Honorary Investment Counsellor in China Philip Jian. Other brands like GWM, BYD and Geely are also likely to…
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Rupee recovers after falling below 202 | The Express Tribune
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[ad_1] KARACHI: Pakistani currency continued to plunge for the 14th successive working day, as it crossed Rs202 against the US dollar at one point for the first time in the inter-bank market on Wednesday. The currency maintained its downturn as the country’s default risk, measured by the credit default swap (CDS), remained abnormally high amid…
