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Economy not as bad as believed, tough monetary year ahead: Governor SBP

Karachi: Interim Governor of State Bank of Pakistan (SBP) Murtaza Syed has warned that the coming 12 months will be tough for the global economy due to the rise in global commodity prices. However, Pakistan’s $33.5 billion external financing needs

ABAD Chairman resigns in protest against worsening economic situation

KARACHI: Association of Builders and Developers (ABAD) Chairman Muhsin Shekhani has resigned in protest against the worsening economic situation of the country.  As per details, in a brief statement, Shekhani said on Saturday that in the current economic situation it

Pakistan’s financing needs fully met for this year: SBP chief

ISLAMABAD: Pakistan’s $33.5 billion external financing needs are fully met for the financial year 2022-23, the State Bank of Pakistan (SBP) chief said on Saturday, adding that “unwarranted” market concerns about its financial position will dissipate in weeks. Fears have

Five things to know if you are buying crypto for the first time

In recent years, digital currency has grown to new heights, especially Bitcoin and Ether, the two most widely known sub-types of cryptocurrency. Many digital currency enthusiasts bet on cryptocurrency as a mainstream asset, but those who haven’t might wonder if

NEPRA approves further Rs7.91/unit increase in basic power tariff

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday approved further  Rs7.91 per unit increase in ‘uniform national tariff’ after Pakistan Muslim League (N) led federal government last Tuesday filed a petition with the regulatory body seeking Rs7.91 per

KSE-100 index gains 245 points after rocky start at intraday

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index on Friday plunged by more than 290 points during intraday trading amid political uncertainty as the biggest province of the country, Punjab, is set to elect its chief minister today, but later

Weekly inflation rate slightly decreases as annual rate stands at 32%

Pakistan Bureau of Statistics showed the country’s weekly inflation rate in the last week slightly dropped to -0.22, however, the annual rate is over 32%. As per Pakistan Bureau of Statistics (PBS) data, last week, the annual inflation rate, after

Pakistani rupee falls fast as default looms

Eminent British business and economic current affairs newspaper Financial Times (FT) has painted a bleak picture of Pakistan’s economy in its article published on July 22, 2022. Pakistan’s currency is on track for its worst week in more than two

SBP governor to be appointed next week: Miftah Ismail

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail said on Thursday that the State Bank of Pakistan (SBP) governor would be appointed by next week. Addressing the media, the finance minister said that the Board of Directors (BoD) of

KSE-100 falls below 40,000 mark, closes at 39, 831 points

KARACHI: The Pakistan Stock Exchange (PSX) remained in the grip of selling pressure on Thursday as the KSE-100 index plunged over 600 points in a tumultuous session. Political turmoil around Punjab by-polls and the chief minister’s election has instilled panic

Pakistani rupee crashes to record low against US dollar

KARACHI: The Pakistani rupee has been depreciating against the dollar in the Interbank. According to the details, the value of the dollar was seen at the beginning of the business day on Thursday and during the business, the dollar once

PIA reduces airfares by 15% for international flights

ISLAMABAD: Pakistan International Airlines has reduced the airfares by 15% for Gulf countries and the UAE, 10% for Saudi Arabia flights, and 8% for Canada following the reduction in global oil rates. “On the special instructions of Aviation Minister Khawaja

Pakistan will never default as country’s situation is different from Sri Lanka: SBP

KARACHI: The State Bank of Pakistan (SBP) on Wednesday said that the country’s situation is completely different from Sri Lanka and after the no-confidence motion against the former Prime Minister Imran Khan, the International Monetary Fund’s confidence in Pakistan has

Gold price drops by Rs1,200 per tola

KARACHI: Gold price dropped by Rs1,200 per tola in Pakistan on Wednesday despite rupee depreciation. According to the All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs1,200 per tola to reach Rs144,000, while

Textile exports surge by 25.52%, reach $19.3 bln in FY2022

ISLAMABAD: The exports of textile commodities surged by 25.53 percent during the fiscal year 2021-22 as compared to the corresponding period of last year. The textile exports were recorded at $19,329.985 million in July-June (2021-22) against the exports of $15,399.083

Pakistan Stock Exchange gains 70.63 points

KARACHI: The KSE 100-index of the pakistan stock exchange (psx) witnessed bullish trend on Wednesday, gaining 70.63 points, a positive change of 0.17 percent, closing at 40,459.70 points against 40,389.07 points on the last working day. A total of 141,746,336

PM convenes emergency meeting on economic situation

ISLAMABAD: Prime Minister Shehbaz Sharif has called an emergency meeting on the economic situation of the country, the PM Office said Wednesday.  The meeting will be attended by the economic team and top officials related to the economy.  The meeting

Pakistani rupee crashes to Rs226 against US dollar

KARACHI: The Pakistani Rupee (PKR) depreciated against the US dollar in the Interbank. According to the details, the value of the dollar was also seen at the beginning of the business day on Wednesday and the dollar once again crossed

PSX meltdown as KSE-100 index drops nearly 1,000 points

KARACHI: The Pakistan Stock Exchange reacted to growing political and economic uncertainty in the country witnessing intense selling pressure with the benchmark KSE-100 index lost 978 points on Tuesday. The KSE-100 index opened Tuesday at 41,367.11 on Tuesday morning and

US dollar touches new high against rupee, trades at 221 in interbank

KARACHI: The Pakistani rupee depreciated further in the interbank market on Tuesday hitting a new low of 221 in the interbank market against the US dollar. The foreign currency gained Rs5.80 during the intraday trade.  The rupee was trading in

Fitch lowers Pakistan’s economy outlook from stable to negative

The US credit rating agency Fitch has downgraded the outlook for Pakistan’s economy from stable to negative. According to the details, in the report released by the American rating agency Fitch, increasing political instability in the country, weak government unity,

Energy shortfall reaches 6,500MW

Islamabad: The energy crisis continues in the country, electricity shortfall has reached 6,500 MW. According to the details, the sources say that the total production of electricity is 22 thousand 435 MW while the total demand is 28 thousand 500

Oil prices fall, taking a breather from massive surge

Oil prices fell on Tuesday, taking a breather after surging more than $5 a barrel in the previous session as a plunging dollar supported buying interest and on expectations, the US Federal Reserve’s interest rate hike may be less than

France, UAE sign energy cooperation deal

PARIS: The governments of France and the United Arab Emirates signed a strategic agreement to cooperate in the energy sector, the French government said. The partnership aimed to identify joint investment projects in France, the UAE or elsewhere in the

Gold price increases by Rs.1,550 to Rs.142, 400 per tola

ISLAMABAD: The price of 24 karat per tola gold witnessed an increase of Rs.1550 on Monday and was sold at Rs.142,400 in the local market against its sale at Rs.140,850 the previous day. The price of 10 gram 24 karat

Bears rule PSX as KSE-100 loses more than 700 points

KARACHI: Bears returned to Pakistan Stocks Exchange (PSX) on Monday due to political uncertainty after the Punjab by-polls results and as a result, the benchmark KSE-100 index plunged by more than 700 points. At the end of the session, the

Indian rupee closes at record low against US dollar

MUMBAI: The Indian rupee pared early gains to close at a record low on Monday, as rising crude prices weighed on the currency, even as other Asian currencies drew some strength from a retreating dollar. It was the rupee’s sixth

Rupees hits new low of Rs215 in interbank

KARACHI: A historic decline in the value of the rupee has been recorded. The inter-bank rate of the dollar rose to Rs 215. According to the details, last week the price of the dollar had reached Rs 201.95 paise, but

Prices of consumer goods still surging despite ease in inflation

The prices of food items continue to rise, despite the decline in the prices of petroleum products. According to a report in a private newspaper, Nestle Pakistan Limited (NPL), the manufacturer of Milkpak and Frieslandcampina Engro Pakistan Limited, the manufacturer

Coal import, bilateral, transit trade: Delegation leaving for Kabul today

ISLAMABAD: A 12-member Pakistani official delegation including Secretary Commerce Sualeh Ahmad Faruqui and Secretary Power Rashid Mehmood Langrial is leaving for Kabul on Monday (today) for a three-day visit (July 18-20) for talks on import of coal for power generation,