Mill flour significantly reduced by Rs 20 per kg in Lahore
LAHORE: The price of mill flour in Lahore has been reduced by Rs 20 per kg, after the reduction in the prices of petroleum products The price of mill flour has been fixed at Rs 150 per kg, and the
Ishaq Dar to share details of budget for IMF program’s revival
ISLAMABAD: Federal Finance Minister Ishaq Dar has said that Pakistan will share the details of the upcoming budget with the International Monetary Fund to restore the IMF program. According to the details, speaking during a private TV program, Ishaq Dar
China agrees to give Pakistan more time for debt repayments
ISLAMABAD: China has agreed to give Pakistan more time to repay the debt. According to Finance Ministry sources, Pakistan has completed all payment arrangements till June due to which the country is not at risk of default. Sources in the
North Korea stole $721m worth of cryptocurrency from Japan: Report
TOKYO: A North Korean group has been involved in the hacking of millions of cryptocurrencies in Japan. A Japanese newspaper ‘Nikkei’ stated in a report that since 2017, hackers affiliated with North Korea have stolen 721 million worth of crypto
Textile industry forced to reduce production due to gas crisis
Karachi: The textile industry of Sindh and Balochistan has been forced to stop their production or continue their activities at 50 percent capacity due to the gas crisis and low pressure. According to Zahid Mazhar, chairman of All Pakistan Textile
EU adopts world’s first comprehensive crypto law
LONDON: EU member states have adopted the world’s first comprehensive crypto law. The draft was sent to the EU Parliament after the EU finance ministers meeting in Brussels approved the rules, which are expected to come into force in 2024.
Price of 23 essentials items in country increased
ISLAMABAD: The prices of 23 essential items have increased and the prices of 13 have decreased in the country during a week. The Federal Bureau of Statistics has released data regarding inflation in the country, according to which the inflation
Islamic Coin launches as first halal cryptocurrency ecosystem for Muslims
Haqq, a blockchain ecosystem that strictly follows Islamic traditions and principles, has launched Islamic Coin ($ISLM), the first cryptocurrency ecosystem for the global Muslim population. The new token will offer a 100% halal cryptocurrency platform, which has already received accreditation
Rupee bounces back with a 5.22% gain against USD after record low
KARACHI: Pakistan’s rupee experienced a remarkable rebound against the US dollar, gaining nearly Rs15 during early trading in the inter-bank market on Friday. After hitting a record low of 298.93 against the US dollar on Thursday, the currency was being
Pakistan to address, satisfy IMF over concerns regarding petrol subsidies: Minister
Pakistan aims to address concerns from the International Monetary Fund before implementing its new fuel subsidy plan. The IMF had some reservations about the government’s plan to raise fuel prices for wealthier motorists to finance a subsidy for lower-income people,
Govt fixes sugar price at Rs 98.82 per kg across country
LAHORE: The Ministry of Food and Agriculture has issued a notification by fixing the price of sugar on the recommendation of the Advisory Board. According to the notification issued by the Ministry of Food and Agriculture, the retail price of
Pakistan place first order for discounted Russian crude oil under a new deal
ISLAMABAD: Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, the country’s petroleum minister said, with one cargo to dock at Karachi port in May. Pakistan’s purchase gives Russia
Rupee records marginal losses against USD amid IMF agreement uncertainty
KARACHI: The Pakistani rupee has experienced marginal losses against the US dollar, as it depreciated 0.14% in the inter-bank market during early trading on Monday. At around 10:45am, the currency was being quoted at 284.8, indicating a decline of Re0.4.
Ishaq Dar holds virtual meeting with WB South Asia Vice President
ISLAMABAD: Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Friday held a virtual meeting with Martin Raiser, South Asia Vice President of the World Bank. The meeting was part of the World Bank-IMF (International Monetary Fund) Spring Meetings
Pakistan Furniture Council to take part in Rwanda International Trade Fair
ISLAMABAD: Pakistan Furniture Council (PFC ) will take part in Rwanda International Trade Fair starting from July 26 to discover business opportunities and explore new markets access for Pakistani products . Chief Executive Officer PFC Mian Kashif Ashfaq talking, while
Pakistani Rupee finds respite against US Dollar after back-to-back losses
KARACHI: The Pakistani rupee gained against the US dollar in the interbank trading, appreciating by 1.21 percent, marking a welcome respite for the currency after consecutive losses. This came on Thursday when multiple media reports quoted the State Bank of
Govt releases Rs 46.326 bln for various water schemes this year
ISLAMABAD: The government has released an amount of Rs 46.326 billion for various water resources schemes under the annual Public Sector Development Programme (PSDP) so far in the current fiscal year 2022-23, said an official data issued by the Planning
Oil plunges as dollar firms; market looks at Iraq exports
SINGAPORE: Oil prices fell on Thursday as the dollar strengthened, with investors keeping close tabs on developments related to the reduction of Iraqi Kurdistan oil exports. Brent crude futures dipped 37 cents, or 0.5%, to $77.91 a barrel at 0300
Pak business delegation made week-long visit to Ethiopia
ISLAMABAD: A 70-member delegation of businessmen and investors from Pakistan made a week-long visit to Ethiopia to review the business and investment opportunities in the Ethiopian markets. The business delegation, led by Ibrahim Khalid Tawab, Honorary Counsel General of Ethiopia
IESCO installs 8,702 net metering connections with 106.43 MW capacity
ISLAMABAD: The Islamabad Electric Supply Company (IESCO) has installed 8,702 net metering connections having a total generation capacity of 106.43 megawatts (MW) in various circles of the company from January 2016 to February 2023. Manager Public Relations Asim Nazir Raja
Customs determines 86 inch touch LCD as automatic data processing machine,
KARACHI: Pakistan Customs has settled dispute for clearance of all-in-One Interactive Computer System, Core i7 with 86 inch touch LCD, determining it as an automatic data processing machine, consisting of a flat panel LCD touch screen which performs as an
Pakistan’s foreign reserves rise above $10bn
KARACHI: The total liquid foreign reserves of Pakistan crossed US$ 10 billion mark, whereas, the reserves held by the central bank reached near US$ 4.6 billion. The State Bank of Pakistan, in a statement issued on Friday, informed that the
FTX reaches deal to recover over $400mn from hedge fund Modulo
Bankrupt crypto exchange FTX has reached a deal to recover more than $400 million in cash from hedge fund Modulo Capital, pulling back 97% of the money that FTX companies sent to the hedge fund in 2022, according to court
Mobile phone imports decreases over 68% to $447 mln in 8 months
ISLAMABAD: The import of mobile phones into the country has witnessed a decrease of 68.29 percent during the eight months of the current fiscal year (2022-23) as compared to the corresponding period of last year. Also read: ‘Pakistan has manufactured
IMF sees hurdles, new fuel subsidy can further delay program: Bloomberg
KARACHI: The International Monetary Fund said Pakistan has a few more tasks before it can unlock a $6.5 billion loan to avoid a default, putting pressure on the government to secure assurances from countries that have promised financing support. Also
SBP likely to hike interest rates by 100bps
KARACHI: The State Bank of Pakistan (SBP) is expected to jack up the interest rates further in the upcoming policy review next month to combat the rising inflation, a brokerage firm said Sunday. “The monetary policy committee is set to commence
Rupee sheds Rs 1.26 against dollar
ISLAMABAD: The Pakistan rupee weakened by Rs 1.26 against the dollar in the interbank trading on Wednesday and closed at Rs 279.12 against the previous day’s closing of Rs 277.86. According to the Forex Association of Pakistan (FAP), the buying
PIA announces fares for Hajj 2023
KARACHI: Pakistan International Airlines (PIA) has announced fares for the 2023 Hajj pilgrimage and the national flag carrier is scheduled to start pre-Hajj operations from June 6 till May 21. According to multiple media reports, the national flag carrier for
Chinese Bank approves rollover of $1.3bln loan for Pakistan, claims Dar
ISLAMABAD: Finance Minister Ishaq Dar has claimed that the Chinese Bank ICBC has approved rollover of 1.3 billion US dollar loan after completing the necessary formalities. His statement came just a day after Bloomberg reported that bondholders were bracing for
PKR appreciates by Rs.8.34 against US dollar
KARACHI: After falling to all time low on Thursday, Rupee appreciated by 8.34 against the US dollar in the interbank market in early trading session on Friday. The greenback is being traded at Rs.276.75 during the intra-day trade. However, the