“Default” risk recedes as IMF announces staff level agreement with Pakistan
KARACHI: A much-awaited staff level agreement was announced by the IMF on July 13, however, the statement carried dour warnings of significant...
POL prices may witness massive cuts from July 16
ISLAMABAD: Owing to a significant fall in oil prices in the global oil market, the government is likely to decrease the prices...
SBP extends online portal to EMIs, PSOs and PSPs
KARACHI: In order to promote digitalization and encourage eco-friendly practices, the State Bank of Pakistan (SBP) has developed online portal called SBP...
ECC allows one-time special release of ‘luxury’ goods stuck at ports
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday granted a one-time special permission for the release of consignments stuck...
LESCO bills Rs200mn to consumers below 100 units per month
Punjab Chief Minister Hamza Shahbaz on Monday announced free electricity for consumers using 100 units of electricity in Punjab and he had...
Govt likely to authorise OMCs to set prices of POL products
ISLAMABAD: The government is likely to authorise oil marketing companies (OMCs) to set future oil prices, a move that is expected to...
Refineries respond to questions on importing Russian oil
KARACHI: In separate letters on Friday, oil refineries responded to the Ministry of Energy on the question whether it is possible to...
SBP pauses disbursements under Mera Pakistan Mera Ghar low-cost housing scheme
The State Bank of Pakistan (SBP) instructed banks to put on hold further disbursements under Mera Pakistan Mera Ghar (MPMG) scheme till...
CAD widens to $1.425bn, up 131pc over last month
KARACHI: As per data released by the State Bank of Pakistan (SBP), the current account deficit clocked in at $1.425bn for the...
FBR’s revenue collection surges to record Rs6,000bn
ISLAMABAD: The Federal Board of Revenue (FBR) has provisionally collected Rs6,000 billion against the budgeted target of Rs5,829 billion set for the...
PSO struggles with oil imports as foreign banks remain distrustful
Pakistan's oil imports have been hit by the continuing crisis of a lack of trust by international sellers in letters of credit...
Pakistan receives MEFP from IMF for 7th, 8th reviews
Pakistan has received the Memorandum of Economics and Financial Policies (MEFP) from the International Monetary Fund (IMF).
Finance minister Miftah Ismail tweeted "Early...
US dollar declines in open market amid interbank gains
ISLAMABAD: The value of the US dollar moved in opposite directions in the interbank and open bank markets on Monday, with the...
Banks turn away Letters of Credit as foreign exchange liquidity becomes scarce
Banks are turning away customers with import transactions due to a shortage of foreign exchange in the interbank, informed sources told Profit...
Squabbles, regulation and bans – the state of Pakistan’s mobile manufacturing industry
“The government solution to a problem is usually as bad as the problem.” This maxim by the towering 20th century economist Milton...