Business

The rupee finally snapped its losing streak against the dollar on Friday, gaining Rs2.40 by close a day after the government decided to lift the fuel price cap to comply with the conditions of the International Monetary Fund (IMF). According to the Forex Association of Pakistan (FAP), the dollar closed at Rs199.60, after depreciating against Thursday’s close of Rs202. It …

KARACHI: The government has reduced the urea prices to Rs1,769 per 50 kg bag from the existing Rs1,900-2,000 till July 7. Provinces and federal agencies are allowed to add an allowance to the notified prices for extra transportation costs in remote or distant areas as per the notification. Sunny Kumar of Topline Securities said the concerned producers, dealers or importers are …

ISLAMABAD: Pakistan and France agreed on Wednesday to strengthen and diversify bilateral trade and economic ties in the coming years. The understanding was reached during the meeting of Pakistan Commerce Minister Naveed Qamar with France’s Minister for Foreign Trade and Attractiveness, Franck Riester. Pakistan Charge d’Affaires Amjad Aziz Qazi was also present during the meeting. In the wake of the …

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) failed on Wednesday to reach an agreement on an economic bailout mainly because of the government’s indecision on fuel and electricity subsidies and resultant next year’s budget uncertainties. Informed sources said that in the absence of a decision on fuel and electricity subsidies, it was unclear how the overall fiscal and external …

The rupee continued to lose ground against the US dollar on Thursday and depreciated by 50 paisa in the interbank market as talks between the government and the International Monetary Fund (IMF) remain inconclusive. According to the Forex Association of Pakistan (FAP), the dollar was trading at Rs202.40 at around 1:30pm after appreciating against Wednesday’s close of Rs201.90, according to …

Finance Minister Miftah Ismail said on Thursday that “we would need to have a tight monetary policy and consolidate our fiscal position” after he returned from Doha following the conclusion of the latest week-long round of talks with the International Monetary Fund.   The talks, held in Doha, were aimed at reaching an agreement on policies at the conclusion of …

KARACHI: Despite drop in world gold prices, the Karachi Saraf and Jewellers Group has increased the domestic one tola and 10-gram gold rates to an all-time high to Rs143,600 and Rs123,114, up by Rs1,950 and Rs1,672 from Monday. International gold rate plunged by $4 per ounce to $1,858 on Tuesday.

KARACHI: The government’s decision to stop the PTI long march to Islamabad on Wednesday by blocking roads in major cities of Punjab is hampering deliveries of fuel products in the province, which may result in late supplies to pumps. This was stated by the Oil Companies Advisory Council (OCAC) while confirming the availability of sufficient stocks of fuel products in …

ISLAMABAD: With continuous strong growth trajectory, Pakistan’s Islamic banking industry is estimated to materially outpace conventional banking by 2026, according to Moody’s Investors Service. “Huge growth over the past decade shows no signs of slowing. The Islamic banking industry in Pakistan has grown by 24 per cent a year on average over the last decade, expanding by 30.6pc in 2021 …

KARACHI: The further reduction of auto financing tenures by the State Bank of Pakistan (SBP) on Tuesday, a day after the policy rate was jacked up to 13.75 per cent, will hit the booming sales of cars and SUVs, auto stakeholders fear. An assembler said auto sales could fall by 20-25 per cent in FY23 after SBP’s curbs on auto …