Business

The Pakistani rupee appreciated by Rs1.53 against the US dollar as interbank markets closed on Friday with analysts attributing the recovery to a rise in the central bank forex reserves and expectations that the government and the International Monetary Fund (IMF) would reach an agreement soon. After sliding by 1.13 per cent a day earlier, the dollar closed at Rs280.77, …

QUETTA/KARACHI: Afghan businessmen are importing Pakistan-assembled motorcycles in large numbers daily through the Chaman border amid booming demand for the two-wheelers in Afghanistan. Meanwhile, Honda CG-125 bikes are unavailable at showrooms in Karachi as the market is facing price his and a shortage of motorcycles across the country, including Quetta and other cities of Balochistan. “Customs department is allowing the …

ISLAMABAD: Comm­erce Minister Syed Naveed Qamar on Thursday stressed the need to exploit the potential for boosting trade volume between Pakistan and the United Arab Emirates (UAE). In a meeting with UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi, the commerce minister highlighted the huge potential for cooperation between the two countries in the field of renewable energy, agriculture, …

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have increased to $4.3 billion after the inflows of $500 million from China, but the currency market reacted negatively as the dollar appreciated by more than Rs3 in the interbank on Thursday. The SBP reported that its reserves increased by $487m during the week ended on March 3 to …

ISLAMABAD: Finance Minis­ter Ishaq Dar on Thursday blamed a delay in the International Monetary Fund (IMF) programme on the previous government, whose “failure to meet commitments” created a trust deficit that has continued to bite. However, he said the current government was trying its best to put the economy back on track and complete the IMF programme at any cost. …

ISLAMABAD: In a surprise, State Bank of Pakistan (SBP) Governor Jameel Ahmad told a parliamentary panel that the recent increase of 300 basis points in its policy rate was a decision of the Monetary Policy Committee (MPC) of the central bank and not done on the demand of the Intern­ational Monetary Fund (IMF). Testifying before the Senate Standing Committee on Finance and Revenue, the …

The delay in the finalisation of a deal with the International Monetary Fund (IMF) continued to roil currency markets on Thursday morning, with the Pakistani rupee seeing a Rs3.38 depreciation against the dollar in the interbank market. The rupee was being traded at Rs282.50 at 11:05am today, according to data shared by the Exchange Companies Association of Pakistan (ECAP). Yesterday, …

The US State Department has urged Pakistan to “continue working” with the International Monetary Fund (IMF), especially on reforms that will improve the country’s business environment, highlighting that it would help Pakistan attract “high-quality investment”. State Department spokesperson Ned Price made the remarks in response to a query at a weekly press briefing on Wednesday. “We encourage Pakistan to continue working with …

Finance Minister Ishaq Dar vowed on Thursday that he and his team were “absolutely committed” to completing the current $7bn Extended Fund Facility programme with the International Monetary Fund (IMF), once again stressing that Pakistan was close to signing the staff-level agreement. The government is in a race against time to implement measures to reach an agreement with the IMF …

COPENHAGEN: Den­m­­ark on Wednesday inaugurated a project to store carbon dioxide 1,800 metres beneath the North Sea, becoming the first country in the world to bury CO2 imported from abroad. “Today we opened a new chapter for the North Sea, a green chapter,” Denmark’s Crown Prince Frederik said at the inauguration ceremony in the town of Esbjerg in the west …