Business

ISLAMABAD: Pakistan will “absolutely not” default on debt obligations despite catastrophic floods, the finance minister said on Sunday, signalling there would be no major deviation from reforms designed to stabilise a struggling economy. Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people — creating concern that Pakistan will not meet debts. “The path …

The dollar held firm near two-decade highs against other major currencies on Monday, biding its time ahead of a slew of central bank meetings that will include one by the United States Federal Reserve that is likely to deliver another hefty rate hike. Trade was generally subdued, with markets in London and Tokyo closed for public holidays. Still, the dollar …

Oil fell by more than 1.5 per cent on Monday, pressured by expectations of weaker global demand and by US dollar strength ahead of possible large increases to interest rates, though supply worries limited the decline. Central banks around the world are certain to increase borrowing costs this week and there is some risk of a blowout one per centage …

Cryptocurrencies fell to fresh lows on Monday on regulatory concerns and as investors globally turned shy on risky assets with interest rate rises looming around the world. Bitcoin, the biggest cryptocurrency by market value, fell about five per cent to a three-month low of $18,387. Ether, the second largest cryptocurrency, dropped 3pc to a two-month low of $1,285 and is …

The rupee, which has been falling against the dollar since Sept 2, lost another Rs1.07 in the interbank market on Monday. The PKR closed at Rs237.91 per dollar — a depreciation of 0.45 per cent, according to the State Bank of Pakistan. Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the decline was reflective of the …

KARACHI: The food importers, especially vegetables, from Afghanistan and Iran have been relying on the grey market to make payments since they are not allowed to buy dollars from banks or exchange companies, Dawn has learnt. The country has been facing an acute shortage of tomatoes, onions, potatoes, etc after floods destroyed crops pushing up prices to unprecedented levels across the country. …

ISLAMABAD: Pakistan immensely benefited through the Trade and Supply Chain Finance Programme (TSCFP) of the Asian Development Bank (ADB) for food and agriculture-related imports during the past 18 months. TSCFP supported more than 1,900 food and agriculture-related imports valued at $2.3 billion to 10 countries in developing Asia, with most assistance going to Pakistan, Bangladesh and Vietnam, according to information …

The State Bank of Pakistan (SBP) on Sunday announced that the Saudi Fund for Development (SFD) confirmed the rollover of a $3 billion deposit for one more year. The deposit was set to mature on December 5, the SBP tweeted, adding that the amount was placed with the central bank as part of its foreign exchange reserves. “This reflects continuing …

ISLAMABAD: The coalition government led by the PML-N remained indecisive even on Saturday over the fortnightly fuel price change, which should have been announced on Thursday midnight but sources said it is now likely to be made on Sunday (today). Based on the Oil and Gas Regulatory Authority’s (Ogra) calculations, the per-litre price of diesel was to be increased by …

WEXFORD: The European Central Bank could raise interest rates into next year, causing pain for consumers as it tries to depress demand that is now increasingly adding to sky high inflation, chief economist Philip Lane said on Saturday. With inflation approaching double digit territory, the ECB delivered two oversized rate hikes in July and September, and promised even more action …