Business

KARACHI: State Bank of Pakistan (SBP) governor Dr Reza Baqir said on Saturday that the Mera Pakistan Mera Ghar (MPMG) markup subsidy scheme is designed to provide affordable housing solutions to low- and middle-income groups. Addressing the participants of MPMG Mela held in Faisalabad, Dr Baqir said that the event was a unique opportunity for all key stakeholders to provide …

FAISALABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Saturday said that after excelling in textiles, Faisalabad is ready to lead the national economy with phenomenal growth in conventional and emerging industrial sectors. In his address on the second day of the Pakistan Economic Conference (PEC) 2022 organised by the Faisalabad Chamber of Commerce & …

KARACHI: The country’s current account deficit (CAD) shrank by 78.46 per cent to $545 million in February from a whopping $2.531 billion in January mainly on account of a sharp decline in the imports. However, during the first 8 months of FY22, the CAD crossed the $12 billion mark leaving no sign of improvement in the external account. In February …

LAHORE: The fourth Islamabad-Tehran-Istanbul (ITI) freight train carrying various high-value products in six containers has departed from Pakistan for Turkey. On the other hand, nine trains carrying rice have reached to Iran via Taftan so far since the resumption of the international freight train operation on December 21 last year. “The fourth ITI train having composition of three 40-feet long …

KARACHI: The rupee on Friday plunged to a fresh low at 180.57 against the US dollar after a day-on-day depreciation of 50 paise in the interbank market. The local currency for the first time crossed the 180-level on Thursday amid mounting geopolitical tensions in the wake of the Russian war against Ukraine. Currency dealers said the impact of the free-float …

GWADAR: The Pak-Afghan Chamber of Commerce & Industry (PACCI) and Gwadar Chamber of Commerce & Industry (GCCI) on Friday agreed to utilise Gwadar Port for Afghan transit trade. The chambers also agreed to take measures for boosting bilateral trade. A delegation of PACCI and Karachi business community led by the chamber’s president President Javed Barwani and Zubair Motiwala visited Gwadar. …

KARACHI: Stock prices came under pressure on Friday as many parliamentarians from the ruling party publicly stated they would side against the prime minister in the upcoming vote of confidence. According to Topline Securities, another major reason for the steep decline in share prices was the rebalancing of the Financial Times Stock Exchange (FTSE) Small Cap Index, which resulted in …

ISLAMABAD: While a staff mission of the International Monetary Fund (IMF) raised more questions over the financing of a relief package announced by the prime minister last month, Pakistan may not be able to draw the next tranche of the $6 billion Extended Fund Facility (EFF) for over a month. In a televised address to the nation at the end of February, …

India’s oil imports from the United States will rise by 11 per cent this year, officials said on Saturday, as the severely energy-deficient country looks to secure supplies from producers around the world, including heavily sanctioned Russia. The surge in oil prices following Russia’s invasion of Ukraine last month threatens to fan Indian inflation, stretch public finances and hurt growth just when …

KARACHI: The State Bank of Pakistan (SBP) said that the reversal in the monetary policy stance that saw an increase in the interest rate could lead to a slowdown in the industrial growth during the current fiscal year. “The reversal in the monetary policy stance from September onwards, which has resulted in a 175 bps [basis points] increase in the …