Business

LONDON: Remarks made by Reza Baqir, the governor of the State Bank of Pakistan (SBP), about the benefits of currency devaluation for overseas Pakistanis have elicited strong criticism by citizens and economists back home. At a dinner held in honour of the SBP governor in London by businessman Anil Mussarat, Mr Baqir touched on the issue of the depreciation of …

ISLAMABAD: The Asian Development Bank (ADB) and Pakistan have completed their negotiations on a $600 million new programme for integrated social protection development that will support the government’s efforts to implement high priorities from its Ehsaas programme in a coordinated, cohesive and systematic manner. ADB Country Director Yong Ye held a meeting with Minister for Economic Affairs Omar Ayub Khan …

ISLAMABAD: The share of inexpensive hydropower in overall power generation has gone up, but ex-Wapda distribution companies (Discos) have sought a 53 per cent increase in fuel charges (Rs2.66 per unit hike) for electricity consumed in September mainly due to expensive imported fuels — coal, LNG and furnace oil. The National Electric Power Regulatory Authority (Nepra) has accepted the petition …

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a strong rally on Wednesday as investors heaved a sigh of relief over less than expected current account deficit (CAD). The KSE-100 index gained 870 points, or 1.95 per cent, to close at 45,499.46 points. The CAD amounted to $1.11 billion in September versus $1.47bn in the preceding week, which improved investors’ sentiments, …

ISLAMABAD: Days after raising the petrol prices to a record level, the federal government has decided in principle to provide subsidised petrol to motorcycle and rickshaw owners. The government also made up its mind to give another round of stipend to the less privileged people under the Ehsaas programme enabling them to get essential food items at comparatively reduced rates. Both decisions …

KARACHI: The country’s current account deficit (CAD) swelled to 4.1 per cent of GDP in the first quarter exceeding the 2-3pc range projected by the State Bank of Pakistan (SBP) for 2021-22. However, the CAD narrowed 24 per cent to $1.113 billion in September from $1.473bn in the preceding month. The rising import bill kept the exchange rate under pressure …

State Bank of Pakistan (SBP) Governor Reza Baqir on Wednesday said the depreciation of the rupee against the US dollar had benefitted overseas Pakistanis sending remittances to the country. Addressing a press conference in Manchester in the UK, he said: “The number of remittances sent by our overseas Pakistanis — after their hard work and effort — is increasing due …

ISLAMABAD: Pakistan’s non-textile exports grew 23.4 per cent year-on-year to $2.48 billion in the first quarter of current fiscal year owing to partial revival of international orders and the government’s support schemes. Overall growth in the non-textile sector is mainly led by the value-added sectors. The non-textile sector has yet to receive full orders to pre-Covid levels, data compiled by …

Bitcoin hovered below record levels on Wednesday, the day after the first US bitcoin futures-based exchange-traded fund (ETF) began trading, a development that market participants say is likely to drive investment into the digital asset. The world’s leading cryptocurrency was last at $63,998, off 0.4 per cent, but still within a short jump of its record of $64,895.22, hit on …

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin returned to Washington to join the ongoing discussion with the International Monetary Fund (IMF), his office announced on Tuesday. Tarin, who was the finance minister when he first came to Washington earlier this month, is now a financial adviser to the prime minister as he had to be a member of parliament to …