By Naveed Naqvi
ISLAMABAD: The government on Sunday raised prices of petrol and diesel by Rs35 per liter, just days after the rupee value plummeted to its lowest against the US dollar when price caps were removed.
top-economy
Rupee plunges near 10 percent as authorities loosen controls to revive IMF bailout
By Staff Reporter
KARACHI: Rupee tumbled about 9.6 percent to a record low of 255.43 against the dollar on Thursday as the cash-strapped government abandoned controls on its currency exchange rate to revive an International Monetary Fund (IMF) bailout programme.
Rupee plunges in black market
By Staff Reporter
KARACHI: The gap between the open market rate of the rupee and the price on the black market widened further on Wednesday, though money exchange companies removed an unofficial cap on the dollar-rupee parity, allowing the currency to drop on market demand.
SBP raises policy rate to 24-year high of 17pc
By Staff Reporter
The State Bank of Pakistan raised its benchmark interest rate by 100 basis points to 17 percent on Monday as inflation remains elevated, and the central bank says that there will be no letup in flight to tame inflation.
Pakistan FDI plunges 59pc to $461m in July-Dec
By Staff Reporter
KARACHI: Foreign direct investment in Pakistan plunged 59 percent in the first six months of fiscal 2022/23 as the country’s economic crisis bit into capital inflows, according to data released by the central bank on Wednesday.
Barrick Gold targets 2028 for first production from Reko Diq project
By Staff Reporter
ISLAMABAD: Toronto-based Barrick Gold Corp, the world’s biggest gold producer, is targeting 2028 for first commercial production from the Reko Diq copper-gold mine in Pakistan’s Balochistan province.
Dar to meet IMF officials on sidelines of Geneva conference
By Staff Reporter
ISLAMABAD: Pakistan’s Finance Minister Ishaq Dar will meet an International Monetary Fund (IMF) delegation on the sidelines of a conference in Geneva next week to unlock a stalled bailout programme.
PM Sharif holds talks with IMF Kristalina to break deadlock on loan review
By Staff Reporter
Islamabad: Prime Minister Shehbaz Sharif held talks with the International Monetary Fund (IMF) chief Kristalina Georgieva to break the deadlock over ninth review for the release of the next tranche of funding under an Extended Fund Facility (EFF).
Forex reserves drop to lowest since April 2014
By Staff Reporter
KARACHI: Pakistan foreign currency reserves are falling fast despite government’s tightening of access to dollars, hitting the lowest level since mid 2014 during the week ended on December 30, 2022 as the country struggles to meet external financing needs.
Pakistan hopes to secure additional financial help from Saudi Arabia ‘within days’
By Staff Reporter
ISLAMABAD: Pakistan will likely secure an additional multibillion-dollar financial support package from long-time ally Saudi Arabia ‘within days’ to shore up its foreign currency reserves, the finance minister said on Wednesday.