KARACHI: Pakistan’s efforts to curb black market dollar trading have bolstered the rupee, but the trade has swiftly shifted to informal channels like smartphones and home deliveries, Reuters reported on Tuesday.
Economy
Govt to deploy officials at sugar mills to enforce price cap amid supply crunch
ISLAMABAD: The government has ordered officials to be stationed at all sugar mills to monitor stock levels and enforce a price cap agreement, as retail sugar prices climb to around Rs200 per kilogramme amid reports of non-compliance and supply disruptions.
Thousands evacuated as rivers Indus and Chenab overflow, destroying homes and crops
ISLAMABAD: Floodwaters from the Indus and Chenab rivers have submerged over a dozen villages across several districts in Pakistan’s Punjab province, forcing thousands of residents to evacuate to safer ground.
Finance Minister Aurangzeb heads to US to finalise trade agreement
ISLAMABAD: Finance Minister Muhammad Aurangzeb departed for the United States on Monday to engage in high-level negotiations aimed at sealing a trade pact after months of talks, a move set to deepen economic ties with Washington, a government statement said.
Pakistan sees July inflation holding steady at 3.5-4.5% as economy shows signs of recovery
ISLAMABAD: Inflation in Pakistan is expected to hover between 3.5% and 4.5% in July, the finance ministry said in its latest monthly economic report on Monday, with stable prices and improved supply conditions keeping price pressures in check after a sharp drop last fiscal year.
Pakistan extends remittance incentive scheme amid record inflows
ISLAMABAD: Prime Minister Shehbaz Sharif has decided to extend a critical remittance incentive scheme, directing the Ministry of Finance to release funds immediately to sustain a program that has driven overseas workers’ inflows to a record $38 billion in fiscal year 2024-25.
ECC approves green taxonomy, signals robust economic and environmental push
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved a Rs72 billion subsidy on Friday to help 50,000 low-income families buy homes, part of a plan to boost affordable housing.
Foreign Minister Dar expects US trade pact within days
ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar said on Friday that a trade deal with the United States could be finalised within days, a move he framed as a cornerstone of improving relations between the two nations.
SBP to slow dollar reserve buildup to ease rupee pressure
KARACHI: Pakistan’s central bank will continue to build its dollar reserves but at a slower pace, aiming to avoid putting undue pressure on the rupee, Bloomberg reported on Friday.
Pakistan issues second sugar import tender for 100,000 tons after initial failure
KARACHI: Pakistan is scrambling to shore up sugar supplies, issuing an international tender for 100,000 metric tons of white refined sugar as domestic prices spiral and inventories teeter on the brink of depletion.