By staff reporter
ISLAMABAD: State Bank of Pakistan (SBP) on Friday received a $2.3 billion Chinese loan, which analysts termed as godsend support, as the country’s foreign reserves were barely enough for 45 days of imports a day ago.
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The Plot: PSX plummeted after the announcement of super tax. Screenshot from PSX data portal.
Super tax: A bridge too far?
By Staff Reporter
ISLAMABAD: The government scrambled to control damage Friday after the announcement of a 20 percent super tax sowed panic among the markets, causing the PSX to lose 2,055 points or 4.81 value in a mere 20 minutes before trading was closed to stem further damage.
Default Level: SBP forex reserves hit 32-month low of $8.2bn
By Staff Reporter
KARACHI: State Bank of Pakistan’s (SBP) dollar stockpile hit a 32-month low of $8.2 billion from $8.99 billion last week, latest numbers revealed on Thursday, which leaves the country with an import cover for just 1.21 months, but a top-up of likely $2.3 billion from Chinese banks could lift them to a less critical level.
ISLAMABAD: Prime Minister Mian Muhammad Shahbaz Sharif presides the meeting of Federal cabinet at PM Secretariat in Federal Capital. -File photo
Wealthy Targets: PM announces ‘Robin Hood’ tax
By Staff Reporter
ISLAMABAD: The government has finally decided to go after the wealthy to make them cough up higher taxes on top of rationalising the tax regime to ensure it’s equitable, Prime Minister Shehbaz Sharif said on Thursday.
Rupee continues rally against greenback, gaining PKR 4
By Staff Reporter
KARACHI: The Pakistani rupee continued its rally against the US dollar overnight on Thursday after staging an initial recovery Wednesday on the back of multiple positive reports concerning the government’s macroeconomic options.
ECC: Re0.571/unit tariff rationalisation for KE approved
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved quarterly adjustments of 57 paise per unit in July, August and September bills of K=Electric consumers to adjust Rs90 billion outstanding cost of electricity consumed by the city residents five years back.
Dwindling forex reserves: Pakistan plans to issue dollar sukuk in 2022
By Staff Reporter
ISLAMABAD: The government plans to raise much needed millions of dollar in debt via an Islamic sukuk bond later this calander year amid growing concerns about the country’s dwindling foreign currency reserves.
Bitter Pills: PM signs off on IMF prescription to heal economy
By Staff Reporter
ISLAMABAD: Country’s economic managers on Monday hashed out the ‘tough conditions’ tied to the resumption of the IMF loan programme with Prime Minister Shehbaz Sharif and got a final go-ahead.
Forex Shortage: SBP curbs importers’ access to dollars
By Staff Reporter
KARACHI: The central bank has made importers’ access to dollars comparatively difficult by directing banks to come to it first before making a transaction of $100,000 for any import payment in a latest bid to conserve hard US currency, media reported quoting sources on Monday.
Tough Times Ahead: Economists warn government to ration all resources
By Staff Reporter
ISLAMABAD: The federal budget 2022-23 comes at a time when the country’s foreign exchange reserves are depleting, credit ratings are down, and the pressure on the out-of-options government to get a new lease on the IMF loan is increasing exponentially, economists said on Saturday.