ISLAMABAD: Pakistan is cutting rewards for banks and exchange companies that process overseas remittances, a move that risks pushing funds back to informal channels even as official inflows hit a record $38.3 billion in fiscal year 2025, the State Bank of Pakistan (SBP) told a Senate panel on Wednesday.
Trending
Nepra slashes fuel costs for KE, ex-Discos power consumers in July
ISLAMABAD: National Electric Power Regulatory Authority (Nepra) has rolled out substantial fuel cost reductions for electricity consumers, delivering a financial breather in the July billing cycle for customers of K-Electric (KE) and ex-Wapda distribution companies (Discos).
Lucky Cement denies binding PIA deal as Pakistan advances privatization
KARACHI: Lucky Cement Ltd., one of Pakistan’s largest conglomerates, said it has made no binding commitment to acquire Pakistan International Airlines Corp. (PIACL), despite being shortlisted with a consortium to conduct due diligence for a 51% to 100% stake in the debt-laden carrier.
Militant quadcopter attacks in Bannu kill one, injure three children
ISLAMABAD: Two quadcopter attacks carried out by militants in Khyber Pakhtunkhwa’s Bannu district have left one person dead and three children injured, police said Wednesday, signaling a troubling escalation in the use of drone technology by extremist groups in the region.
HRCP slams Pakistan’s ban on 27 YouTube channels as attack on free speech
ISLAMABAD: The Human Rights Commission of Pakistan (HRCP) raised alarm on Wednesday over a court decision banning 27 YouTube channels, a move the government defends as necessary to curb “fake, misleading, and defamatory” content targeting the state and armed forces.
Pakistan kicks off Beijing roadshow for debut Panda Bond
KARACHI: Pakistan has launched investor meetings in Beijing this week to lay the groundwork for the nation’s inaugural Panda Bond issuance, targeting a debut later this year, the finance ministry said on Wednesday, marking a bold step to tap China’s onshore capital market and broaden its funding base.
Pakistan’s military points finger at India’s Ajit Doval of orchestrating terrorism campaign
ISLAMABAD: Pakistan’s military has accused India’s National Security Adviser Ajit Doval of masterminding a sprawling terrorist network aimed at destabilising Pakistan, intensifying the long-standing rivalry between the two nuclear-armed neighbours.
Pakistan, Turkiye to set up special economic zone, target $5 billion trade
ISLAMABAD: Pakistan and Turkiye are planning to establish a Special Economic Zone in Karachi for Turkish entrepreneurs and aim to boost bilateral trade to $5 billion, as part of a broader push to deepen cooperation in energy, defense, and strategic infrastructure amid growing regional instability, officials said.
Dubai Islamic Bank seals $1 billion Islamic finance deal with Pakistan
KARACHI: Dubai Islamic Bank PJSC (DIB), the largest lender in the United Arab Emirates, has finalized a $1 billion syndicated term finance facility with the Government of Pakistan, a deal signaling fresh confidence in the country’s economic rebound and boosting the global reach of Shariah-compliant funding.
Pakistan’s remittance inflows hit record $38.3 billion in FY25
KARACHI: Pakistan’s inflow of overseas workers’ remittances surged to a record $38.3 billion in fiscal year 2024-25, a 27% jump from the previous year, offering a lifeline to the nation’s economy as it navigates persistent challenges, data from the State Bank of Pakistan (SBP) showed on Wednesday.