The July-September quarter brought to the country’s banking industry the highest-ever three-month profits, a review of earnings data of 16 commercial banks showed on Wednesday. According to Shameer Alam Zaidi, analyst at Ismail Iqbal Securities Ltd, bank earnings clocked in at Rs85 billion in July-September, up 26 per cent from a year ago. Major drivers for the record-high earnings were high
The central banks of Pakistan and China signed a memorandum of cooperation on yuan clearing in Pakistan, the Chinese central bank said in a statement on Wednesday, without giving more details. The arrangement could pave the way for an alternative payment option for Pakistan, boosting yuan usage for cross-border transactions among Chinese and Pakistani enterprises and financial institutions.
The uncertain political situation kept investors away from active market participation on Monday. JS Global said the range-bound activity is likely to continue going forward. The main opposition party led by former premier Imran Khan is holding a long march to the capital to demand early general elections. “We recommend investors should wait for political clarity before availing this downsid
IN recent years, as Pakistan has hurtled from one catastrophe to another, remittances sent by Pakistani workers living abroad have been a source of some small amount of stability. When foreign investments have seemed scant and aid packages have dried up, workers sending money back to families, investing in and purchasing assets in their home country has served as a reliable source of foreign excha
The MCC Resources Development Co Ltd (MRDL), a Chinese company working on Saindak copper-cum-gold project, on Tuesday celebrated the completion of its 20 years of operations and vowed to continue efforts to develop the mining sector in Pakistan. A ceremony to commemorate the event was attended by MRDL Chairman He Xuping, President Zhang Zhijun, Senior Vice President Muhammad Nawaz Khan, Vice Pr