The Economic Coordination Committee (ECC) of the Cabinet on Monday accepted offers for the import of almost 950,000 tonnes of wheat including 450,000 tonnes from Russia at the same rate of $372 per tonne. With this, Russia has become the single largest wheat supplier to Pakistan this year, taking total quantities to 750,000 tonnes. The meeting of the ECC presided over by Finance Minister Is
The amount of outstanding auto loans decreased for the fourth consecutive month at the end of October, data released by the State Bank of Pakistan (SBP) showed on Monday. The outstanding auto financing stood at Rs345 billion at the end of last month, which is 0.1 per cent lower than the October 2021 figure of Rs346bn. The latest outstanding auto financing figure is 1.4pc lower than its Septembe
Trading on the stock exchange commenced on a negative note in the outgoing week amid a surprising policy rate hike by the central bank, which increased the benchmark rate by 100 basis points to 16 per cent. The negative mood was reinforced by rising political noise. Arif Habib Ltd said the momentum briefly turned green after the State Bank of Pakistan (SBP) received $500 million from Asian Infr
Prime Minister Shehbaz’s rudderless government has failed to inspire trust in the economy, currently in a mess, with brewing currency, energy and commodity crises, making bare survival difficult for a wide majority of lucky working Pakistanis. What it must be like for the jobless is anybody’s guess. The rise in crimes committed by people against their own families gives clues about the severity
Despite rising interest rates, the federal government is borrowing lots of money from commercial banks to bridge the gap between its income and expenses. And banks are happy. They are earning windfalls by investing in zero-risk government treasury bills and bonds. But the private sector is suffering as most banks cater to only large industrial/ commercial borrowers besides offering consumer loa