In a major move to restrict dollar outflows, the State Bank of Pakistan (SBP) has made it mandatory to open an account before buying $2,000 or above. State Minister for Finance Aisha Ghaus Pasha on Wednesday informed this to the Senate’s Standing Committee on Finance which met in Islamabad. The government and the SBP have taken several steps to get control over the dollar outflows. Finance M
Pakistan’s timely finalisation of a recovery plan from devastating floods is essential to support discussions and continued financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) said on Wednesday. Pakistan was already battling a full-blown economic crisis, with decades-high inflation and dwindling foreign exchange reserves, when it was hit by floods e
The government on Monday turned down the demand of sugar millers for export of 1 million tons of sugar and said that surplus stocks were not independently “verifiable”, staving off the pressure for now. A meeting between Finance Minister Ishaq Dar and the representatives of Pakistan Sugar Mills Association (PSMA) remained inconclusive. In the huddle, Minister for National Food Security and Rese
Turkey and Pakistan enjoy heart-to-heart relations and Ankara is keen to boost bilateral trade to at least up to $5 billion in the next two to three years. The current volume of trade is not reflective of the actual potential of both countries. This was stated by Turkish Ambassador Mehmet Pacaci while addressing the business community during his visit to Islamabad Chamber of Commerce and Indust
Nomura has warned that seven countries – Pakistan, Egypt, Romania, Sri Lanka, Turkey, Czech Republic and Hungary – are now at a high risk of currency crises. The Japanese bank said that 22 of the 32 countries covered by its in-house “Damocles” warning system have seen their risk rise since its last update since May, with the largest increases in the Czech Republic and Brazil. It meant the su