Pakistan is facing a severe foreign exchange crisis. The State Bank of Pakistan (SBP) has effectively stopped banks from retiring letters of credit or opening new ones if they don’t have enough foreign exchange of their own to do the same. The reason is the central bank’s forex reserves are too low to let banks and financial markets work normally. Only external debt repayments are being managed
Pakistan and Uzbekistan on Monday finalised agreements to expand investment and increase bilateral trade to $1 billion. To this end, Commerce Minister Naveed Qamar and Uzbek Deputy Prime Minister Khodjave Jamshid Abdukhakimovich signed nine Memoranda of Understanding (MoUs). Talking to the media on the occasion, Qamar said the two countries had decided to implement the Preferential Trade Agr
Moscow is ready to resume gas supplies to Europe through the Yamal-Europe Pipeline and it can also send supplies to Pakistan and Afghanistan in the long term, Russian Deputy Prime Minister Alexander Novak told state news agency TASS. “The European market remains relevant, as the gas shortage persists, and we have every opportunity to resume supplies,” TASS cited Novak as saying in remarks publi
Energy equipment distributor NetLine Ltd plans to raise funds through the stock exchange after setting up a state-of-the-art solar panel plant in Islamabad. Speaking to reporters at the company’s head office on Monday, NetLine Ltd Director Umair Zavary said the firm recently received a valuation of $4.5 million from Intermarket Securities, a Karachi-based brokerage house. Based on the indepe
The National Transmission and Despatch Company (NTDC) that runs the country’s national grid has sought approval for a Rs370 billion investment plan for system expansion and loss reduction over the next three years (2023-25). In a petition to the National Electric Power Regulatory Authority (Nepra), the transmission system operator stated that the proposed investment was required to meet the nee