Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $107 million to $4 billion during the week ending June 9, 2023. However, Pakistan reportedly paid $1bn to China on Monday, which brought down the SBP reserves to $3bn. The finance ministry neither confirmed nor denied the media report. Finance Minister Ishaq Dar has expressed disappointment over the way the Inter
Finance Minister Ishaq Dar continued with his ‘contradictory’ approach with the IMF, alleging on Thursday that geopolitics was behind a stalled loan programme as global institutions wanted Pakistan to default like Sri Lanka and then enter negotiations, but also insisting that negotiations with the Fund were ongoing and the ninth review would be complete this month. Testifying before the Senate
Following a two-day visit by Prime Minister Shehbaz Sharif, Azerbaijan on Thursday agreed to start shipments of LNG cargoes to Pakistan at “cheaper rates” from next month, said the Prime Minister’s Office in a statement. According to the Prime Minister’s Office, the prime minister held a meeting with Azerbaijan President Ilham Aliyev at Zagulba Palace wherein it was decided that Azerbaijan will
The shares market witnessed another bearish session on Tuesday as the status quo in the monetary policy announced a day ago did not receive much appreciation from stock investors. Topline Securities said trading began on a positive note, but profit-taking in cement, technology, fertiliser, chemical and glass sectors contributed negatively to the KSE-100 index. Arif Habib Ltd said investors’
The remittances sent by overseas Pakistani workers dipped month-on-month by 4 per cent and 10pc year-on-year to $2.1 billion in May. The latest data released by the State Bank of Pakistan (SBP) on Tuesday showed that the country lost $3.7bn in remittances during the first 11 months of FY23 mainly due to a widening exchange rate gap. The inflows tumbled by 12.98pc to $24.831bn in 11MFY23 com