Turkey’s central bank said on Thursday it had cut its main policy rate for the fourth consecutive month despite high inflation. On the wishes of President Recep Tayyip Erdogan, the bank said it had lowered its benchmark rate from 10.5 per cent to 9pc. With the latest cut, the rate has reached “a sufficient level with regard to growing risks concerning global demand”, the bank’s council said
Mobilink Microfinance Bank Ltd (MMBL) and its agent bank for the transaction, JS Bank Ltd, along with syndicate members signed an agreement with respect to the raising of the micro-lender’s Tier-II capital of Rs2 billion in the form of privately placed term finance certificates (TFCs). According to a press release on Thursday, the syndicate members include Allied Bank Ltd, Bank Alfalah Ltd, Hab
Imports of the petroleum group dipped nearly 25.94 per cent year-on-year in October owing to the sharp reduction in demand as a result of the slowing down of the economy coupled with the highest-ever inflation. The highest-ever increase in prices also contributed to lower consumption of petroleum products. Data compiled by the Pakistan Bureau of Statistics (PBS) showed the imports of petrole
Pakistan still needs huge investments to develop an enabling environment and the required infrastructure to launch 5G, said Julian Gorman, the head of GSMA Asia-Pacific, on Thursday. Talking to the media, Mr Gorman expressed his disappointment that the situation had not changed much since he visited Pakistan three years ago regarding the Digital Pakistan initiative. He referred to the GSMA i
The federal government requested the Chinese embassy on Thursday to arrange a meeting of the Joint Energy Working Group — a forum set up under the China-Pakistan Economic Corridor — at the beginning of next week to resolve the conflict between China Power Hub Generation Company Ltd (CPHGC) and the Hub Power Company Ltd (Hubco). CPHGC served on Nov 23 an “encashment notice” of $150 million on th