The inevitable has happened. On August 24, the Pakistani rupee fell below 300 to a US dollar in the interbank market. In less than two months of this fiscal year (between July 1 and August 24), the rupee has lost about five per cent value against the mighty greenback. The dollar has been on the rise since the lifting of import restrictions from the beginning of this fiscal year on July 1 at the
After a long break, Pakistan has relaunched a programme for oil and gas exploration, exploitation and development activities, onshore and offshore, aiming at recovering the untapped indigenous hydrocarbon resources. Petroleum, a vital economic sector, is heavily dependent on oil and gas imports to meet the ever-growing demand based on growth in population and increasing urbanisation, and the is
It’s extremely hard to scale a business by selling anything online in Pakistan, something that tech startups grapple with every single day. Even more so for digital products through mobile apps where, despite the hundreds of millions of smartphone users, the number of users for platforms is usually scant. But there are two categories that defy this trend. First, you have these financial apps th
As the rupee’s alarming descent against the US dollar continues unabated, experts and stakeholders point fingers at the powerful grip of the grey market and the International Monetary Fund’s (IMF) “significant interference” in the country’s banking and currency sectors. Some said it was unprecedented that the IMF had allegedly got deeply involved in the country’s financial framework, interactin
As caretaker Prime Minister Anwaarul Haq Kakar meets power sector stakeholders in Quetta today (Sunday), businessmen have asked the PM to announce the withdrawal of what they term an unbearable rise in power tariff, to provide relief to the public at large, as well as the business community. In a joint statement, Businessmen Group (BMG) Chairman Zubair Motiwala, Karachi Chamber of Commerce and