The State Bank of Pakistan (SBP) on Wednesday announced that Saudi Arabia had extended the term for a deposit of $3 billion to Pakistan for one more year. “The Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, has extended the term for the deposit of $3bn, maturing on December 5, for another year,” the bank said in a statement posted on social media platform X. The
The life insurance subsidiary of TPL Corporation Ltd is going to have a reverse merger with Dar-es-Salaam Textile Mills Ltd to achieve the listing status. A reverse merger allows a private entity — TPL Life Insurance Ltd in this case — to become a publicly traded firm simply by acquiring controlling shares in a listed entity. In other words, the private firm goes public without going through th
Caretaker IT Minister Umar Saif and the group chief executive officer of VEON, the parent company of Jazz Pakistan, met on Wednesday to discuss the company’s plans and the challenges facing the country’s telecom industry, primarily a high cost of doing business. Mr Saif said on X, formerly Twitter, that the discussion focused on four issues, including instalments-based smartphones in Pakistan,
The government on Wednesday raised Rs1.165 trillion by selling treasury bills exceeding the auction target by Rs265 billion at slightly reduced rates, reported the State Bank of Pakistan (SBP). The investment pattern has shifted to long-maturity T-bills for the last two auctions, indicating investors are expecting a cut SBP policy rate in the upcoming monetary policy review. The highest bids
The Islamabad High Court (IHC) on Wednesday temporarily suspended a one-off 40 per cent tax imposed by the government earlier this month on bank profits reaped from foreign exchange transactions in the past two years. The court has suspended a statutory regulatory order (SRO) in this regard until Dec 8. According to the Prime Minister’s Office (PMO), the cabinet approved a proposal of the Fe