Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China’s strict Covid-19 curbs will lead to a fuel demand recovery in the world’s top oil importer. Brent crude futures were up $1.21, or 1.41 per cent, to $87.13 a barrel by 0942 GMT, while US West Texas Intermediate (WTI) crude futures were up $1.36, or 1.7pc, to $81.54. Both were at their highes
As the rupee continues to weaken faster than market expectations, doubts and fears are mounting over the country’s economic health, particularly its ability to pay the import bill for essential items in the coming weeks. The exchange rate has been primarily hit hard by a steep decline in the central bank’s foreign exchange reserves, which have shrunk to a near nine-year low of $4.34 billion.
The State Bank of Pakistan (SBP) said on Wednesday the current account deficit (CAD) fell to $0.4 billion in December 2022 from $1.9bn a year earlier, as the cash-strapped government slashed imports in a bid to avert an external payments crisis. Foreign exchange reserves held by the central bank stand at $4.3bn — enough cover for just three weeks of imports — and the International Monetary Fund
After extending the term of a $3 billion deposit to boost its foreign-currency reserves late last year, Saudi Arabia’s finance minister has said his country is also discussing with the World Bank and other institutions how can it be “more creative to provide that support” to Pakistan. Speaking at the World Economic Forum, Mohammed Al-Jadaan also indicated the kingdom is changing the way it prov
Traders declared open season on State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday, hurling barbs that sometimes bordered on outright insults for imposing import restrictions. Members of the Karachi Chamber of Commerce and Industry (KCCI) spared little mercy for the central bank chief in a town-hall meeting for letting 5,700 containers laden with food, medicine and industrial raw m