Pakistan exported a significant quantity of sugar during the February-April period of this fiscal year which pushed up domestic retail prices of the sweetener. In comparison to the same period last year, where there were no foreign sales, the country successfully exported a substantial quantity of 212,896 tonnes of sugar in FY23, according to data compiled by the Pakistan Bureau of Statistics.
Welcoming the inauguration of the Pak-Iran border market, Pakistan Business Forum (PBF) leader Ejaz Tanveer has suggested re-launching a cargo train between Pakistan, Iran and Turkiye to reap the maximum benefit of formal trade between the three countries. “A successful experience has already been done in the near past and should be initiated on a permanent basis which can lead to increased tra
Oil prices rose on Wednesday after data showed US inventories and fuel supplies tightening and following a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts. Brent crude futures rose 88 cents, or 1.2 per cent, to $77.72 a barrel by 08:37 GMT, while US West Texas Intermediate crude (WTI) gained 98 cents, or 1.3pc, to $73.89 a barrel. Saudi
Finance Minister Ishaq Dar on Wednesday asserted that the country was not on the verge of a financial crisis and “will absolutely not default”. Dar’s remarks comes amid growing fears of default, propelled by the country’s declining remittances and foreign exchange reserves, as well as a prolonged delay in reaching an accord with the International Monetary Fund for the release of a $1.1 billion
The exchange rate difference between open and interbank markets on Wednesday swelled to Rs22 per US dollar, strengthening speculations about another big devaluation of the local currency. On Jan 26, the exchange rate was uncapped and the rupee witnessed the largest single-day fall in over two decades. It lost 9.6 per cent, or Rs25 per dollar, to close at Rs255 the same day. The aim was to meet