Pakistan Refinery Limited (PRL) will remain shut from Tuesday (today) for 35 to 38 days due to maintenance and inspection turnaround, the company said on Monday in a stock filing. Last week, PRL announced doubling its crude oil refining capacity from 50,000 barrels per day (bpd) to 100,000 bpd aimed at eliminating the production of high sulphur fuel oil (HSFO) and maximising the production of p
The State Bank on Monday kept the interest rate unchanged at 22 per cent and increased the inflation target in the range of 23 to 25 per cent for the current fiscal year. “The Monetary Policy Committee (MPC) decided to maintain the policy rate at 22pc. The frequent and sizeable adjustments in administered energy prices have slowed down the pace of decline in inflation anticipated earlier, besi
The European Union has fulfilled its pledge of an additional grant assistance of 100 million euros (Rs30 billion) to enhance the post-flood resilience in Pakistan. EU Ambassador Dr Riina Kionka and Economic Affairs Division (EAD) Secretary Kazim Niaz signed five new grant agreements in Islamabad on Monday. These agreements, under Team Europe’s response to the 2022 post-flood Resilient Recove
The Securities and Exchange Commission of Pakistan (SECP) has published its first Islamic Finance Bulletin for the financial year 2022-23, aimed at providing up-to-date data, insights into new developments, and a deeper understanding of regulatory reforms in the Islamic financial services industry. The bulletin provides essential information on the Islamic financial services industry, includi
The country received $150 billion in remittances during the five years from 2017 to 2022 and was ranked fifth among the top remittances-receiving countries in 2022. This was revealed in the 2nd Albaraka Regional Conference over the role of home remittances held on Monday. According to the Saleh Kamel Islamic Economy Database, Pakistan received around $150bn in home remittance from 2017 to 20