The State Bank of Pakistan (SBP) said on Thursday it had received funds of US$ 2 billion from Ministry of Finance, Kingdom of Saudi Arabia. On March 16, Finance Minister Muhammad Aurangzeb informed that Saudi Arabia had committed $3 billion in additional deposits, with disbursement expected in the coming week. He further stated that the existing $5 billion Saudi deposit would no longer remai
Gold prices rose on Thursday, supported by a weaker dollar, while investors weighed growing optimism over a potential US-Iran deal to end the war that has pushed up energy prices and fuelled fears of higher inflation. Spot gold rose 0.7% to $4,821.44 per ounce by 0301 GMT. US gold futures for June delivery gained 0.4% to $4,844.40. The US dollar hovered near its lowest level in six weeks, ma
Buying rally continued at the Pakistan Stock Exchange (PSX) as investors rejoiced after the Kingdom of Saudi Arabia committed $3 billion in additional deposits to Pakistan, pushing the benchmark KSE-100 Index above the 170,000 level during the opening minutes of trading on Wednesday. At 9:24am, the benchmark index was hovering at 169,922.18, up by 4,287.34 points or 2.59%. Across-the-board b
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has urged rice exporters to set an ambitious target of $10 billion in rice exports and assured them of full support from his ministry and port authorities. Chaudhry, accompanied by Chairman Karachi Port Trust (KPT) Rear Admiral Shahid Ahmed, visited the Rice Exporters Association of Pakistan (REAP) to discuss export growth and
Pakistan is in talks with Saudi Arabia and China to repay a loan of about $3 billion to the United Arab Emirates (UAE), reported Bloomberg, citing people familiar with the matter. The development comes after Pakistan “failed to reach an agreement with the UAE to roll over the debt for the first time in seven years”, prompting Islamabad to arrange alternative funding. As per the report, the a