The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined by $54 million to $8.216 billion during the week ended on Jan 26, announced the central bank on Thursday. However, the SBP succeeded to retain the total reserves above $8 billion. The reserves have been a crucial point for the country as it supports both the exchange rate and stability in the trade regime. The tr
The benchmark Karachi Interbank Offered Rate (Kibor) has started crawling up after the State Bank of Pakistan (SBP) left its policy rate steady at an unprecedented 22 per cent in its last monetary review on Jan 29, said market sources. The Kibor six-month tenor rose by 24 basis points during the week reflecting growing concerns over the high interest rate and inflation. It was 20.82 per cent on
The Asian Development Bank committed a record amount of more than $10.4 billion for climate finance in 2023 to help developing member countries in Asia and the Pacific region cut greenhouse gas emissions and adapt to the impacts of a warming planet. The bank committed $9.8bn in climate finance from its own resources last year, the ADB says in a report. Adaptation financing is critical in Asi
The Central Development Working Party (CDWP) on Thursday cleared four development projects with an estimated cost of Rs138.66 billion in the areas of transport & communications, energy and physical planning and housing including a cross-border road project. The CDWP meeting presided over by Deputy Chairman Planning Commission Dr Jehanzeb Khan approved one project on its own at an estimated cost
Trade and industry leaders said that the Rs13.55 per litre increase in petrol price will hit all segments of society and multiply the financial woes of the general public. They said they were expecting a Rs5-9 per litre hike but it was unfair on the part of the government to blatantly raise the price. Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Sheikh said the i