Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by a meagre $30 million during the week ended on April 20, while the country’s total reserves crossed the $10bn mark first time in the second half of the current fiscal year. The central bank on Thursday reported that its forex holdings improved to $4.46bn during the week. However, the SBP has yet not received the promi
The compliance department of the Pakistan Stock Exchange (PSX) has sought a clarification from five listed companies for a “substantial” change in their share prices between March 16 and April 13. One of the five companies is Pakistan Services Ltd (PSEL), which owns and manages the chain of Pearl Continental hotels in Pakistan. It has a free-float of 60 per cent, which means the company’s spons
The Asian Development Bank (ADB) committed $20.5 billion from its resources in 2022 to help Asia and the Pacific continue their recovery from the pandemic despite fresh economic headwinds and crises. The $20.5bn comprised loans and guarantees, grants, equity investments, and technical assistance provided to governments and the private sector. ADB mobilised an additional $11.4bn in co-financing,
Oil dropped by $2 a barrel on Tuesday after two sessions of gains as jitters about the global economic outlook and a firmer dollar countered optimism about demand in China and expectations of a drop in US crude inventories. Brent crude fell by $1.93, or 2.4 per cent, to $80.80 a barrel by 11:30 a.m. ET (1530 GMT). US West Texas Intermediate crude dropped $1.73 to $77.02. On Monday, both contrac
In Pakistan, standing in queues at petrol pumps has become a regular occurrence, particularly when people anticipate an increase in fuel prices. Waiting in these lines, one often reflects on the past when petrol used to cost under Rs100 per litre, a time that now seems distant, even though it was less than three years ago. These queues also serve as a sobering reminder of the potential conseque