Geopolitical uncertainty with fluctuations in the exchange rate kept hitting hard the local currency as it lost 48-paisa against the US dollar on Tuesday. The greenback price rose to Rs176.23 in the interbank market after losing 11-paisa a day earlier. Despite higher inflows in the account of the State Bank of Pakistan (SBP), the rupee could not get stronger and this was mostly due to the hi
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank, has approved a $1.2 billion financing under the annual plan to provide Pakistan integrated trade solutions to support the energy and agriculture sectors. The annual plan agreement for calendar 2022 includes financing for the import of essential commodities such as crude oil, refined petroleum p
The State Bank of Pakistan (SBP) is ready to provide unlimited loans for warehouse infrastructure projects in rural areas, central bank governor Dr Reza Baqir said on Tuesday. Speaking at the Launch & Roadshow of Electronic Warehouse Receipt Financing (EWRF) for Maize Crop at Kasur’s district’s Chunian tehsil, the SBP governor said the commercial banks to provide loans for warehouse infrastruct
The oil industry has warned the government and the energy regulator — Ogra — that a crisis is looming in high speed diesel (HSD) supplies, especially during the peak harvest season, due to a host of external and domestic factors. In a letter, the Oil Companies Advisory Council (OCAC) — an umbrella association of more than two dozen refineries and major oil companies — told the Ministry of Ener
Oil prices surged close to $100 per barrel on Tuesday as major crude producer Russia sent troops into two breakaway regions of Ukraine. But after heavy falls at the open, European stocks bounded into positive territory as the Kremlin said it remained open to all diplomatic contact over Ukraine and Western nations held off on imposing draconian sanctions. Brent North Sea crude oil reached $99