The banking currency market is again operating on a dual-rate system, where dollars are selling at a premium compared to the official exchange rate, particularly impacting small-scale importers, banking sources said on Saturday. The discrepancy comes even though there are no official restrictions on imports or the opening of letters of credit (LCs). Atif Ahmed, a currency dealer in the inter
Earlier this month, the government of Punjab declared a smog emergency. A few days later, the Lahore High Court ordered school and office closures twice a week to mitigate smog in the largest city of Punjab. According to a 2018 study, air pollution comes from vehicular emissions, industry and agriculture through crop burning.The electric vehicle revolution Globally, the electric vehicle (EV)
The Federal Shariat Court ruling in April 2022 to eliminate interest from the economy by December 2027 marked a pivotal moment in Pakistan’s financial landscape. The judgment declared an unequivocal prohibition of Riba (including banking interest) in all its manifestations and forms, setting a target to transform the nation into an interest-free economy by the end of 2027. This historic decision n
Caretaker Finance Minister Shamshad Akhtar stated the obvious when she stressed that Pakistan will remain dependent on the International Monetary Fund (IMF) for some time. Still, it is better than empty promises of never going to the IMF again, though those sweet nothings are expected from those who wish to be elected rather than the caretaker setup. Pakistan’s debt has climbed alarmingly in th
Despite the International Energy Agency (IEA), the Organisation for Economic Co-operation and Development energy watchdog, continuing to emphasise, and in no uncertain terms, that the era of oil demand growth is coming to an end, what is making Prince Abdulaziz bin Salman, the Saudi petroleum minister, so ebullient and convinced that the global crude demand will continue to grow in the decades to