Pakistan refiner Cnergyico has imported the country’s first private-sector shipment of Russian crude oil, it said on Monday, as the cash-strapped nation takes advantage of Moscow’s discounts on its oil exports. The South Asian nation has started snapping up crude oil that Russia has discounted after its exports were banned from European markets over Russia’s invasion of Ukraine. Pakistan’s f
Pakistan’s annual inflation rate rose to 31.4 per cent in September from 27.4pc in August, statistics bureau data showed on Monday, as the country reels from high fuel and energy prices. The country is embarking on a tricky path to economic recovery under a caretaker government after a $3 billion loan programme approved by the International Monetary Fund (IMF) in July averted a sovereign debt d
The dollar price in the open market once again fell below the interbank rate on Monday reflecting ample liquidity and low demand. The State Bank of Pakistan (SBP) reported the greenback lost another 98 paise to close at Rs286.76 from Rs287.74 the previous session. The appreciation for the 18th consecutive session has helped the rupee to be considered as the best-performing currency. The loca
The textile and auto sectors continue to face a crisis as an auto parts maker has announced a partial shutdown, while a textile mill has planned to close two of its units indefinitely. Agriauto Industries Limited, a manufacturer of auto parts, and its wholly owned subsidiary Agri Stamping Company Private Limited will undergo a partial shutdown in Oct due to low production volumes of local vehic
Pakistan’s merchandise exports registered year-on-year a modest growth of 1.15 per cent in September, reversing the trend after 12 consecutive months of contraction, data released by the Pakistan Bureau of Statistics showed on Monday. However, on a month-on-month basis, the export proceeds increased 4.18pc to $2.465bn in September. The export of goods in the first quarter (July to Septembe