Hong Kong has decided to let retail investors trade cryptocurrency under its new regulatory regime because “virtual assets are going to stay”, the city’s minister overseeing financial services said on Tuesday. Cryptocurrencies have been banned in mainland China since 2021, but the former British colony, which has a separate financial system and regulators, has announced plans to become a major
Bank lending to the private sector has shrunk to just Rs28 billion this fiscal year after plummeting 98 per cent compared to last year, central bank data showed on Tuesday. The State Bank reported that from July 1 to May 19, the private sector borrowed a record low Rs27.9bn from banks compared to Rs1.414 trillion a year ago. The economy has been facing a constant problem of a record-high int
Port Qasim Electric Power Company Ltd (PQEPC), which runs a $1.9 billion power plant of 1,320 megawatts on imported coal, has served a formal notice of payment default on the Central Power Purchasing Agency (CPPA). The total verified due amount that the state-backed, sole electricity purchaser owes the independent power producer (IPP) amounted to Rs77.3bn or $263.5 million as of May 15, accordi
The International Monetary Fund (IMF) remains in touch with Pakistan’s authorities in order to pave the way for a board meeting before a financing programme expires at the end of June, the IMF mission chief for Pakistan said. Ordinarily, a board meeting on a review of the programme would require a prior staff-level agreement, which in Pakistan’s case would unlock $1.1 billion in financing for t
Highlighting fiscal risks at the end of the current fiscal year, the Ministry of Finance (MoF) on Tuesday wished the inflation peaking at 34-36 per cent this month would start descending owing to the ease in international commodity prices that would absorb the negative impact of currency depreciation. “The inflation may remain in the range of 34-36pc for May,” said the ministry in its monthly e