Banks have been asked to allow about 25 per cent higher imports but they will have to arrange dollars before opening letters of credit (LCs), sources in the banking industry told Dawn on Thursday. A shift has taken place regarding the arrangement of dollars. Bankers said they have been asked by the State Bank of Pakistan (SBP) to arrange dollars before opening LCs which will limit imports due t
Pakistan and Italy have reached an agreement to extend the timeline of the Pakistan-Italian Debt Swap Agreement (PIDSA) till December next year. To this effect, an ‘Exchange of Letters’ was signed by Italian Ambassador Andreas Ferrarese and Economic Affairs Division Secretary Dr Kazim Niaz here on Thursday. Procedures, modalities, terms, and conditions as defined in the agreement signed in
The Pakistani rupee is expected to trade at 293.52 by the end of this quarter, according to Trading Economics global macro models and analysts’ expectations. Looking forward, the agency estimates the PKR to trade at 317.29 in 12 months. Trading Economics provides its users with information for 196 countries including historical data and forecasts for economic indicators, exchange rates, sto
The stock market opened on a positive note with the KSE-100 index making an intraday high of 484 points or 1.1 per cent on Wednesday. However, investors opted for profit-taking in the latter half of the trading session, which brought the benchmark down, said Topline Securities. According to analyst Ahsan Mehanti, stocks closed flat on Moody’s assertion about a high liquidity risk despite a d
THE fever is breaking. Rarely have I seen so many indicators of the economy reverse their momentum in tandem, and so fast. From the start of this week, Pakistani bonds in international markets have rebounded from default level pricing to normal pricing, inflation peaked, the foreign exchange reserves rose by $500 million, the trade deficit fell, the stock market registered the sharpest single-day