The State Bank’s foreign exchange reserves remained above $8 billion during the week ending April 12. “During the week, SBP has executed the repayment of $1bn maturing Pakistan’s International Bond (principal plus interest),” said the SBP press release issued on Thursday. It was encouraging for the financial market that despite the payment of $1bn, the SBP reserves remained intact at $8bn. S
For the first time in six years, the number of cellular subscribers in Pakistan has declined even though the penetration of 4G has increased across the country, according to data released on Thursday. The total cellular subscriptions in Pakistan fell by over 3.7 million during 2023 to close at 190.9m, down 1.9pc from 194.6m in 2022, according to the annual ‘State of Apps’ report for Pakistan, j
Conceding regular overbilling by distribution companies and the power division’s total ignorance about the extent of defective meters, Power Minister Awais Ahmad Khan Leghari on Thursday hinted at reviewing electricity rates for solar, industrial and tribal region consumers to revive plunging electricity demand and counter rising capacity payments. Speaking at a news conference, Mr Leghari als
SAUDI Arabia is moving closer to a potential deal to acquire a minority stake in the Reko Diq gold and copper mining project, Bloomberg reported on Thursday, citing people with knowledge of the matter. Manara Minerals Investment Company, backed by the Saudi sovereign wealth fund, plans to invest at least $1 billion in the Reko Diq project, controlled by the Canadian mining firm Barrick Gold Cor
The country’s textile and clothing exports suffered a slowdown last month, reversing the trend of double-digit growth observed over the previous three consecutive months and indicating a decline in orders from international buyers. The sector’s exports showed a paltry growth of 3.29 per cent to $1.299 billion in March over $1.257bn recorded in the same month last year, according to data release