Saudi Arabia and Turkey are discussing Riyadh placing a $5 billion deposit at Turkiye’s central bank, a Saudi Ministry of Finance spokesperson said on Tuesday. “We are in final discussion to make a USD 5 billion deposit with the central bank of (Turkiye),” the spokesperson said in an emailed response to a Reuters query. The Turkish central bank declined to comment on the issue. A Turkish off
The International Finance Corporation (IFC) of the World Bank Group has launched a new $225 million platform to help build the digital economy in Pakistan and countries of Africa, the Middle East and Central Asia. The platform will build on IFC’s investments and efforts to build tech ecosystems in Africa, the Middle East, Central Asia, and Pakistan through initiatives such as the IFC Startup Ca
The Ministry of Commerce will hold a single-country exhibition and conference in Johannesburg, South Africa to seek greater market access for Pakistani products. An official announcement of the commerce ministry said that in this connection Commerce Minister Naveed Qamar held a meeting with High Commissioner of South Africa to Pakistan M Madikiza. The single-country exhibition and conference w
The rupee regained 24 paise against the US dollar on Tuesday but the currency experts were unable to explain this reasonless appreciation. The State Bank of Pakistan (SBP) reported the dollar closing price at Rs223.42 compared to Rs223.66 on Monday. Currency dealers in the banking market believe that the rupee’s appreciation after seven days of losses looked artificial as the expected inflow
As the stuck-up refunds and tax credit of export-oriented industries swelled to over Rs200 billion in the current fiscal year, the exporters on Tuesday warned of closing down their textile units as a severe liquidity crunch made it impossible to continue their operations. The stuck-up payments range from sales tax refunds to duty drawback of local taxes and levies, a support government offered