Struggling to offload cars, Chinese and Korean firms offer attractive packages, discounts • No change for Toyota, Honda and Suzuki; Audi prices fall on expiry of SRO KARACHI: Increase in interest rates, curbs on auto financing and the prevailing political and economic uncertainty have proven to be more turbulent for Korean and Chinese auto assemblers than their Japanese counterparts and are of
Former central bank governor Syed Salim Raza has said Pakistan should avoid going for a “piecemeal restructuring” of its dollar-denominated debt. Speaking at a recent seminar on national economic challenges, the former chief of the State Bank of Pakistan (SBP) said that asking one of the many creditors to restructure the debt was “unfair” and tantamount to subsidising the other creditors. “I
Finance Minister Ishaq Dar on Saturday directed all relevant departments for early completion of the remaining steps to ensure the revival of the multi-billion-dollar Reko Diq project before the Dec 15 deadline. The apex committee on the Reko Diq project chaired by Finance Minister Ishaq Dar reviewed the progress on the implementation of agreed steps so far for the completion of the Reko Diq ar
Confusion continued to prevail over the central bank’s alleged decision to withhold certain payments to foreign service providers and thus put the citizens at risk of losing access to certain paid apps and services come next month. While the State Bank of Pakistan (SBP) has dismissed as “baseless and misleading” reports that it had withheld payments to Google, the telecom industry and other sta
The interest rate hike will cost heavily to the government as it will have to re-price the Rs5 trillion maturity of treasury bills and Pakistan Investment Bonds (PIBs) in the next three months. The State Bank of Pakistan (SBP) has increased its policy rate by 100 basis points to 16 per cent to tame inflation but the other aspects of higher interest rates were not considered for serious thought.