The Pakistan Stock Exchange (PSX) opened with a significant surge on Friday, gaining 999 points, pushing the KSE-100 index to surpass the 80,000-point mark, a level restored after recent economic developments. The index reached 80,016 points at the start of trading on Friday. The bullish trend is largely attributed to the anticipated finalization of a […]
NEW DELHI: India’s August retail inflation remained below the central bank’s target of 4% for the second consecutive month, but vegetable prices continued to soar, dampening hopes of a dovish stance in the next monetary policy meeting. Annual retail inflation was at 3.65% in August, higher than the revised 3.60% in July and economists’ forecast of 3.5%. India’s […]
ISLAMABAD: The International Monetary Fund (IMF) has confirmed that its Executive Board will meet on September 25 to discuss the approval of Pakistan’s $7 billion Extended Fund Facility (EFF). The loan is crucial for stabilising Pakistan’s economy, which has been grappling with rising inflation and dwindling reserves. IMF spokesperson Julie Kozack announced the meeting during […]
1726140338-0/Untitled-design-(42)1726140338-0.jpg?w=250&resize=250,150&ssl=1 "State Bank of Pakistan slashes policy rate by 200 BPS")
The State Bank of Pakistan (SBP) reduced its policy rate by 200 basis points to 17.5% on Thursday, as headline and core inflation saw a sharper-than-expected decline over the last two months. The rate cut will be effective from September 13, 2024. The Monetary Policy Committee (MPC) of the SBP attributed this decision to falling […]
ISLAMABAD: Turkmenistan is set to become the first Central Asian country to access the Gwadar Port under China Pakistan Economic Corridor (CPEC) as both countries are about to ink an agreement in this regard. Pakistan and Turkmenistan are already venturing various joint projects, including TAPI pipeline, railway track and fibre connectivity to connect two regions […]
ISLAMABAD: Finance Minister Muhammad Aurangzeb and Planning Minister Ahsan Iqbal raised objections to the formation of a National Digital Commission and the Pakistan Digital Authority, instead called for using the current available infrastructure and taking advantage of innovation in the scientific field. The ministers along with Minister of State for Information Technology (IT) Shaza Fatima […]
ISLAMABAD: The country’s power regulator has slapped a fine of Rs10 million on K-Electric (KE)the power utility that supplies electricity to Karachifor “lack of safety measures/culture” which resulted in the death of a person within its service territory during FY 2022-23. The National Electric Power Regulatory Authority (NEPRA) directed KE to pay the fine in […]
ISLAMABAD: Pakistan is hosting the 23rd Meeting of Ministers of the Shanghai Cooperation Organization (SCO) Member States responsible for Foreign Economic and Trade Activities on Thursady, said an official handout. “This important event, where Ministers of SCO countries dealing with External Trade and Commerce would be representing their countries, will be chaired by Pakistan’s Commerce […]
ISLAMABAD: The government on Wednesday withdrew a proposal to establish a new Export Processing Zone (EPZ) in Balochistan, complying with a condition set by the International Monetary Fund (IMF), highlighting the global lender’s growing influence over the country’s economic decision-making. The Ministry of Industry and Production had initially pushed for the creation of the EPZ […]
LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on Agriculture has recommended the government deregulate sugar and wheat markets, advocating for a free trade approach. This would allow price signals to reach stakeholders, encouraging investment, increasing competitiveness, and reducing distortions in local supply. FPCCI Chairman of the Agriculture Committee, Ahmad […]
