Iranian bank cards can now be used in Russia, state television reported, as the two countries linked their banking systems in the latest bid to counteract sanctions. Iranian banks have been excluded since 2018 from the SWIFT international financial messaging service, which governs the vast majority of transactions worldwide. The move is part of a raft of sanctions that were re-imposed on Ira
The International Monetary Fund (IMF) has sought a detailed, output-based update on Pakistan’s digitalisation plans for its revenue system, including the use of artificial intelligence to expand the tax base and increase collections. On the energy side, the country has pledged to halt gas supply to captive power plants (CPPs) by January 2025, redirecting them to the national grid despite a stro
Due to positive economic data and a larger-than-expected interest rate cut, the stock market experienced a record-setting streak throughout the outgoing week, except for one session, ultimately closing above 93,000 for the first time. After staging a robust rally on the first day amid anticipation of a fourth straight cut in the benchmark interest rate ahead of the announcement of monetary poli
A multinational company has unveiled its vision for packaged food exports for the next five years, saying that it plans to earn $50 million in foreign exchange for Pakistan till 2030. Nestle Pakistan made this announcement at a ceremony, “Limitless Possibilities”, which showcased the company’s export journey over the last few years, expanding to 26 countries and generating $23m in 2024. Spe
Liquidity flow from banks to the private sector has changed dramatically, with advances surging to Rs447 billion in the first four months of this fiscal year, compared to a net debt retirement of Rs153 billion in the corresponding period last year. Experts said the surplus liquidity in the government’s account and the steep fall in the interest rate have changed banking in Pakistan. The gove