The government on Tuesday put on record that it had reached an agreement with bagasse-based power plants for tariff cuts and would take four to six months to revise power purchase agreements (PPAs) with 18 other independent power producers (IPPs) set up under 1994 and 2002 power policies. With the approval of the federal cabinet last month, Power Minister Owais Khan Leghari announced the pre-ma
Pakistan plans to issue Eurobonds in the next fiscal year after securing an improved ratings from international agencies, announced Finance Minister Mohammad Aurangzeb on Tuesday. Speaking at the launch of the Securities and Exchange Commission of Pakistan’s (SECP) Electronic Mortgage Register, the minister said the economy has stabilised, and regulators and banks must accelerate growth. The
Pakistan Stock Exchange (PSX) surged to a new all-time high on Monday as the KSE-100 index climbed nearly 1,100 points to close just short of the 92,000 mark. Investor optimism was fueled by expectations of a substantial policy rate cut by the State Bank of Pakistan (SBP) later in the day, after a recent 3.6% reduction in National Savings Scheme (NSS) rates due to the easing inflation, which fe
The Pakistani rupee depreciated by Rs0.09 to close at Rs277.79 against the US dollar in the inter-bank market on Monday, driven by expectations of rising dollar demand following an aggressive 2.5 percentage point rate cut by the central bank. The foreign exchange market may see further declines in the rupee's value in the coming days, as the policy rate reduction was steeper than the financial
Business leaders responded critically to the policy rate announced by the State Bank of Pakistan's (SBP) Monetary Policy Committee (MPC), appealing to the central bank to make more significant rate cuts in line with the declining inflation trend. They argued in favour of single digit interest rate saying that the current reduction is insufficient to meet the business community's need. A single dig