A Senate committee on Wednesday approved amendments to the State Bank of Pakistan (SBP) Act, requiring commercial banks to lend in Khyber-Pakhtunkhwa (K-P) and Balochistan equal to 60% of the deposits being raised from the two underdeveloped provinces. The amendment was proposed after it was revealed that cumulative lending in these provinces amounted to just 1.33% of the total bank lending, ev
The minister for industries and the minister for petroleum are locked in a row over sugar export with the latter recommending a halt to shipments whereas the former pushes for making exports in violation of a government decision. The retail price of sugar has exceeded the benchmark set by the government, which makes it binding on the industries ministry to stop exports but it continues to be in
The Pakistani currency depreciated by Rs0.05 to Rs277.85 against the US dollar in the inter-bank market, as uncertainty over the International Monetary Fund (IMF) Executive Board's final approval for a $7 billion loan programme later in the day impacted the currency market on Wednesday. In the open market, however, the rupee gained Rs0.12 day-on-day to close at Rs280.33 per dollar, increasing b
Bulls regained control at the Pakistan Stock Exchange (PSX) on Wednesday as shares climbed more than 700 points, hours ahead of the International Monetary Fund (IMF) Executive Board meeting. The benchmark KSE-100 index climbed 764.27 points, 0.94 per cent, to close at 82,247.91 points from the previous close of 81,483.64 points. Yousuf M Farooq, director research at Chase Securities, attribu
The Asian Development Bank (ADB) on Wednesday said that the economic reform agenda supported by the three-year International Monetary Fund (IMF) Extended Fund Facility (EFF) was projected to accelerate growth and ease inflation in Pakistan. In its Asian Development Outlook report for September, the Manila-based lending agency noted that growth in Pakistan had rebounded to 2.4 per cent in the fi