The State Bank of Pakistan (SBP) has said that the balance sheet footing of the banking sector expanded by 11.5 per cent in H1CY24, mainly driven by investments in government securities. In its Mid-Year Performance Review on the Banking Sector for 2024, released on Wednesday, the central bank noted that the government remained the primary borrower of banking money, which doubled the profits of
Exports of raw food items continued to increase in the current fiscal year, with a 42.39 per cent gain in the first two months compared to the same period of the previous year. The value of raw food exports reached $1.01 billion in July-August from $710.65 million over the corresponding months of last year, according to data compiled by the Pakistan Bureau of Statistics. In FY24, the raw foo
The current account deficit (CAD) declined sharply by 81 per cent in the first two months of the financial year (FY25) while August posted surplus after four months. The declining trend has finally produced a $75 million surplus for August, compared to a deficit of $152m in the same month of the previous year. This must be a big relief for the government as it is struggling to deal with a hu
Gunvor Group Chairman Torbjorn Tornqvist and Total Energies Vice President Mehmet Celepoglu met with Prime Minister Shehbaz Sharif on Monday to explore potential investments in Pakistan's energy sector. During the meeting, the prime minister highlighted that the country's economy had stabilised and was now on a path of growth and development. He highlighted ongoing reforms aimed at boosting
Pakistan is set to formally request Qatar to reduce its liquefied natural gas (LNG) supplies in a bid to relieve pressure on gas utilities, as the country's power sector has shown reluctance to lift its allocated gas volumes. Currently, Pakistan imports 10 LNG cargoes per month under contractual agreements, with Pakistan State Oil (PSO) importing nine cargoes from Qatar and one from the Italian fi