The grey currency market — which functions outside the ambit of regular remittances channels — has reemerged due to an uptick in the smuggling of dollars to neighbouring countries, experts have said. The market is attracting about $500 million per month by offering an exchange rate of Rs4 per dollar higher than the official rate, according to the Exchange Companies Association of Pakistan Gener
Pakistan Stock Exchange (PSX) on Monday plunged more than 1,100 points in a widespread bearish activity, sparked by the global equity sell-off over fears of a potential US recession and escalating tensions in the Middle East. The KSE-100 index started off the day positively, reaching its intra-day high of 78,330.09 points very soon. However, it struggled to sustain the momentum and started desc
US listed shares of crypto-linked companies slumped as bitcoin fell more than 15% on Monday, after weak economic data last week triggered fears of a recession and set off a frenzied selling of risky assets. The plunge marks a stunning reversal for the sector that until recently was riding a wave of optimism sparked by the approval of exchange-traded funds (ETFs) tied to the spot prices of bitco
With mounting criticism of the independent power producers (IPPs), Prime Minister Shehbaz Sharif has formed a task force for engaging international firms to review agreements with the IPPs and suggest measures to slash capacity payments. At present, electricity consumers are paying over Rs2.2 trillion in capacity charges to even those IPPs which are shut and not producing a single unit of elect
Pakistan's largest fertiliser manufacturing plant, Engro's EnVen, has resumed production after a 55-day turnaround costing $50 million, coinciding with the ongoing wheat sowing season. The plant, with an installed production capacity of 1.3 million tonnes, returns to operation, but this will not offset the expensive import of urea as the government has approved importing 100,000 tonnes to maintain