The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded that the government immediately reduce the interest rate to 12%. Electricity price should be reduced to 9 cents per unit for all industries while contracts with the independent power producers (IPPs) should be revisited, it said. FPCCI Regional Chairman and Vice President Zaki Aijaz, while addressing a press co
Pakistani currency on Wednesday closed stable at Rs278.30 against the US dollar in the inter-bank market, indicating that demand and supply of the foreign currency have hit equilibrium. Before closing at the previous day’s level, the currency briefly extended gains by Rs0.13 and reached its intra-day high at Rs278.17 against the greenback on optimism Prime Minister Shehbaz Sharif would be able
Expressing concern over the recent target killing of business leader Asif Suleman Bilwani, businessmen and industrialists of Karachi have appealed to the army chief, prime minister and Sindh chief minister to swing into action forthwith against the runaway crime rates including target killings, street crimes, armed robberies and other heinous crimes in the economic hub of the country. They
Finance Minister Muhammad Aurangzeb expressed hope for a key policy rate cut this year by the State Bank of Pakistan (SBP) in “line with inflation” on Wednesday. The comments come as a Reuters poll of market watchers found that the SBP is widely expected to cut its key interest rate next week by 100 basis points (bps) after holding it at a record 22pc for seven straight policy meetings. Spea
The Asian Development Bank (ADB) on Wednesday announced that it had approved a $250 million policy-based loan to Pakistan to drive sustainable investments in infrastructure and services through public-private partnerships (PPPs). “This programme is part of our comprehensive and integrated package of public sector management support that balances the country’s fiscal consolidation and growth obj