The State Bank of Pakistan (SBP) purchased about $3.8 billion from banks in the first four months of the current fiscal year to improve its foreign exchange reserves and repay some foreign debt. Bankers said the unexpectedly higher remittances provided enough liquidity in the inter-bank market, encouraging the central bank to buy dollars. “Between June and October 2024, the SBP’s net foreign
Iran’s President Masoud Pezeshkian urged Opec members to unite against possible US sanctions on the major oil producer, after US President Donald Trump said he would seek to drive Tehran’s oil exports to zero. Iranian crude oil exports currently stand at around 1.5 million barrels per day, with the majority going to China. The loss of such a volume, equal to about 1.4pc of total world supply, w
Pakistan’s exports to five central Asian countries (CACs) contracted 17 per cent during the first half of 2024-25. The country’s exports to the region have yet to attain their full potential. Similarly, imports from Kazakhstan, Tajikistan and Uzbekistan to Pakistan have increased significantly despite regular high-profile visits to balance the trade deficit. In absolute terms, the value of P
Pakistan and Turkiye are expected to sign multiple memoranda of understanding to expand economic cooperation, including the agriculture sector, during the upcoming visit of President Tayyip Erdogan to Pakistan. Senior officials of the ministries of national food security and agriculture of Pakistan and Turkiye held a meeting on Wednesday to design an action plan for future collaborations in the
The price of one tola of gold reached closer to Rs300,000 on the back of all-time high international prices due to the looming uncertainty over the US trade war with China, Mexico, and Canada and its impact on various countries. Data released by the All Pakistan Sarafa Gem and Jewellers Association on Wednesday stated that the 10-gramme and one-tola rates (24kt) climbed to new all-time high pea