State Bank of Pakistan’s (SBP) foreign exchange reserves hit an eight-year low at $5.576 billion during the week ended on Dec 30, 2022. Despite fast dwindling SBP reserves, Finance Minister Ishaq Dar is still hopeful about reverting the situation with expected financial help promised by the friendly countries, but nothing has been realised so far. During the week the SBP foreign exchange re
Oil prices rose as much as $1 on Friday, extending gains from the previous trading session on hopes of a China demand boost and after data showed lower fuel inventories in the United States following a winter storm that hit during the year-end. Brent crude futures were 94 cents, or 1.2 per cent, higher at $79.63 a barrel at 0345 GMT, after settling 85 cents stronger at $78.69 on Thursday. US
With rising prices of wheat flour and chicken already hitting most household budgets, two more staples — ghee and cooking oil — are also going to be short in supply as well as costlier ahead of the holy month of Ramazan if corrective measures are not taken immediately, it emerged on Thursday. Producers are fast running out of palm oil, soybean oil and sunflower following banks’ reluctance in op
Share prices moved both ways on Wednesday before settling on the lower side as a result of uncertain macroeconomic conditions. Arif Habib Ltd said the volume for mainboard stocks dropped while third-tier companies continued their dominance on the trading counter. A lack of positive triggers on the market kept investors away from participation, said JS Global. According to analyst Ahsan Meha
The Executive Committee of the National Economic Council (Ecnec) on Wednesday approved 10 development projects, mostly related to the rehabilitation and reconstruction of flood-hit areas and pre-poll public support, with an estimated cost of about Rs472 billion. This also includes a Rs160bn foreign-funded project for the construction of more than 565,000 fully or partially damaged houses in Sin