Currency dealers say the State Bank of Pakistan (SBP) has slowed down its dollar purchases from the interbank market in an apparent effort to maintain liquidity and contain pressure on the exchange rate amid a growing trade deficit. “The SBP is buying dollars much slower than last year, when it purchased $7.8bn to boost its foreign exchange reserves,” said a currency dealer, adding that higher
Commerce Minister Jam Kamal Khan has directed immediate steps for establishing an Expo-cum-Display Centre in Islamabad and identifying land for a similar facility in Quetta, as part of a broader plan to develop a nationwide network of modern exhibition venues. The minister issued the instructions during a detailed briefing by the CEO of Pakistan Expo Centre (Pvt) Ltd at the Ministry of Commerce
As the government moves to allow commercial imports of used vehicles, the Pakistan Automotive Manufacturers Association (PAMA) has expressed concern over the potential impact on local vehicle assembly. However, a leading Chinese assembler says it expects minimal disruption to its sales. PAMA Director-General Abdul Waheed Khan warned that the decision to relax restrictions on used car imports
Oil prices eased on Thursday, retreating from the previous session’s seven-week high, as new US economic data tempered optimism around further interest rate cuts. Brent futures were down 25 cents, or 0.36pc, at $69.06 a barrel by 12:24pm EDT (1624 GMT). US West Texas Intermediate futures lost 33 cents, or 0.51pc, to $64.66. Both benchmarks gained 2.5pc on Wednesday to reach their highest sin
The recent rains and floods caused massive loss to the infrastructure of the Lahore Electric Supply Company (Lesco). Since the assessment of damages calculated by the company amounts to Rs237.38 million, the efforts to repair and replace the affected material have been accelerated, according to Lesco’s Chief Executive Officer Muhammad Ramzan Butt. The Lesco’s Kasur circle topped in suffering