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Pakistan now has $7.91 billion in foreign reserves, up $17 million.

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The overall value of the nation’s liquid foreign reserves, as disclosed by the SBP, was $13.15 billion. There were $5.24 billion in net foreign reserves held by commercial banks.

The rise in reserves was announced by the central bank without explanation.

“SBP’s reserves increased by US$ 17 million to US$ 7,912.9 million during the week ended on March 8, 2024,” the statement stated.

Pakistan’s central bank had $54 million less in reserves last week.

The sources claimed that at the IMF’s initial meeting with representatives of the Finance Ministry, the organization expressed concerns over the subsidised gas supply to fertilizer companies.

The foreign lender made a demand to stop giving the fertilizer companies gas at a discounted price. The group also voiced their worries over rising commodity costs in Pakistan in spite of global stability.

According to the sources, the IMF team also received updates on circular debts in the energy sector, tariff outlooks, cost-side reforms, tax administration, tax policy, and the development of the Bilateral Investment Plan (BISP) from the relevant officials during the meeting.

The IMF group also requested that Pakistani authorities impose taxes on the industrial, retail, and real estate industries.

Meanwhile, during the first round of negotiations for the second review of the SBA program, Pakistan was given a “do more” ultimatum by the International Monetary Fund (IMF).

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February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

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KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

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The NORINCO Group is invited by CM Sindh to explore opportunities.

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Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

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A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

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In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.

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