ROME : (Reuters) Claudio Descalzi, the CEO of the Italian oil and gas firm Eni (ENI.MI), has said that he does not anticipate any “big shocks” in the energy markets this year. Descalzi said in an interview with La Stampa newspaper that “European gas storages are full and, although theRead More →
According to figures released by the State Bank of Pakistan (SBP) on Monday, Pakistan’s Real Effective Exchange Rate (REER) decreased sharply in January from 96.2 in December to 92.8. The results showed that the REER decreased 4.4% yearly. The REER value decreased by 3.57% per month. The Nominal Effective ExchangeRead More →
The National Parliament approved the Finance (Supplemental) Bill, 2023 on Monday, proposing Rs. 170 billion in new taxes and tariffs, opening the way for the staff-level agreement with the International Monetary Fund (IMF). When the bill’s debate came to a close, Finance Minister Ishaq Dar said that although the governmentRead More →
The State Bank of Pakistan (SBP) announced on Friday that there will be an extra three months of cash margin limitations on the import of around 177 items. In an attempt to limit imports, the SBP decided to impose cash margin limitations on a number of imported items early thisRead More →
With the economy under great strain, as seen by depleted foreign reserves, a rising current account deficit, and the currency plunging to a historic low, Pakistan must act quickly to reactivate the International Monetary Fund programme in order to avert a Sri Lanka-style collapse. “In order to re-enter the program,Read More →
According to the Federal Bureau of Statistics, the price of a 20 kg flour bag has risen to Rs. 720 in one week.Residents in Slamabad have been impacted the worst by the flour price hike, and are now obliged to purchase the most costly flour in the country.The price ofRead More →
The Pakistan Tehreek-e-Insaf (PTI) government borrowed $52 billion in external loans in three years and eight months, placing it first among the previous four governments. In fact, the PTI returned 70% of the debts incurred by previous governments. It had surpassed Pakistan Muslim League (PML-N), which had $49.761 billion inRead More →
Pakistan’s liquid foreign reserves fell by $115 million in the week ending April 30, 2022, representing a 0.7 percent drop week on week.According to the SBP weekly report issued on Friday, the country’s total liquid foreign exchange reserves fell by $115 million (-0.7 percent) on April 30, 2022, to $16.553Read More →
The National Bank of Pakistan (NBP) Board of Directors met to discuss the bank’s financial performance and approved the condensed interim financial statements for the three months ending March 31, 2022.As the most profitable bank, the National Bank of Pakistan has surpassed United Bank Limited and HBL. As a result,Read More →
On Thursday, the Federal Shariat Court deemed Pakistan’s Interest Act 1839 un-Islamic, ordering the government to replace the Riba-based financial system with an Islamic one within five years.On April 12, a full bench of the Federal Shariat Court (FSC), led by Chief Justice Muhammad Noor Meskanzai and included Justice Dr.Read More →
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