Current account deficit balloons to $7 billion in five months
KARACHI: Pakistan’s current account deficit has ballooned to $7 billion during the first five months (July-November 2021/22 on sharp growth in import bill during the period, according to the balance of payments data released by the State Bank of Pakistan (SBP) on Monday. –SHAHNAWAZ AKHTER
SBP sets limits for foreign currency purchase to discourage speculative gains
KARACHI: The State Bank of Pakistan (SBP) on Monday said the limits of foreign currency buying by individuals have been set to discourage speculative transactions. –SHAHNAWAZ AKHTER
SBP praises banks for disbursing Rs1.4 trillion agriculture credit
KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Monday praised the banks for disbursing Rs1.4 trillion as agriculture credit during FY21, a statement said. –SHAHNAWAZ AKHTER
Textile exports up 8% in November
KARACHI: Pakistan’s textile exports witnessed an increase of 8 per cent month-on-month to reach a record high of $1.74 billion in November, a report by Topline Securities showed. –LATIFUR REHMAN
Rupee ends firmer against dollar
KARACHI: The rupee ended firmer at Rs178.04 against the dollar on Monday, amid higher foreign currency demand for import and corporate payments, dealers said. –SHAHNAWAZ AKHTER
People to get good news about FDI in two months: official
KARACHI: A global investment summit is being held in March 2022 and the people will get good news of receiving foreign direct investment (FDI) in two months, an official said. –SHAHNAWAZ AKHTER
Unisame vows to create export culture
KARACHI: The Union of Small and Medium Enterprises (Unisame) has said that Adviser to the Prime Minister on Commerce Abdul Razak Dawood’s agenda for creating export culture has motivated the sector to export more and more, a statement said. –LATIFUR REHMAN
Fatima Fertilizer to acquire 84.51% stakes in Samba Bank
KARACHI: The board of directors of Fatima Fertilizer Company has approved the company’s proposed plan to acquire 84.51 per cent stakes in Samba Bank Limited, a bourse filing said on Monday. –JAVED MIRZA
Fuel cost component of power generation surges 85% on yearly basis
KARACHI: The fuel cost component of the power generation during November 2021 surged 85 per cent YoY to Rs6.32/kWh, mainly due to a rise in the furnace oil, coal and regasified liquefied natural gas (RLNG)-based cost of generation, official data suggests. –JAVED MIRZA
PSX remains bullish; KSE-100 Index gains 439 points
KARACHI: The Pakistan stocks witnessed a bullish session, as investors’ sentiment eased after the State Bank of Pakistan (SBP) cued short-term relaxation over interest rates, dealers said on Monday. –JAVED MIRZA
IMF’s great squeeze
KARACHI: In an expected move on December 14, 2021, the State Bank of Pakistan (SBP), for the second time in less than a month, increased the key policy rate by 100 basis points to dampen the inflationary pressure and support the rupee, but the step proved futile. –SHAHNAWAZ AKHTER
