Business News

The foreign exchange reserves held by the central bank increased 10.85% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. The central bank attributed the increase to receipt of $1.39 billion from the International Monetary Fund (IMF) under the Rapid Financing Instrument  to cushion the economic impact of the Covid 19 shock. “The SBP has also made government’s external debt repayments amounting to $234 million,” the central bank said in a statement. Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,463 million. Net reserves held by banks amounted to $6,392.7 million.

امریکی کروڈ نے 18 سال تک اپنی کم ترین سطح پر آنے کے ایک روز بعد جمعرات کے روز تیل کی قیمتوں میں زبردست تیزی دیکھی گئی ، کیونکہ یوروپی مرکزی بینک نے کورونا وائرس وبائی امراض کا مقابلہ کرنے کے لئے بانڈ خریدنے کی اسکیم شروع کی۔ امریکی بینچ مارک ویسٹ ٹیکساس انٹرمیڈیٹ 24 فی صد ڈوبنے کے ایک دن بعد ، تقریبا 17 percent 24 فی بیرل پر رہا۔ بین الاقوامی بینچ مارک برینٹ کروڈ 14 فیصد گرنے کے ایک دن بعد 8.5 فیصد اضافے کے ساتھ 27 ڈالر فی بیرل رہا۔ تیل کی منڈیوں میں تیزی کے ساتھ رسید کی پابندی اور کاروبار بند ہونے کا اشارہ کرنے کی وجہ سے تیل کی منڈیوں میں دھوم مچ گئی ہے ، اور سعودی عرب اور روس کے بڑے پروڈیوسر قیمتوں کی جنگ میں مصروف ہیں۔ جمعرات کی چھلانگ اس وقت آئی جب سرمایہ کاروں نے سودے بازی کی قیمت پر اجناس کی خریداری کی ، اور حکومت اور کارپوریٹ بانڈوں کی خریداری کے لئے 750 بلین یورو اسکیم کے ای سی بی کے حیرت انگیز اعلان کی پیروی کی۔ نام نہاد پانڈیمک ایمرجنسی خریداری پروگرام ای سی بی کی جانب سے اعصابی بازاروں کو پرسکون کرنے میں ناکام ہونے والے محرک پیکیج کی رونمائی کے ٹھیک چھ دن بعد ہی آیا...

Haroon Akhtar Khan, former special assistant to prime minister on revenue has said that some people in the current setup like to see him appointed as chairman of the Federal Board of Revenue (FBR) instead of SAPM, which was not acceptable to him. This, he stated while speaking at Aaj TV programme “Paisa Bolta Hai” with Anjum Ibrahim. Khan also said that owing to changed external conditions on account of coronavirus and the decline in oil prices, the government can re-negotiate the International Monetary Fund (IMF) programme and cut down the interest rate by 200 basis points. He said that Prime Minister Imran Khan had invited him to give unbiased view on economy, especially related to businesses and ground realities. “I went as a patriotic Pakistani citizen,…while seeing that the PM has a vision to turn around the country and the economy,” said Khan, adding that, he went for presentation and discussion, and not seeking a job at all. However, Akhtar said, the prime minister off...

Having infected more than 130,000 individuals, and with a death toll surpassing 5,000 people, coronavirus (COVID-19) – now labelled a global pandemic – has brought life around the world to a halt, resulting in global economies feeling the heat due to disruptions in supply and dampened demand sentiments. In the wake of the deadly virus, global GDP estimates have been slashed by 5bps to 2.4pc as opposed to previous estimates of 2.9pc. Although the spread has been curtailed in Pakistan, and the World Health Organisation (WHO) has expressed satisfaction with national policies against the disease, Pakistan is not an island, and thereby the impact of the virus is likely to penetrate into the economy. TRADE IMPACT As per a report by BMA Research, the impact is likely to hit Pakistan due to its trading with infected countries. The report reads, “A large portion of Pakistan’s economy is driven by imported materials including most key sectors such as textiles, automobile, energy, steels,...

* Politically and economically motivated * Source: University of Hamburg data The number of deaths in the world in the first two months of 2020 2360: Corona virus 69602: Common cold 140 584: Malaria 153,696: suicide 193,479: road accidents 240,950: HIV loss 358,471: alcohol 716,498: smoking 1,177,141: Cancer Then do you think Coruna is dangerous? Or is the purpose of the media campaign to settle the trade war between China and America or to reduce financial markets to prepare the stage of financial markets for mergers and acquisitions or to sell US Treasury bonds to cover the fiscal deficit in them !!🤫😃😴 #COPIED

Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in Europe and Asia, in an escalation of its fight with Moscow for market share, five trading sources said on Friday. The sources, from oil majors and refiners which process crude in Europe, said Saudi state oil company Aramco told them it would supply all requested additional volumes in April. Sources previously told Reuters Saudi Arabia is also seeking to replace Russian crude in Asia with Chinese and Indian buyers. Tanker rates soared as Saudi Arabia chartered dozens of supertankers to take extra oil, including to the United States, where Russian oil is less popular. Oil prices have halved since the start of the year because demand has been hit by the coronavirus outbreak and after Russia and OPEC failed to reach a new deal on supply cuts. Moscow refused to support new deeper cuts and Riyadh retaliated by opening its taps and pledging to pump record volume...