Total deposits stand at $22.1b; gold jumps Rs9,100/tola as global rally gains pace on US employment report KARACHI: The central bank’s foreign exchange reserves recorded a healthy increase during the week ended June 24, 2026 as they rose $611 million to reach $16.53 billion. The increase was mainly driven by government inflows from multilateral institutions,…
KARACHI: The State Bank of Pakistan (SBP) has discontinued the Telegraphic Transfer Charges Incentive Scheme (TTCIS) with effect from July 1, 2026, ending the reimbursement mechanism under which banks were compensated for waiving telegraphic transfer charges on eligible home remittance transactions. In a circular issued on Thursday, the central bank said the scheme stood withdrawn…
LAHORE: The government’s decision to reduce the completely built-up unit (CBU) tariff on two-wheelers while maintaining the same tariff for completely knocked-down (CKD) units and parts may prove to be counter-productive for the auto industry in the absence of a structured, time-bound roadmap, say industry stakeholders. According to the new tariff applicable from July 1,…
ISLAMABAD: K-Electric has been served a gas supply disconnection notice on account of breach of guarantees, prompting the country’s economic managers to call for speedy resolution of the issue. Sources told The Express Tribune that the matter was taken up in a recent meeting of the Economic Coordination Committee (ECC). Minister for Petroleum Ali Pervaiz…
Shandong Xinxu proposes refinery upgrade, offshore exploration, equipment manufacturing ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has met with Hou Jianxin, Chairman of China’s Shandong Xinxu Group, to discuss expanding cooperation and investment opportunities in Pakistan’s energy sector, according to a statement issued on Thursday. Jianxin expressed strong interest in investing across Pakistan’s energy…
FPCCI links proposal to upcoming Solar & Storage Expo, cites need to cut energy costs LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for a special concessional financing scheme at 3% markup for solar battery purchases, as the Pakistan Solar Association prepares to host the Solar & Storage Expo 2026…
Oil prices edged up on Friday before a long holiday weekend in the US, as wary optimism held over efforts to secure peace in the Middle East between the United States and Iran. Brent futures climbed 46 cents, or 0.64%, to $72.26 a barrel as of 0407 GMT. West Texas Intermediate was up 32 cents,…
There are apprehensions that some exporters keep part of their proceeds overseas by understating the value of their goods or bringing some as exports of services to avoid income tax, according to sources. photo:file ISLAMABAD: The government has missed the export target by a wide margin of $5.2 billion, as receipts during the last fiscal…
BOP has become the first and only provincial bank in Pakistan to achieve the nation’s highest credit rating LAHORE: The Bank of Punjab (BOP) has been upgraded to a long-term entity rating of AAA from AA+ by the Pakistan Credit Rating Agency (Pacra), with the short-term rating held at A1+ and a stable outlook. BOP…
Project to create 53,500 jobs includes aluminium refinery and 4,000MW captive power plant The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, November 22, 2024. REUTERS Abu Dhabi’s International Holding Company (IHC) plans to invest $11.5 billion in an integrated aluminium project in…