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Business

Pakistanis’ hidden foreign assets worth around $350bn

ISLAMABAD (Web Desk) Authorities probing illegal foreign accounts and properties of thousands of Pakistanis made shocking revelations on Tuesday that the volume of these assets hidden in different tax havens abroad reached up to US$350 (Rs43 trillion).Interestingly, the authorities also revealed for the first time that only accounts and properties …

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Dealers traded $8b worth of foreign currency in 2017: SBP

KARACHI (Web Desk) Currency dealers in Pakistan’s open market routed foreign currencies close to $8 billion 2.5% of GDP in 2017, with the US dollar alone accounting for $3 billion of the total trades, according to the State Bank of Pakistan (SBP).Individuals consumed close to 63% of the total volume …

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Forex companies fleecing public with both hands in run-up to Eid

KARACHI: (Web Desk) With Eidul Azha right around corner, the gap between buying and selling rate in the open market at Rs9 per dollar has caused huge losses to general public and overseas Pakistanis who send remittances to their families back home during the festive season. Exchange companies continue to …

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SBP moves to boost housing finance

KARACHI: (Web Desk) After announcing ‘Policy for Promotion of Low-Cost Housing Finance’ on July 18, the State Bank of Pakistan (SBP) has taken the government and Pakistan Mortgage Refinance Company (PMRC) on board for provision of cheap financing to help solve the problem of housing shortage. The SBP had earlier …

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US-China trade dispute hitting German companies

BERLIN (Web Desk) The escalating trade conflict between the United States and China is hitting German companies doing business in both countries, a survey by the DIHK Chambers of Industry and Commerce showed on Thursday.China has warned the United States it would hit back if the Trump administration takes further …

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PRIME suggests key areas of focus for new government

ISLAMABAD (Web Desk) The Policy Research Institute of Market Economy (PRIME) has laid out a 100-day reform agenda for the incoming government, stressing that economic growth will come as Pakistan facilitates businesses and improves governance.After a wide-ranging discussion with various stakeholders, including civil society, business leaders, academics, policymakers and economists, …

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World Bank’s policy loans worth $900m fail to achieve goals

ISLAMABAD (Web Desk) Two policy loans of the World Bank worth $900 million have not achieved most of their goals that were aimed at ensuring inclusive economic growth in Pakistan. The failure comes due to a flawed plan and institutional capacity constraints, reveals a report of the Independent Evaluation Group …

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Govt should prepare home-grown plan to refuel economy

LAHORE (Web Desk) The new government has to surmount a number of economic and financial challenges after assuming power.The first and foremost challenge is the financial one is balance of payments. The economy is in the grip of a worsening balance of payments situation where foreign exchange reserves are just …

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Pakistan needs $1.2b annually to feed job market

LAHORE (Web Desk) Businessmen of Punjab have suggested that the upcoming government should set up the National Business Climate Reform Group, chaired by the prime minister, in an effort to introduce and monitor much-needed reforms as Pakistan needs around $1.2 billion in investment per annum to feed the growing job …

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Crisis severe, no option to be ruled out, says Asad Umar

ISLAMABAD (Web Desk) Asad Umar, the man tipped to lead Pakistan’s finance ministry, says no option including knocking on the doors of the International Monetary Fund (IMF) will be ruled out as the country tackles its way out of a severe economic crisis.The Pakistan Tehreek-e-Insaf (PTI) leader is the frontrunner …

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