K-Electric, one of the leading electric supply companies in Pakistan, has recently announced a partnership with Bank Alfalah, one of the largest private banks in the country. Under this collaboration, Bank Alfalah customers can now enjoy cashback rewards when they use the bank’s Alfa App and QR codes to pay their monthly utility bills. This […]
Pakistan’s economic and debt sustainability are at risk, according to the World Bank’s ‘Pakistan Development Update’ report. The flagship report has predicted nearly stagnant economic growth and an average inflation rate of 29.5% for the current fiscal year, while warning of severe dangers to the country’s economy. Pakistan’s economic future appears to be highly uncertain, […]
Silkbank (SILK.PSX) from Pakistan announced on Thursday that it is currently engaged in discussions regarding a possible investment of a maximum of 50 million euros ($54.5 million) by International Commercial Bank (ICB) of South Sudan. This development resulted in a nearly 8% increase in Silkbank’s shares. The talks follow a commitment made by the Pakistani […]
Samba Bank, a leading financial institution in Pakistan, has recently announced the appointment of Ahmad Tariq Azam as its new President and CEO. This decision has been approved by the Board of Directors of the bank, and is now subject to the approval of the State Bank of Pakistan. Ahmad Tariq has been associated with […]
JS Bank, one of Pakistan’s fastest-growing banks, has partnered with the Green Climate Fund (GCF), the world’s largest climate finance organization, to promote and undertake climate-resilient projects in the country. The announcement was made in a meeting hosted by JS Bank in Islamabad, where both parties discussed various aspects of the Pakistan Distributed Solar Project […]
The State Bank of Pakistan (SBP) has fulfilled a condition set by the International Monetary Fund (IMF) to reach a staff-level agreement by removing all cash margin requirements on imports. The SBP has withdrawn the existing Cash Margin Requirement (CMR) on imports from March 31, 2023, as per a circular dated March 24. The move […]
The State Bank of Pakistan’s directive to keep banks open on Saturday and Sunday is aimed at facilitating intending pilgrims who wish to apply for Hajj 2023. The Hajj is an important religious obligation for Muslims, and every year, thousands of Pakistani pilgrims travel to Saudi Arabia to perform this holy pilgrimage. The central bank’s […]
The International Monetary Fund (IMF) has dismissed claims by the Economic Coordination Committee (ECC) of Pakistan that the IMF has blocked funds to the country. The ECC had previously accused the IMF of blocking a $450 million loan to Pakistan, which it said was needed to bridge the country’s budget deficit. However, the IMF has […]
The disappointment of three American banks has no pertinence or consequence on the lenders accomplishing business in Pakistan as they are well-capitalised, but the banks’ sizable holdings of administration deficit safeties are putting forward red flags in the economic strategy of the nation, a monetary assistance corporation noted in an announcement. Within a week, the […]
Oil expanded its slip on Wednesday, plunging 4% and hitting its softest in more than a year as anxiety over Credit Suisse frightened world markets and counterbalance longings of a Chinese oil demand comeback. Before indications of a rescue to quiet and peace faded after Credit Suisse’s biggest investor declared it could not furnish the […]