September 10, 2023
Banking Pakistan

JS Bank partners with Green Climate Fund for climate resilient projects in Pakistan

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 […]

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Banking Banking International Pakistan

IMF Denies Blocking Funds to Pakistan, Tensions Rise Over Economic Reform Program

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 […]

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Economy Pakistan

Pakistan’s Inflation Reaches New High of 38.42%

A recent media report has indicated that Pakistan is facing severe inflationary pressure, with the yearly inflation rate hitting a new high of 38.42% in the outgoing week. This increase in inflation is attributed to the rising prices of essential commodities, which have continued to climb. The Pakistan Bureau of Statistics has released data indicating […]

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Currency International

Saudi Arabia Open To Trading In Currencies Besides The US Dollar

The country’s finance minister said on Tuesday that Saudi Arabia may examine trading in currencies other than the US dollar, one of the strongest indications yet that the oil-rich kingdom is open to diversifying away from the currency. Whether it is in the US dollar, the euro, or the Saudi riyal, addressing how we pay […]

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Gold-Rates International

Gold Price Rallies To 6-mo. High On Safe-Haven Buying

On Wednesday, the prices of gold and silver increased once again, with gold rapidly rising and reaching a new six-month high. On Tuesday, silver reached an eight-month high. This first trading week of 2023 is marked by the demand for safe haven assets amid shaky global equity markets. Chart-based purchasing is also being sparked by […]

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Currency International

Egypt’s Pound Drops Significantly After Its Devaluation In October

The currency had its worst decline since the Central Bank of Egypt devalued the pound in late October in an attempt to seal the IMF agreement, falling 6% to 26.4 to the US dollar. Wednesday’s decline coincides with the blocking of billions of dollars’ worth of shipments at Egyptian ports due to local banks’ inability […]

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Currency International

Russian National Wealth Fund’s Currency Mix Is Changed

The National Wealth Fund (NWF) of Russia will continue to have a limited percentage of assets denominated in currencies from “unfriendly” nations, according to a statement released by the Russian Finance Ministry on Friday. According to the announcement, as part of the NWF’s newly authorised regulatory asset structure, the proportion of the Chinese yuan will […]

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Banking Pakistan

IMF: new ‘lifeline’ for Pakistan

With a few exceptions, Pakistan’s rulers, lawmakers, and policymakers have all struggled to manage the country’s balance of payments since its formation, and as a result, Pakistan was forced to turn to international lenders for financial assistance. Since the initial loan application, which was made in 1958, only a few years after the country’s 1950 […]

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