ECC authorises Rs60 billion in credit for PSO to pay debts

ISLAMABAD: The release of Rs 60 billion in finance for Pakistan State Oil (PSO) to be able to satisfy its financial commitments was authorised at a meeting of the Economic Coordination Committee (ECC) of the federal cabinet, among other decisions. The bulk of this money will come from commercial banks because of the fact that […]

Customers Struggling as a Result of Banking Services Disruption

Customers of a few banks are having difficulties and experiencing inconveniences as a result of the lack of certain services, particularly at ATMs around the nation. Due to the increased demand for services including ATM, POS, cash transfers, and utility bill payments in the first week of the month, consumers have been experiencing difficulties since […]

Roshan Digital Accounts Saved Pakistan from a Crisis Similar to Sri Lanka.

With the economy under great strain, as seen by depleted foreign reserves, a rising current account deficit, and the currency plunging to a historic low, Pakistan must act quickly to reactivate the International Monetary Fund programme in order to avert a Sri Lanka-style collapse. “In order to re-enter the program, the government must reduce petroleum […]

70% of PTI Government’s Foreign Loans are used to repay previous debts.

The Pakistan Tehreek-e-Insaf (PTI) government borrowed $52 billion in external loans in three years and eight months, placing it first among the previous four governments. In fact, the PTI returned 70% of the debts incurred by previous governments. It had surpassed Pakistan Muslim League (PML-N), which had $49.761 billion in foreign borrowings and $27.071 billion […]

Pakistan’s foreign exchange reserves have fallen by $115 million.

Pakistan’s liquid foreign reserves fell by $115 million in the week ending April 30, 2022, representing a 0.7 percent drop week on week.According to the SBP weekly report issued on Friday, the country’s total liquid foreign exchange reserves fell by $115 million (-0.7 percent) on April 30, 2022, to $16.553 billion, down from $16.668 billion […]

NBP Becomes Pakistan’s Most Profitable Bank, surpassing UBL and HBL.

The National Bank of Pakistan (NBP) Board of Directors met to discuss the bank’s financial performance and approved the condensed interim financial statements for the three months ending March 31, 2022.As the most profitable bank, the National Bank of Pakistan has surpassed United Bank Limited and HBL. As a result, profit after tax for the […]

A court has ordered the government to abolish the riba-based Haram financial system.

On Thursday, the Federal Shariat Court deemed Pakistan’s Interest Act 1839 un-Islamic, ordering the government to replace the Riba-based financial system with an Islamic one within five years.On April 12, a full bench of the Federal Shariat Court (FSC), led by Chief Justice Muhammad Noor Meskanzai and included Justice Dr. Syed Muhammad Anwar and Mr. […]