KARACHI: The State Bank of Pakistan (SBP) on Wednesday raised over Rs1.31 trillion through auctions of short-term treasury bills and long-term floating-rate Pakistan Investment Bonds (PIBs), reflecting continued government reliance on domestic debt markets to finance budgetary needs. According to the central bank, the government accepted Rs1.21 trillion against bids exceeding Rs1.26 trillion in the auction of Market Treasury Bills (MTBs) with settlement on February 19. Separately, the SBP raised Rs95.33 billion in the auction of 10-year floating-rate Pakistan Investment Bonds (PFL). In the MTB auction, the largest acceptance came…
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Gold, silver prices surge again, local rates hit new highs
Gold and silver prices continued their upward trend on Thursday, widening the gap between precious metals and consumer affordability. The international bullion market saw gold rise by $79 per ounce to $5,012, prompting a surge in local rates. In Pakistan, the price of one tola of gold increased by Rs7,900 to Rs523,962, while 10 grams rose by Rs6,773 to Rs449,212. Silver prices also climbed, with one tola reaching Rs8,404, up Rs358, and 10 grams hitting Rs7,205, a gain of Rs205. Spot gold rose 0.7% to $5,012.83 per ounce by 0634…
Read MoreGovt to take $600m SCB loan
ISLAMABAD: Pakistan has decided to take a $600 million short-term loan from Standard Chartered Bank (SCB) to replenish its foreign exchange reserves, as disbursements on account of foreign commercial loans and sovereign bonds have so far remained well below official expectations. Government sources said the country has accepted a term sheet for a $600 million trade finance facility from SCB, London. The loan is being taken for a period ranging from six to nine months, they added. The facility carries an interest rate of around 6.3%, which is slightly lower…
Read MorePakistan summons Afghan diplomat over Bajaur attack killing 11 soldiers
Pakistan’s Ministry of Foreign Affairs on Thursday summoned the Afghan deputy head of mission to deliver a strong demarche over the February 16 attack in Bajaur that killed 11 Pakistani soldiers. The assault involved a suicide car bomb followed by a firing raid on a post of Pakistan’s armed forces and law enforcement agencies. Authorities attributed the attack to Tehreek-e-Taliban Pakistan, which Pakistani officials refer to as Fitna al-Khawarij (FAK). Pakistan condemned the attack in the strongest terms and said such incidents have serious implications for regional security. According to a Foreign…
Read MoreDar urges justice and accountability for lasting Middle East peace at UN
Pakistan reiterated its longstanding support for Palestinian rights and called for sustained diplomatic efforts toward a just resolution of the Middle East conflict during a high-level United Nations Security Council briefing on the Palestinian question on Wednesday. Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar addressed the council in New York, underscoring Pakistan’s position that “there can be no durable peace without justice, no stability without accountability, and no sustainable solution without the realisation of the Palestinian people’s right to self-determination.” In remarks summarising Islamabad’s stance, the foreign minister…
Read MoreAttaullah Tarar denies any government ‘deal’ with Imran Khan
Information Minister Attaullah Tarar on Thursday strongly dismissed media reports suggesting any “deal” between the government and jailed Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan. In a statement shared on X, Tarar said, “There is neither any deal nor any leniency for Imran.” He added that any suggestion of the government granting Imran Khan concessions was “entirely false and misleading”. Tarar concluded with, “Imran Khan is a convicted criminal, and the news regarding his release is baseless. There is no truth in this news.” Khan, 73, has been jailed since August…
Read MoreSC adjourns Imran Khan’s Toshakhana, cipher, defamation cases indefinitely
ISLAMABAD: The Supreme Court of Pakistan on Wednesday heard three cases concerning former prime minister Imran Khan – an appeal in the Toshakhana case, the cipher case and a defamation case – and adjourned all proceedings indefinitely. A three-member bench headed by Justice Hashim Khan Kakar conducted the hearing. “The courtroom has limited space,” Justice Kakar said at the outset. “I can feel a shortage of oxygen in this room,” he remarked. “We will hear your cases in court number 2,” he told Khan’s lawyer, Barrister Salman Safdar. Leaders of…
Read MoreIslamabad court directs Imran Khan to appear in person or via video in six pending cases
ISLAMABAD: A district and sessions court in Islamabad on Wednesday directed jailed former prime minister Imran Khan to appear either in person or via video link at the next hearing of six cases filed against him. The hearings at the District and Sessions Court included five cases linked to the May 9 unrest, in which former minister Shah Nawaz Ranjha was allegedly targeted in an attempted murder, as well as a separate case involving alleged fake receipts. Additional Sessions Judge Afzal Majoka presided over the proceedings. Imran was represented by…
Read MoreNA panel announces motion against climate ministry
ISLAMABAD: The National Assembly Standing Committee on Climate Change and Environmental Coordination on Wednesday unanimously decided to move a privilege motion against the Ministry of Climate Change and Environmental Coordination, and the Capital Development Authority (CDA) chairman over failure to submit the required record, including Public Sector Development Programme (PSDP) proposals. The committee met at Parliament House under the chairpersonship of Munaza Hassan. The committee chairperson expressed concern over the ministry’s failure to provide mandated briefing documents, describing it as disregard for parliamentary oversight and procedural obligations. Members noted that…
Read MoreSC rejects lawyer’s request to meet Imran
ISLAMABAD: The Supreme Court on Wednesday rejected a request by PTI founder Imran Khan’s counsel to arrange a meeting with his client during proceedings in the Toshakhana case. The court also issued a notice to the Election Commission of Pakistan (ECP) in the case. A three-member benchheaded by Justice Hashim Khan Kakar and comprising Justice Salahuddin Panhwar and Justice Ishtiaq Ibrahim — heard multiple petitions related to Imran, including bail cancellation applications in the cipher case, Toshakhana case and defamation case. When Imran’s counsel Latif Khosa requested the court to…
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