Day: January 21, 2023

Turkey on Saturday called off a visit by Sweden’s defence minister over a planned demonstration by right-wing activists in Stockholm. Turkey has been angered by permission obtained by Rasmus Paludan, a Swedish-Danish politician whose anti-Islam actions sparked riots across Sweden last year, to stage a protest in front of its embassy in the Swedish capital. A day after summoning the Swedish ambassador over the issue, Ankara said it was cancelling a visit by Sweden’s defence chief that was aimed at overcoming Turkey’s objections to Sweden’s bid to join the NATO…

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The Petroleum Division has warned the central bank that the stocks of petroleum products may dry up as banks are refusing to open and confirm Letters of Credit (LCs) for imports. Like other sectors, the oil industry in Pakistan is facing hurdles to opening LCs owing to the US dollar shortage and restrictions put in place by the State Bank of Pakistan (SBP). An oil cargo of Pakistan State Oil (PSO) has already been cancelled while LC for another cargo, scheduled for loading on January 23, has not yet been…

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Responding to the rising panic in the oil industry and amongst consumers, the federal government Friday ruled out any possibility of a fuel crisis in Pakistan, stating that the oil reserves required by the country were well in stock. The ministry of petroleum, in a statement, strongly denied the fears of petroleum shortage in the country. The statement termed the claims of oil shortage that had been circulating on social media as “rumours”. The ministry made it clear that it had the required oil reserves already in stock and that…

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M/s Attock Gen Limited (AGL) has sought the Power Division’s help in opening of Letter of Credit (LC) for import of necessary spare parts for periodic and breakdown maintenance of plant. The company maintains that the delay in the opening of LC is going to hamper the plant’s availability for power generation if remedial measures are not taken immediately. Sharing the details, the power company said that on July 5, 2022, vide its EPD circular 11, the SBP advised banks to seek prior approval from its Foreign Exchange Operations Department…

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The Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) will meet on Monday, January 23, 2023 to decide about Monetary Policy. Governor SBP, Mr. Jameel Ahmad will announce the Monetary Policy decision at a press conference on the same day after the MPC meeting.

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