Business
SBP reserves rise to $16.19bn
KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) further rose by $19 million to $16.196 billion during the week ended on Feb 13, announced the central bank on Thursday.
However, the rising oil prices amid deteriorating geopolitical tensions in the Gulf could put pressure on the external front as the central bank had repaid $700m to China, which reduced the reserves. Neither the central bank nor the Ministry of Finance confirmed or denied these reports.
Some currency experts said the higher remittances provided enough space to the SBP to buy dollars and maintain the reserves at this level. Recently, the central bank said that the reserves target of $18bn would be met by the end of FY26.
The concerns among the financial experts are the deteriorating situation as Iran is facing the threat of a possible attack by Israel, with the US forces already deployed in the region. Iran has announced the plan to close the Strait of Hormuz, which could halt oil supplies.
The country’s total foreign exchange reserves, including $5.104bn held by commercial banks, stood at $21.301bn.
Meanwhile, the SBP said that inflows through the Roshan Digital Account surpassed $12bn.
Published in Dawn, February 20th, 2026
Business
OGDCL makes discovery in Sindh
ISLAMABAD: The state-owned Oil and Gas Development Company Ltd (OGDCL) on Thursday announced a gas and condensate discovery at its Dars West-3 well located in Tando Allah Yar district of Sindh.
“During testing, Dars West-3 flowed at a rate of 9.70 million standard cubic feet per day of gas along with 580 barrels per day of condensate at a choke size of 36/64 inches,” the company said in a statement.
Pipeline laying is currently underway to connect the well to the KPD-TAY processing plant. Upon completion, the produced gas will be processed and injected into the SSGCL network, contributing to the national energy supply.
Published in Dawn, February 20th, 2026
Business
Govt to honour net-metering requests filed before Feb 8 under old rules
ISLAMABAD: To salvage government credibility, Power Minister Awais Leghari on Thursday decided to honour all applicants of net-metering solar connections till the change of regulations on Feb 8 and directed electricity distribution companies (Discos), including K-Electric, for its implementation.
At a meeting of the Power Division’s attached entities, the minister was informed that 5,165 consumers had applied for net-metered connections by the cut-off date of Feb 8 — the day the National Electric Power Regulatory Authority (Nepra) notified the Prosumers Regulations 2026, replacing the net-metering framework with net billing and negatively affecting rooftop solar economics for households and industry.
All these applications entailed a net-metering capacity addition of about 250.8 megawatts.
“All net metering applications minister on commerce and industry. He was later sworn in as the provincial minister for agriculture and cooperatives.
Meanwhile, Sardar Bhootani continued his legal fight and filed a petition against the ECP’s decision in the FCC. The court, after prolonged hearings, accepted the petition of Sardar Bhootani and reserved its verdict.
A day before the FCC was set to announce its verdict, Mr Zehri tendered his resignation. The next day, the FCC suspended Mr Zehri’s notification as the returned candidate from the Balochistan Assembly PB-21 constituency.
Later, the ECP issued a notification de-seating him as an MPA.
As a minister, he had differences with CM Bugti and, after resigning, accused the chief minister of interfering in his constituency.
Published in Dawn, February 20th, 2026
Business
Food exports hit steep decline as imports surge
ISLAMABAD: Pakistan’s food import bill surged to $5.502 billion during the first seven months of the current fiscal year, marking a 19.27 per cent increase from $4.613bn in the corresponding period last year, largely driven by higher arrivals of sugar and edible oil.
In contrast, exports of raw food items plunged 35.21pc to $2.988bn in 7MFY26, compared with $4.613bn a year ago. Export volumes declined across nearly all major food categories, except meat. The steepest decline was recorded in rice exports, including both basmati and non-basmati varieties.
The increase in food imports underscores the country’s growing dependence on foreign supplies amid persistent domestic production and supply constraints. The surge was largely fuelled by higher purchases of sugar, edible oil and tea to meet local demand.
According to data released by the Pakistan Bureau of Statistics, palm oil accounted for the largest share among imported food items, followed by pulses, tea, soyabean oil, and sugar.
Pakistan imported 308,741 tonnes of sugar during the July-January period, representing an unprecedented year-on-year increase of 13,494.93pc, up from 2,271 tonnes in the same period last year.
In terms of value, sugar imports rose sharply to $174.614m, up from $2.181m in 7MFY25, a surge of 7,906.15pc, according to official trade data.
The dramatic rise comes in response to the government’s decision to allow sugar imports in a bid to address domestic shortages and stabilise market prices. Retail sugar prices have been fluctuating between Rs160 and Rs190 per kg in various cities, prompting authorities to step in and ease supply constraints through imports.
The value of palm oil imports surged 24.69pc to $2.350bn in 7MFY26, up from $1.885bn a year ago. In terms of quantity, import of palm oil rose 15.63pc to 2.182m tonnes from 1.887m tonnes in the corresponding period last year. This growth indicates higher consumption of edible oil and ghee in Pakistan.
However, the arrival of pulses fell 21.89pc to $492.095m from $630.019m in 7MFY25. Similarly, soyabean oil imports plunged 42.27pc to $94.991m from $164.550m.
The import bill for all other food items rose 34.37pc to $1.672bn.
Published in Dawn, February 20th, 2026
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