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KARACHI – In a significant development, the global market recorded gold prices surge at $1960 per ounce yesterday, resulting in a substantial rise in the local market. The cost of gold prices surged by Rs 1600, reaching Rs 2,34,400 for ten grams of gold. Additionally, the price of gold per tola rose by Rs 1372, …
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Islamabad: Pakistan’s economic growth has contracted to $341.5 billion, causing a decline in its per capita income to $1,568 in the previous fiscal year. This contraction was due to minimal economic growth and currency devaluation. Amidst this scenario, a controversy has emerged regarding the verified GDP growth rate. According to provisional estimates approved by the National …
The federal government of Pakistan, led by the Pakistan Democratic Movement (PDM), has announced a reduction in the prices of petroleum products (POL) by up to Rs30 per litre. The government took this decision after a fall in the international oil rate. The price of petrol, in international market is decreased by Rs12 per litre …
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In March, Pakistan experienced a staggering increase in monthly inflation that exceeded expectations, reaching a near-record high of 35.4% compared to the previous year. This has resulted in individuals experiencing greater financial strain as they struggle to cope with rapidly increasing consumer prices, while their average incomes fail to keep up with the cost of …
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On March 15th, 2023, the European Union announced that Pakistan had been removed from its List of High Risk Third Countries. This move followed concerted efforts by Pakistan’s Foreign Minister Bilawal Bhutto Zardari and Commerce Minister Syed Naveed Qamar. The announcement has significant implications for businesses and individuals in Pakistan, as well as for EU …
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KARACHI: The State Bank of Pakistan (SBP) on Thursday, released data showing that the Pakistan foreign exchange reserves held by the central bank had increased by 0.4% on a week-on-week basis, reaching $4.3 billion. On March 10, 2023, the SBP’s foreign currency reserves stood at $4,319.1 million, an increase of $18 million from $4,301 million …
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ISLAMABAD: The government of Pakistan has increased the price of petrol just days before Ramadan, raising it to Rs272 per litre. This price hike is likely to add pressure on the already inflation-weary people of the country. The new prices will be in effect from 12am on March 16 and will remain in place until …
Islamabad: The World Bank has urged Pakistan to end the annual subsidies of Rs340 billion that benefit the wealthy, as Finance Minister Ishaq Dar was unable to provide a clear timeline for the staff level agreement with the International Monetary Fund. However, the Ministry of Finance believes that Pakistan will remain in the Fund’s program …
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IMF’s new demands weigh on Pakistani rupee. The Pakistani rupee faced a significant drop during Wednesday’s trade as the market reacted nervously to news that the International Monetary Fund (IMF) had made “new demands” of the federal government. The currency fell 4.61 or 1.73% against the US dollar to close at 266.11 in the interbank …
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Chairman of the Travel Agents Association of Pakistan Yahya Polani spoke at a joint press conference held in Karachi by the association. He was accompanied by Mohammad Nadim Sharif, Senior Vice Chairman of TAAP, Alamgir Khokhar, Vice Chairman of South Zone, Mohammad Raza, former Chairman Mohammad Hanif Ranch and Executive Committee Member of TAAP, Naveed …
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Petrol Price Decreased by Rs5 per Litre for the Next Fortnight by Govt. The federal government has announced a decrease in petrol prices by Rs5 per litre for the upcoming two weeks to provide relief to the masses who are already burdened by inflation. In a press conference held on Tuesday, Finance and Revenue Minister …
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Pakistan’s Iftikhar Ahmed & Company (IAC), a leading fresh juice and pulp producing company, has attracted international clients at the Gulf Food & Beverages Exhibition. The event, which ended on February 24, drew businessmen from 125 countries and featured products from over 5,000 companies. Waheed Ahmed, the Director of IAC and the patron in chief …
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Friday was the third day in a row that the Pakistani currency kept going up, and it recovered to around Rs260 to a dollar on the inter-bank market. According to the State Bank of Pakistan, the value of the rupee against the dollar went up by 0.36%, or Rs0.94, to a one-month high of Rs259.99 …
Due to the current economic crisis and restrictions on the import of raw steel materials, the price of steel rebar has gone up by a lot. This has caused problems between builders and the people who make the metal. In a statement, the Association of Builders and Developers of Pakistan (ABAD) said that it was …
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On February 23, 2023, K-Electric (KE) hosted a visit from senior officials of the National Electric Power Regulatory Authority (NEPRA), led by Member (Technical) Rafique Ahmad Shaikh. The purpose of the visit was to assess KE’s performance and compliance with NEPRA’s regulations, including the Act, Performance Standards (Distribution) Rules 2005, Distribution Code, and other applicable …
Pakistan’s weekly inflation, measured by the Sensitive Price Indicator (SPI), has jumped to 41.54% on a year-on-year basis for the week ended on Feb 23. This is the first time inflation has crossed the 40% mark in over five months. The previous week saw an increase of 2.89% to reach 38.42%. The increase was mainly …
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The unfair tax on the cigarette industry by the federal government will incline users towards illegal cigarettes. The recent increase in federal excise duty on cigarettes in the federal budget and the proliferation of illegal cigarettes in the country have raised new questions. The federal government is relying heavily on cigarettes to generate 170 billion …
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The Pakistani rupee had been going up for five days in a row, but on Tuesday, it lost 0.24% on the interbank market. On the interbank market, the local unit ended the day at 262.51 against the US dollar. This was down Rs0.63 from Monday’s close, when it was at 261.88. Pakistan’s real effective exchange …
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Pakistan received a significant boost to its foreign exchange reserves after the China Development Bank approved a $700 million loan facility. Finance Minister Ishaq Dar announced the news on Twitter, stating that the loan is expected to be received by the State Bank of Pakistan this week. The loan will help bolster Pakistan’s forex reserves, …
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In various regions of Pakistan, there has been a recent report of a fuel shortage that has caused inconvenience to many commuters, especially in Punjab. The government has attributed the crisis to hoarding, which has been triggered by speculation of a substantial increase in pump prices. However, despite the shortage, it presents an opportunity to …
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State Bank of Pakistan (SBP) and the International Monetary Fund (IMF) held a round of talks to discuss the possibility of increasing foreign exchange reserves and tightening monetary policy by the end of June 2023. The country’s foreign exchange reserves held by the State Bank currently stand at $3.1 billion, after an increase of $276 …
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National Bank of Pakistan and State Life Insurance Corporation have signed a memorandum of understanding for mutual financial solutions. The agreement was signed by the President and CEO of National Bank of Pakistan, Rehmat Ali Hasnie, and Chairman of State Life Insurance Corporation, Shoaib Javed Hussain. Both organizations agreed on a business arrangement through the …
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Government of Pakistan Introduces New Tax Measures to Appease IMF. In an effort to revive its bailout program, the Shehbaz Sharif government has introduced new taxation measures worth Rs115 billion, according to a notification issued by the Federal Board of Revenue (FBR). The government quickly got the money bill approved by the federal cabinet after …
Continue reading “IMF demands hike in GST, cigarette duty hiked by 1%”
