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The Pakistani rupee gained ground against the US dollar in interbank trading on Tuesday, rising by Rs2.59 to be quoted at 266.85. This gain came after the local currency had seen a decline on the first day of the week, closing at 269.44 against the greenback. The slight strengthening of the rupee has been attributed …
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Pakistan may experience another significant surge in petrol prices in the upcoming fuel price review on February 15, 2023, with sources suggesting a possible increase of up to Rs20 per litre. This rise in prices is mainly due to the high international price of petrol on a free on board (FOB) basis, as calculated by …
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The Federal Cabinet has approved a new policy that aims to increase power tariffs and eliminate subsidies. This decision comes ahead of the virtual talks with the International Monetary Fund (IMF) regarding the Memorandum of Economic and Financial Policies (MEFP). The cabinet has also approved a revised circular debt management plan that will be circulated. …
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Pakistan’s Finance Minister, Ishaq Dar, announced that the country’s recent talks with the International Monetary Fund (IMF) have ended “positively” and that the government will need to impose Rs170 billion in taxes through a mini-budget to revive the loan program. Dar stated that the agreement is the same one signed by former Prime Minister Imran …
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Pakistan’s currency hit a new historic low as the US dollar closed at Rs276.58 in the interbank market on Friday. This came as a result of widespread anxiety about the outcome of ongoing talks between Pakistan and the International Monetary Fund (IMF). According to the State Bank of Pakistan, the Pakistani rupee dropped to a …
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Karachi: Chairman of National Electric Power Regulatory Authority (NEPRA) Tauseef Farooqui has said that Rs.7 billion of incremental units Govt owe will be paid. In this regard, KATI’s written request will be processed immediately. He expressed these views while addressing a luncheon held in his honor at the Korangi Association of Trade and Industry (KATI). …
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Bitcoin is a digital money that enables for immediate payments to anybody, anywhere in the globe. It operates without a central authority or banks, relying on peer-to-peer technology to manage transactions and issue bitcoins collectively. Bitcoin is an open-source and is freely available to the public; no one owns or controls Bitcoin, and anybody can …
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Following the rupee’s freefall against the US dollar on Friday, the price of gold topped Rs200,000 per tola (11.66 grammes) for the first time in Pakistan’s history. However, the increase in bullion prices has made jewellers upset, since legitimate customers have left the market and gamblers have entered. Speaking on the occasion, local gold pricing …
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An IMF delegation will travel to Pakistan later this month to discuss the ninth review of the nation’s ongoing loan programme, which has stalled, the lender’s resident representative announced on Thursday. To continue the negotiations under the ninth EFF review, an in-person Fund mission is slated to visit Islamabad from January 31 through February 9 …
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Businesses have suffered immensely in recent times due to high inflation rates, war, and the ever-changing situation of the world. Many automobile industries in Pakistan have reduced, postponed, or delayed their production and plants due to the non-availability of raw materials. Pak Suzuki Motor Company Limited, another major automobile company has decided to increase its …
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KARACHI: Sindh Minister for Industries and Cooperatives Jam Ikramullah Dharejo has issued orders to the Secretary Industries to prepare a summary of 1 billion rupees for the development works of the Korangi Industrial Area. Speaking at the Korangi Association of Trade and Industry (KATI), the provincial minister said that 5 billion rupees were approved by …
Karachi, 17 January 2023 – Visa, the world leader in digital payments, has announced the appointment of Umar Khan who will lead its operations in the country in his new role as Country Manager for Pakistan. The appointment reaffirms Visa’s commitment to supporting clients & partners and accelerating growth in consumer payments and commerce in …
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Reko Diq is the world’s largest undeveloped mine of copper and gold which is located in the Chaghai District in Baluchistan, Pakistan. It is the largest mine in the world because it has estimated reserves of 5.4 billion tonnes of copper and gold ore. However, a dispute case stopped the development of this project. The …
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The energy minister of Saudi Arabia, Prince Abdul Aziz bin Salman explained Saudi Arabia’s plight to utilize domestically sourced uranium as nuclear fuel. He said, “The kingdom intends to utilize its national uranium resources, including in joint ventures with willing partners in accordance with international commitments and transparency standards.’ He further mentioned that “the entire …
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Inflation rates are rising day by day in every corner of the world. Pakistan is not exempted from this crisis as well. The foreign reserves are down to $4.5 billion but the expenses are imports on the way are worth billions of dollars as well. It is reported that Pakistan might suffer a pulse crisis …
Pakistan has focused greatly on the development of the agricultural sector and now the government of Khyber Pakhtunkhwa (KPK) held a meeting to improve the agricultural sector of the region. The former governor of KPK, Shah Farman held a meeting at the Saudi Royal Embassy to discuss the production capacities and investment opportunities for the …
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Handicraft items in Pakistan are loved all over the world because of their unique designs. They are mostly produced in rural areas and Quetta, Balochistan. The Balochistan government has decided to strengthen the inherent talent of local crafters to promote their products on an international level. The government suggests that handicraft is an integral part …
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The State Bank of Pakistan (SBP) has released data on the country’s foreign exchange reserves. According to the SBP, the country’s foreign exchange reserves decreased by 284.7$ million in the last trading week of December. SBP said that the country’s total foreign exchange reserves stood at 11.42$ billion as on December 30, 2022. According to …
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Canada has granted 4,37,000 immigration grants to immigrants last year in 2022, setting a record for the largest annual intake of people in Canadian history. The government of Canada has always focused on boosting the economy with the help of immigrants and almost 100% of the Canadian economy runs on immigrant labor. The immigration minister …
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Inflation rates are increasing day and day and so is the price of gold. The price of gold has witnessed a spike recently. Gold prices rose and became Rs. 3300 per tola in Pakistan breaking all the previous records. However, gold prices remained unchanged in the international bullion market but broke records in Pakistan on …
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The economic crisis has impacted many businesses. Numerous industries such as Millat Tractors, Toyota Motors, Suzuki Motors, and Indus Motors suspended their operations in Pakistan due to high inflation rates, and a ban on imported raw materials. This situation has created immense trouble for businesses in Pakistan. Now, another industry, KSB Pakistan suspends production which …
Karachi: BankIslami and Institute of Business Management (IoBM) entered into an agreement to establish a “Center for Islamic Business & Finance” in Karachi on 28th December, 2022. The MoU signing ceremony was organised at the main campus of IoBM. The event was attended by CEO of BankIslami Syed Amir Ali, President IoBM Mr. Talib S. …
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As the year 2022 is nearing its end, analysts are looking at the possibilities 2023 can bring. The Mastercard Economics Institute released its annual forecast for a multi-speed global economy in “Economic Outlook 2023.” However, what does a multi-speed global economy mean? According to the Mastercard Economics Institute, the multi-speed global economy means that some …
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