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The United Arab Emirates (UAE) has extended the maturity of its two deposits worth $1 billion each, held in the State Bank of Pakistan. These deposits, originally set to mature in January 2025, will now be rolled over for an additional year. This move highlights the UAE’s support for Pakistan during its ongoing economic recovery …
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The Pakistan Airports Authority (PAA) has refuted claims that a financial bid for outsourcing the operations of Islamabad International Airport has been approved. The PAA issued a statement clarifying that reports regarding the approval of the bid from the T.E.R.G. consortium were “baseless” and “misleading.” Clarification from the PAA In its statement, the PAA’s spokesperson …
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The federal government has yet to make a final decision regarding the proposed increase in gas tariffs for Captive Power Plants (CPPs). The delay comes despite pressure from various quarters, including the International Monetary Fund (IMF). Petroleum Division Suggests Gas Supply Disconnection The Petroleum Division had initially recommended disconnecting gas supplies to CPPs as an …
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The much-anticipated results of the Rs 750 prize bond draw for January 2025 were announced on Wednesday by the National Savings Division in Karachi. Major Winners First Prize: Rs 1,500,000 Winning Bond Number: 271541 Second Prizes: Rs 500,000 each Winning Bond Numbers: 0317904, 496553, 80066 Third Prizes: Rs 9,300 each Total Winners: 1,696 Prize Bond …
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The salaried class has become the third-largest contributor to Pakistan’s tax revenue, with a nearly 40% rise in tax collection during the fiscal year 2023-24. The Federal Board of Revenue (FBR) collected Rs368 billion from salaried individuals, an increase of Rs103.74 billion compared to the previous year. Key Revenue Sources FBR documents revealed a 39.3% …
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KARACHI: Gold prices in Pakistan continued to decline for the second consecutive day on Tuesday, reflecting a similar trend in global markets. The price per tola fell by Rs1,400, closing at Rs277,900 in the local market. The price of 10 grams of gold also dropped by Rs1,201, ending at Rs238,254, according to the All-Pakistan Gems …
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Islamabad: The Ministry of Commerce has proposed significant changes to Pakistan’s electric vehicle (EV) policies. These reforms aim to remove the cap on EV batteries for cars, vans, and SUVs and eliminate the 25% sales tax on EVs priced above Rs4 million. EV Battery Cap and Sales Tax Reforms During a recent steering committee meeting, the …
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Islamabad: Pakistan’s per-person debt has surged to nearly Rs302,000, marking an 11.3% increase over the past fiscal year. The latest Fiscal Policy Statement for 2025 reveals that the government failed to keep the budget deficit within the legal limit, exceeding Rs7 trillion. Debt Burden Escalates The per capita debt burden in Pakistan has risen from Rs271,264 …
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Islamabad: The prices of petroleum products in Pakistan are set to increase by up to Rs6.20 per litre for the upcoming fortnight, beginning January 16, due to a rise in international crude oil prices. Market sources suggest that the ex-depot price of petrol will increase by Rs3.53 per litre. Kerosene oil and light diesel oil are …
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Riyadh: Saudi Arabian mining company Manara Minerals is expected to invest in Pakistan’s Reko Diq mine within the next two quarters, according to Pakistan’s Petroleum Minister Musadik Malik. The investment could mark a significant step in the development of one of the world’s largest undeveloped copper-gold reserves. Manara’s Growing Role in Global Mining Manara Minerals …
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The Pakistan Stock Exchange (PSX) has officially delisted Engro Corporation Limited (ENGRO). The delisting took effect on Tuesday, January 14, 2025. The PSX announced the delisting in a formal notification. The decision follows the implementation of a Scheme of Arrangement. This scheme involved the merger of Engro Corporation Limited (ENGRO) with Engro Holdings Limited (ENGROH). …
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The Federal Cabinet has approved revised agreements with 14 Independent Power Producers (IPPs). The meeting, chaired by Prime Minister Shehbaz Sharif in Islamabad, endorsed a proposal to cut the profit and costs of these IPPs by 802 billion rupees. A deduction of 35 billion rupees will be made from the additional profits earned by IPPs …
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The World Bank has committed $20 billion to Pakistan under a 10-year Country Partnership Framework (CPF). The decision was approved with 19 out of 24 directors voting in favor. This significant financial support aims to address key developmental challenges in Pakistan and boost the country’s economic stability. Approximately three-quarters of the $20 billion will be …
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Karachi: In the global market, gold prices decreased by $14, bringing the rate to $2,661 per ounce. Meanwhile, in the local Sarafa (jewelry) market, the price of gold fell by Rs. 1,400 per tola, now standing at Rs. 277,900 per tola. Similarly, the price of 10 grams of gold dropped by Rs. 1,201, reaching Rs. …
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Muhammad Hanif Gohar, Chairman of Gohar Group and CEO of Air Karachi, recently visited Airbus headquarters in Dubai. The visit aimed to strengthen Air Karachi’s future in aviation. During the high-profile meeting, Gohar discussed the airline’s expansion plans and aircraft acquisition with senior Airbus officials. Strategic Meeting on Aircraft Procurement The primary focus of the …
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Gold prices experienced a drop on Monday as the US Dollar (USD) soared to its highest level in over two years. This shift followed a strong U.S. jobs report last week, which reinforced expectations that the Federal Reserve will remain cautious about cutting interest rates this year. Gold Prices Decline Amid Stronger USD Spot gold …
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The State Bank of Pakistan (SBP) has reinforced its dedication to advancing financial inclusion by fostering strong partnerships with global and domestic stakeholders. Governor SBP, Mr. Jameel Ahmad, highlighted this commitment during a bilateral meeting with Dr. Alfred Hannig, CEO of the Alliance for Financial Inclusion (AFI), held in Karachi on January 13, 2025. The …
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The Reserve Bank of India (RBI) likely sold dollars on Monday to stabilize the rupee. The Indian currency hit an all-time low of 86.39 per U.S. dollar in early trade. Traders reported that state-run banks were seen offering dollars, likely on RBI’s instructions. Rupee Hits Record Low The rupee slumped to 86.39, its weakest level …
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Pakistan and China have reaffirmed their commitment to the high-quality development of the China-Pakistan Economic Corridor (CPEC) 2.0, emphasizing industrialization, Special Economic Zones (SEZs), clean energy, agriculture, and livelihood projects. The renewed focus on CPEC underscores its vital role in fostering regional connectivity, mutual cooperation, and shared prosperity. Progress in CPEC 2.0 The announcement came …
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ISLAMABAD: The Ministry of Finance has ordered the abolition of vacant and redundant posts lying idle for more than three years. The decision aims to reduce government expenses in line with the Financial Management and Powers of PAOs Regulations, 2021. A circular issued by the Finance Division directed all ministries, divisions, and departments to identify …
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The Federal Investigation Agency (FIA) arrested an officer for allegedly accepting a $2,000 bribe from Romanian technicians aboard a foreign vessel at Port Qasim. The accused, former FIA Immigration in-charge ASI Attaullah Memon, and his colleague Zohaib, initially demanded $4,000. However, they later settled for $2,000. The technicians had traveled from India’s Mundra Port to …
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The Federal Board of Revenue (FBR) has started issuing a new Expression of Interest (EOI) to select companies for advanced cargo tracking and monitoring technologies. This follows the discontinuation of services by the previous operator, which managed the system since 2013. The FBR said the decision was made after a thorough review and legal procedures. …
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The State Bank of Pakistan’s (SBP) foreign exchange reserves saw a small decline of $15.3 million, or 0.13%, during the week ending January 3, 2025. The total reserves held by SBP stood at approximately $11.7 billion. This week-on-week (WoW) decrease was revealed in a report issued by the central bank on Thursday. Although the reserves …
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