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The State Bank of Pakistan (SBP) reported a $12.5 million rise in its foreign exchange reserves, reaching $12.05 billion for the week ending December 6, 2024. This marks a 0.10% week-on-week (WoW) increase, according to data released on Thursday. Decline in Total Reserves Despite the uptick in SBP’s reserves, the country’s total foreign exchange reserves …
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The Karachi Chamber of Commerce and Industry (KCCI) has called on the State Bank of Pakistan (SBP) to reduce the monetary policy rate by 400 basis points. KCCI President Muhammad Jawed Bilwani highlighted that this reduction would align interest rates with sustainable levels and make borrowing affordable for businesses and consumers. Inflation Drops to Lowest …
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The Senate Standing Committee on Power, led by Senator Mohsin Aziz, convened to address critical issues related to K-Electric, including persistent complaints about load-shedding and billing irregularities. The session, based on an agenda referred by the Senate, aimed to assess K-Electric’s efforts to resolve public concerns. Senator Praises Progress Senator Masroor Ahsan expressed his satisfaction …
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Islamabad: The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank Institute (IsDBI), successfully hosted the Second International Islamic Capital Market Conference in Karachi. The event focused on the theme “From Tech Transformation to Realizing Sustainability: Building an Islamic Capital …
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Islamabad: Federal Minister for Commerce, Jam Kamal Khan, chaired the 11th Board Meeting of the Trade Development Authority of Pakistan (TDAP) on Thursday. The meeting focused on structural reforms, better event management, and strategic planning. The board, led by Chairman Zubair Motiwala, discussed a 14-point agenda. The meeting was attended by key members, including senators …
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Gold prices in Pakistan remain stable as of Thursday, December 12, 2024. The current rates, reported from the Pakistan Sarafa Market, are as follows: 1 Tola (24K): Rs. 285,200 10 Grams (24K): Rs. 244,520 1 Gram (24K): Rs. 24,452 These rates are consistent with those recorded on December 11, 2024. No significant changes in gold …
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Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has established the Pakistan-EU Forum. Announcing the initiative, FPCCI President Atif Ikram Sheikh stated that the Forum aims to improve economic and trade relations between Pakistan and EU countries. This step is expected to benefit the business community through enhanced cooperation and development opportunities. …
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India’s Adani Group has withdrawn its request for a $553 million loan from the United States International Development Finance Corporation (DFC). The loan was intended to finance the construction of a deep-sea port in Sri Lanka, located next to a Chinese-run facility. This move comes after a significant indictment in New York accused the conglomerate’s …
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Islamabad: MOL Group celebrated its 25th anniversary of operations in Pakistan with a gala dinner in Islamabad. Federal Minister for Commerce Jam Kamal Khan, Governor Khyber Pakhtunkhwa Faisal Kareem Kundi, and Syed Naveed Qamar attended the event. The gathering highlighted MOL Group’s significant contributions to Pakistan’s energy sector, particularly in hydrocarbon exploration and production. Minister …
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The Asian Development Bank (ADB) has approved an additional $330 million in funding to strengthen Pakistan’s social protection programs. The funding will support the country’s federally administered programs under the ongoing Integrated Social Protection Development Program (ISPDP). Purpose of the Additional Financing The new funding will enhance grassroots-level social protection. It aims to help alleviate …
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Karachi: The Pakistan Stock Exchange (PSX) hosted a Gong Ceremony to welcome delegates of the 2nd International Islamic Capital Market Conference & Expo 2024. The event, themed “From Tech Transformation to Realizing Sustainability,” is set to take place in Karachi on December 12, 2024. The ceremony featured prominent global figures in Islamic finance, including Dr. Sami …
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As of Wednesday, December 11, 2024, the Pakistani Rupee (PKR) is trading at Rs. 278.19 against the US Dollar (USD). The exchange rate continues to show volatility, reflecting ongoing economic challenges in the country. For every 1 USD, the Pakistani Rupee is valued at Rs. 278.19, or 0.0036 USD per unit of the Rupee. Forex …
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Gold prices in Pakistan reached record levels on Wednesday, December 11, 2024. According to the Pakistan Sarafa Market, the price for 24-karat gold stands at Rs. 284,200 per tola. The rate for 10 grams of 24-karat gold is Rs. 243,660, while the price per gram is Rs. 24,366. These rates reflect increasing demand for gold …
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The government has decided to sell the Precession Engineering Complex (PEC), a business unit of Pakistan International Airlines (PIA), to the Pakistan Air Force (PAF) for Rs2.5 billion in cash. This sale price equals only one-fourth of the Rs10 billion bid earlier received for a 60% stake in PIA. Details of the Sale The government …
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The Securities and Exchange Commission of Pakistan (SECP) has approved a comprehensive Strategic Action Plan 2024-2026 to promote Islamic finance and phase out Riba by 2028. The initiative aims to transform non-bank financial sectors by enabling a smooth transition to Sharia-compliant financial practices. Roadmap for Islamic Finance Growth The Strategic Action Plan, prepared by the …
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The latest gold and silver rates in Pakistan reveal fluctuations in the precious metals market. Both gold and silver prices continue to capture attention, reflecting changes in the international and domestic markets. On Tuesday, December 10, 2024, the per tola price of 24-karat gold reached Rs. 283,000 in the local market. This rate, provided by …
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The Pakistan Stock Exchange (PSX) achieved a major milestone on Monday as the KSE-100 index crossed the 111,00 points for the first time in history. Investors celebrated the record-breaking rally, which reflected growing confidence in Pakistan’s financial markets. Opening Rally Boosts Market The market began the day with a strong rally. The KSE-100 index surged …
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The Pakistan Stock Exchange (PSX) achieved a historic milestone as the KSE-100 Index crossed the 110,000-point mark during trading on Monday. The index surged by an impressive 1,211 points in intraday trading, reflecting strong investor confidence and a robust market trend. Investors Celebrate Market Momentum The record-breaking performance has boosted investor sentiment. Analysts attribute the …
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The Securities and Exchange Commission of Pakistan (SECP) has taken a major step in reforming the insolvency and debt enforcement framework by successfully concluding a comprehensive stakeholder consultation. The consultation underscored the significance of strengthening Pakistan’s legal and regulatory systems to ensure efficient debt resolution and a robust insolvency regime. Judicial Support for Debt Resolution …
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Gold prices experienced a notable dip on Saturday, both internationally and in local markets, signaling an opportunity for buyers amid fluctuating market conditions. The keyword gold prices captures the central theme of this market shift. Global Gold Rates Drop In the international bullion market, gold prices fell by $3 per ounce, settling at $2,632. This …
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Islamabad: The Ministry of Energy has successfully renegotiated a power purchase agreement with Safe Power Company, sources confirmed. The company’s board approved changes to the agreement, introducing a revised tariff structure aligned with the Task Force’s proposed rates. Safe Power Company will now follow the “Take and Pay” tariff, ensuring more reliable payment terms. The …
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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Friday approved the Winter Package proposed by the federal government, offering discounts to consumers on additional electricity usage. The package is aimed at promoting energy efficiency during the colder months, with reduced rates for domestic, industrial, and commercial consumers. Discounts for Domestic and Industrial Consumers Under …
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Bitcoin, the world’s leading cryptocurrency, reached a milestone by surpassing $100,000 for the first time, signaling a significant moment in the digital asset market. This surge comes as traders celebrated former President Donald Trump’s selection of a pro-crypto advocate to lead the U.S. Securities and Exchange Commission (SEC). The news has fueled expectations of a …
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