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The State Bank of Pakistan (SBP) reduced its key policy rate by 200 basis points to 17.5%, effective from September 13, 2024, as inflation fell to 9.6%, marking the first single-digit figure in three years. The Monetary Policy Committee (MPC) noted that inflation dropped faster than expected, due to delayed energy price hikes and lower …
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ISLAMABAD – The National Electric Power Regulatory Authority (NEPRA) has fined K-Electric (KE) Rs 10 million over electrocution incidents that claimed 33 lives in Karachi between 2022 and 2023. NEPRA imposed the fine after rejecting KE’s response to a show-cause notice regarding the fatal incidents. The regulatory body has ordered K-Electric to deposit the fine …
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Karachi: Power distribution companies (DISCOs) in Pakistan have been found guilty of overbilling consumers by a staggering Rs8.44 billion to cover up their line losses, according to an official report. The report highlights widespread malpractice among several power companies, leading to an uproar among consumers and calls for accountability. The National Electric Power Regulatory Authority …
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Karachi: The Pakistani Rupee (PKR) appreciated by 09 paisa against the US Dollar (USD) on Tuesday in the interbank market, as reported by the State Bank of Pakistan (SBP). The greenback closed at Rs 278.61, compared to the previous day’s closing rate of Rs 278.70, reflecting a marginal improvement in the local currency’s value. In …
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On the first business day of the week, the Pakistan Stock Exchange’s (PSX) KSE-100 Index experienced a bearish trend, shedding 282.72 points. This marked a 0.36% decline, closing at 78,615.00 points, compared to the previous trading day’s close of 78,897.73 points, according to reports from a private news channel on Monday. The day saw a …
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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved an additional charge of Rs1.743 per unit for electricity consumers, effective from September 2024. This decision allows both state-owned distribution companies (Discos) and K-Electric to recover Rs43.23 billion over the next three months. The recovery will address quarterly adjustments for the fourth quarter (April-June) of …
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September 5, 2024: Heavy taxation and subsequent rise in cement prices have caused a sharp decline in demand, leading to a 25.68% drop in cement dispatches in August 2024. According to data from the All Pakistan Cement Manufacturers Association (APCMA), cement dispatches totalled 3.366 million tons in August 2024, compared to 4.528 million tons during …
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The State Bank of Pakistan (SBP) is pleased to announce the results of the art competition held for the design of a new series of banknotes. The local artists and designers who participated are commendable for showcasing their creativity on this important occasion. After careful review by a committee comprising esteemed experts from relevant fields, …
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KARACHI: Gold rates fell by Rs1,400 per tola on Wednesday in the local market, according to the All Sindh Saraf Jewellers Association. The price of gold now stands at Rs260,100 per tola. The cost of 10 grams of gold also decreased by Rs1,200, bringing it to Rs222,994. More: PIA Wins CSR Award In the international market, …
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Karachi: The State Bank of Pakistan (SBP) reported a decline of $36.4 million in the country’s foreign exchange reserves over the past week. As of August 30th, the total reserves decreased from $14.7763 billion to $14.7399 billion. Read: Daily Crime Rate in Karachi Drops, Says Additional IG Sindh at KATI Meeting According to the SBP, despite …
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Pakistan International Airlines (PIA) was awarded at the 7th CSR 24 Leadership Conference in Karachi for its outstanding corporate social responsibility (CSR) efforts. The award was presented by Minister for Labour and Human Resources, Saeed Ghani, to PIA’s Head of Corporate Communications, Abdullah H. Khan, in recognition of the airline’s contributions to community welfare. The …
Karachi: The daily crime rate in Karachi dropped from 252 to 107 incidents, according to Javed Alam Odho, Additional IG Sindh Police. He announced this during a Monday meeting at the Korangi Association of Trade and Industry (KATI). The reduction was achieved through improved policing and the use of CCTV cameras. The Safe City Project, …
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A high-level Denmark Delegation, led by FLSmidth Global CEO Mikko Keto and Danish Ambassador to Pakistan Jakob Linulf, met with Federal Commerce Minister Jam Kamal Khan to explore investment opportunities in Pakistan’s mining sector. The Danish delegation expressed strong interest in investing in Pakistan, particularly in mining zones. Minister Jam Kamal Khan highlighted the vast …
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Prime Minister Shehbaz Sharif announced that his government is committed to implementing the International Monetary Fund’s (IMF) conditions to complete the $7 billion loan program. He expressed hope that this will be the country’s last borrowing from the IMF. In July, Pakistan and the IMF agreed on a 37-month loan program. However, the program requires …
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The Pakistani Rupee (PKR) slightly devalued by Rs 0.6 against the US Dollar in interbank trading on Tuesday, closing at Rs 278.70. This marks a minor decline from the previous day’s closing rate of Rs 278.64. According to news reports, The Forex Association of Pakistan (FAP) reported that in the open market, the buying and …
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Moody’s, the global credit rating agency, has upgraded the long-term deposit ratings of five major Pakistani banks. These banks have seen their ratings rise from Caa3 to Caa2. In addition to the rating upgrade, the outlook for these banks has also been revised to positive from stable, reflecting an optimistic view of their future performance. …
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A prominent economist, Dr. Kaiser Bengali, has resigned from three major government committees in protest against the federal government’s austerity measures, according to news reported on Saturday. In his resignation letter to Finance Minister Muhammad Aurangzeb and Cabinet Secretary Kamran Afzal, Dr. Bengali expressed his dissatisfaction with the government’s approach to cost-cutting. He acknowledged that …
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The salaried class in Pakistan paid Rs. 375 billion in taxes last year. This figure is expected to rise to Rs. 450 billion this year, according to recent data. The salaried individuals continue to be the largest contributors to the national tax pool. In stark contrast, the retail sector’s tax contributions are significantly lower. Only …
The privatization of Pakistan International Airlines (PIA) will be completed by October 1, 2024. The Privatization Commission Secretary informed the Senate Committee of the privatization during a recent meeting. This move follows directives from Prime Minister Shehbaz Sharif, who has set the deadline to ensure the process is completed on time. The government aims to …
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The National Bank of Pakistan (NBP) has reported a total income of PKR 96.8 billion for the first half of 2024. This marks a 5.1% increase from the PKR 92.2 billion recorded in the same period last year. The bank’s performance was particularly strong in the second quarter of 2024, with income reaching PKR 54.4 …
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The State Bank of Pakistan (SBP) has designated Domestic Systemically Important Banks (D-SIBs) for the year 2024. This decision is part of the ongoing effort to ensure financial stability in the country and aligns with the framework introduced by the SBP in April 2018. The framework is designed to meet international standards while considering both …
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Moody’s Ratings has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. The improvement in macroeconomic conditions prompted the upgrade, Moody’s said on Tuesday. Moody’s also upgraded the rating for Pakistan’s senior unsecured MTN programme to (P)Caa2 from (P)Caa3. The outlook for the Government of Pakistan has shifted …
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Traders across Pakistan are on strike today, protesting against the government’s new tax reforms. The strike has led to widespread business closures in major cities. Traders’ associations and political parties support the strike, highlighting their frustration with the tax policies. Political parties backing the strike include Jamiat Ulema-e-Islam Fazl (JUI-F), Pakistan Tehreek-e-Insaf (PTI), Jamaat-e-Islami (JI), …
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