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At a recent event in Karachi, Malik Tahir Javaid, President of the Employers Federation of Pakistan (EFP), highlighted the importance of responsible business practices. He emphasized that these practices promote decent work, enterprise sustainability, and social justice. The occasion was the National Conference on Responsible Businesses and the 10th Employer of the Year Award Distribution, …
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The government is considering easing the income tax burden on salaried individuals earning up to Rs100,000 per month, according to sources within the finance ministry. Prime Minister Shehbaz Sharif has tasked his finance team with exploring various options to provide this relief. This development comes as the Pakistan Muslim League-Nawaz (PML-N)-led coalition government faces mounting …
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Prioritizing Industrial Development: KATI’s Urgent Plea to Sindh Govt Karachi – The Korangi Association of Trade and Industry (KATI) plea the Sindh government to give top priority to the allocation of development budgets for industrial zones. Johar Qandhari, President of KATI, emphasized this need, especially considering past practices. Congratulating the New Ministers Qandhari extended congratulations …
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SECP Guidelines Issued for Digital Lenders: Enhancing Borrower Protection The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines to NBFCs engaged in digital lending. SECP guidelines digital lending aims to ensure best practices in advertisements and call centre management. This significant move underscores the SECP’s commitment to regulating the digital lending sector effectively. …
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SBP Maintains 22% Policy Rate: Monetary Policy Statement In its recent announcement, the State Bank of Pakistan (SBP) upheld the policy rate at 22 percent after careful evaluation of economic conditions. The announcement was made after the meeting of Monetary Policy Committee in Karachi on Monday March 18, 2024 Despite a decline in inflation since …
Karachi: Deputy Governor of the State Bank, Saleem Ullah during his address at the 2nd National Islamic Economic Forum condemned interest-based loans as a form of oppression, emphasizing the need for a rapid shift towards Islamic banking in Pakistan. The forum, held in collaboration with Saylani Welfare International Trust and Darul Uloom Memon at a …
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Karachi: Adeel Siddiqui, Coordinator of Businessmen Panel Progressive (BMPP), attributed the clean sweep in the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) elections to the pivotal role played by the Chambers of Commerce & Industry of Sindh, supported by the Associations. He highlighted that the successful candidates achieved a significant margin, securing over …
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Due to quality issue of kinnow, the export of kinnow worth USD 22 million from Pakistan is in jeopardy, Season’s span of 5 months has shrunk to 1.5 months, 50% Kinnow processing plants have shut down, Significant drop in exports’ orders, a big question mark on Rs.300 billion invested in the Kinnow processing plants & …
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Karachi: The United Business Group (UBG) and Businessmen Panel Progressive (BMP) emerged victorious in the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) elections for the term 2024-25, with a majority of their nominated candidates succeeding in various key positions. Unofficial results, disclosed late Saturday night, revealed a sweeping success for UBG and BMP …
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Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is set to conduct its elections today for the term of 2024-25, featuring a keen competition between two major groups, the Businessmen Panel (BMP) led by Anjum Nisar and the alliance of Businessmen Panel (Progressing) with United Business Group (UBG) led by Iftikhar Ali Malik and …
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In a tribute to its rich history and contributions to the nation’s economy, the State Bank of Pakistan (SBP) has unveiled a new Rs. 75 banknote, marking the central bank’s 75th anniversary since its establishment. The commemorative banknote was revealed by Governor SBP, Jameel Ahmad, during an inaugural ceremony held on Tuesday. The newly issued …
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Finance Minister Ishaq Dar announced in a televised address that the federal government has decided to keep fuel prices unchanged for the upcoming fortnight. This decision was made in consideration of international rates, despite slight increases in global crude oil and gas prices in recent days. Fuel Prices Ishaq Dar emphasized that the government had …
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KARACHI (Commerce Reporter) – In a historic move, Pakistani rupee has gained strength against the dollar. This comes after the State Bank of Pakistan (SBP) introduced new measures. These measures allow foreign exchange dealers to purchase dollars from the Interbank market for credit card payments. As a result, the pressure on the dollar in the …
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ISLAMABAD: In a significant move, the federal government of Pakistan has announced a substantial reduction in the prices of petroleum products, providing much-needed relief to the general public. Finance Minister Ishaq Dar delivered the eagerly awaited announcement in a televised address earlier today. Effective midnight tonight, petrol prices will be lowered by Rs8 per liter, …
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KARACHI – On Wednesday, the dollar’s value witnessed mixed interbank and open market movements. According to the State Bank of Pakistan (SBP), the dollar in the interbank increased by 12 paise, trading between Rs 285.35 and Rs 285.47. The day started with a decrease of 55 paise in the interbank rate, but by the end, …
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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 …
Continue reading “World Bank Economist Suggests Ways to Fix Pakistan’s Economy”
