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IMF’s new demands weigh on Pakistani rupee. The Pakistani rupee faced a significant drop during Wednesday’s trade as the market reacted nervously to news that the International Monetary Fund (IMF) had made “new demands” of the federal government. The currency fell 4.61 or 1.73% against the US dollar to close at 266.11 in the interbank …
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Chairman of the Travel Agents Association of Pakistan Yahya Polani spoke at a joint press conference held in Karachi by the association. He was accompanied by Mohammad Nadim Sharif, Senior Vice Chairman of TAAP, Alamgir Khokhar, Vice Chairman of South Zone, Mohammad Raza, former Chairman Mohammad Hanif Ranch and Executive Committee Member of TAAP, Naveed …
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Petrol Price Decreased by Rs5 per Litre for the Next Fortnight by Govt. The federal government has announced a decrease in petrol prices by Rs5 per litre for the upcoming two weeks to provide relief to the masses who are already burdened by inflation. In a press conference held on Tuesday, Finance and Revenue Minister …
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Pakistan’s Iftikhar Ahmed & Company (IAC), a leading fresh juice and pulp producing company, has attracted international clients at the Gulf Food & Beverages Exhibition. The event, which ended on February 24, drew businessmen from 125 countries and featured products from over 5,000 companies. Waheed Ahmed, the Director of IAC and the patron in chief …
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Friday was the third day in a row that the Pakistani currency kept going up, and it recovered to around Rs260 to a dollar on the inter-bank market. According to the State Bank of Pakistan, the value of the rupee against the dollar went up by 0.36%, or Rs0.94, to a one-month high of Rs259.99 …
Due to the current economic crisis and restrictions on the import of raw steel materials, the price of steel rebar has gone up by a lot. This has caused problems between builders and the people who make the metal. In a statement, the Association of Builders and Developers of Pakistan (ABAD) said that it was …
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On February 23, 2023, K-Electric (KE) hosted a visit from senior officials of the National Electric Power Regulatory Authority (NEPRA), led by Member (Technical) Rafique Ahmad Shaikh. The purpose of the visit was to assess KE’s performance and compliance with NEPRA’s regulations, including the Act, Performance Standards (Distribution) Rules 2005, Distribution Code, and other applicable …
Pakistan’s weekly inflation, measured by the Sensitive Price Indicator (SPI), has jumped to 41.54% on a year-on-year basis for the week ended on Feb 23. This is the first time inflation has crossed the 40% mark in over five months. The previous week saw an increase of 2.89% to reach 38.42%. The increase was mainly …
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The unfair tax on the cigarette industry by the federal government will incline users towards illegal cigarettes. The recent increase in federal excise duty on cigarettes in the federal budget and the proliferation of illegal cigarettes in the country have raised new questions. The federal government is relying heavily on cigarettes to generate 170 billion …
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The Pakistani rupee had been going up for five days in a row, but on Tuesday, it lost 0.24% on the interbank market. On the interbank market, the local unit ended the day at 262.51 against the US dollar. This was down Rs0.63 from Monday’s close, when it was at 261.88. Pakistan’s real effective exchange …
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Pakistan received a significant boost to its foreign exchange reserves after the China Development Bank approved a $700 million loan facility. Finance Minister Ishaq Dar announced the news on Twitter, stating that the loan is expected to be received by the State Bank of Pakistan this week. The loan will help bolster Pakistan’s forex reserves, …
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In various regions of Pakistan, there has been a recent report of a fuel shortage that has caused inconvenience to many commuters, especially in Punjab. The government has attributed the crisis to hoarding, which has been triggered by speculation of a substantial increase in pump prices. However, despite the shortage, it presents an opportunity to …
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State Bank of Pakistan (SBP) and the International Monetary Fund (IMF) held a round of talks to discuss the possibility of increasing foreign exchange reserves and tightening monetary policy by the end of June 2023. The country’s foreign exchange reserves held by the State Bank currently stand at $3.1 billion, after an increase of $276 …
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National Bank of Pakistan and State Life Insurance Corporation have signed a memorandum of understanding for mutual financial solutions. The agreement was signed by the President and CEO of National Bank of Pakistan, Rehmat Ali Hasnie, and Chairman of State Life Insurance Corporation, Shoaib Javed Hussain. Both organizations agreed on a business arrangement through the …
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Government of Pakistan Introduces New Tax Measures to Appease IMF. In an effort to revive its bailout program, the Shehbaz Sharif government has introduced new taxation measures worth Rs115 billion, according to a notification issued by the Federal Board of Revenue (FBR). The government quickly got the money bill approved by the federal cabinet after …
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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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