Gold Prices Surge: Local Market Sees Rs 1600 Increase per Ounce

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, …

0.3% False Economic Growth Rate

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 …

Govt Reduces Petroleum Prices by Up to Rs30 per Litre

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 …

Pakistan’s Inflation Rate Continues to Soar Above 20%

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 …

EU Removes Pakistan from High Risk Countries List, Naveed Qamar

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 …

Pakistan Foreign Exchange Reserves Rise to $4.3B

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 …

Prices Of Petrol Increase Before Ramadan

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 …

World Bank Economist Suggests Ways to Fix Pakistan’s Economy

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 …

IMF deal uncertainty causes rupee to decline

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 …

Resolve travel agency issues, says Yahya Polani

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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