LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Businessmen Panel has called for lessening the burden of heavy taxes on the power sector, as it has pushed the electricity tariff on the higher side for the already burdened trade and industry, a statement said on Saturday. Appreciating the continuation of electricity and … Read more
KARACHI: The repatriation of profit and dividend registered a decline of 55 per cent, owing to improved business climate for foreign investors in Pakistan. The repatriation of profit and dividend stood at $159.2 million in July 2021, compared with $354.5 million in the same month of the last year, according to the statistics released by … Read more
KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued instructions to address concerns and bring transparency in the sale of third-party products for consumers’ convenience and protection, a statement said. The central bank said in addition to the typical banking products or services, the banks often offer or sell other financial products that are … Read more
KARACHI: The rupee witnessed a decline of 78 paisas to hit an almost 11-month low of Rs165.20 against the dollar on Tuesday, despite receiving $2.75 billion from the International Monetary Fund, dealers said. The exchange rate ended at Rs165.20 against the greenback from the previous day’s closing of Rs164.42 in the interbank foreign exchange market. … Read more
KARACHI: Hassan Nourian, consul general of the Islamic Republic of Iran in Karachi, has emphasised the need to enhance bilateral trade with Pakistan. “The formal trade between the two countries is just $1 billion, which is very low; given the fact that the combined population of Pakistan and Iran is 300 million,” he said, at … Read more
KARACHI: The US Federal Reserve has formally terminated all enforcement action against the Habib Bank Limited (HBL) and its New York branch, sources said on Tuesday. HBL, one of the top banks in Pakistan, in a report disclosed: “The Federal Reserve in September last year formally announced the termination of all Federal Reserve enforcement actions … Read more
KARACHI: Pakistan’s liquid foreign exchange reserves hit an all-time high of $27.4 billion after the country received $2.75 billion from the International Monetary Fund under its new allocation of Special Drawing Rights (SDRs) equivalent to $650 billion, the largest in the IMF’s history. However, the official announcement regarding the forex reserves is still awaited. Analysts … Read more
WASHINGTON: The International Monetary Fund (IMF) announced on Monday that its new allocation of Special Drawing Rights (SDRs) equivalent to $650 billion, the largest in the IMF’s history, comes into effect, in an effort to help countries recover from the Covid-19 pandemic, Xinhua reported. “The allocation is a significant shot in the arm for the … Read more
KARACHI: Instability in Afghanistan has caused a significant drop in exports from Pakistan by around 39 per cent in July 2021. The statistics released by the State Bank of Pakistan (SBP) revealed that Pakistan’s exports to Afghanistan fell to $38.55 million in July 2021, compared with $62.77 million in the same month of the last … Read more
KARACHI: The central bank on Monday said it has completed digitalisation of the regulatory approval system for foreign exchange cases to support ease of doing business, a statement said. The State Bank of Pakistan (SBP) said it had initiated the project of “End-to-End Digitalisation of FX Cases” with an objective to enhance ease of doing … Read more
KARACHI: The rupee is expected to stay stable next week, owing to the inflows from the International Monetary Fund (IMF); however, the recent numbers of the current account deficit may escalate the demand for the dollars. The IMF has announced a $650 billion financial package to boost the global economy. Pakistan is scheduled to get … Read more
KARACHI: The liquid foreign exchange reserves of the country increased $24 million during the week ended August 13, 2021, the central bank reported on Friday. The foreign exchange reserves of the country increased to $24.668 billion by the week ended August 13, 2021, compared with $24.644 billion a week ago, it added. Similarly, the foreign … Read more
KARACHI: The current account deficit has been recorded at $773 million in July 2021. The State Bank of Pakistan (SBP) on Friday issued details of the balance of payments. According to the SBP, the current account posted a surplus of $583 million in the same month of the last year. The imbalance in the current … Read more
KARACHI: The State Bank of Pakistan (SBP) has granted clearance to the Askari Bank Limited to appoint Atif R Bokhari for a term of three years, a statement said on Friday. The board of directors of the bank in its meeting on July 28, 2021 appointed Atif R Bokhari as the new president and CEO … Read more
Hi KARACHI: The Universal Self-Assessment Scheme (USAS) has been reintroduced to facilitate taxpayers and end harassment by taxmen, a senior government official said on Friday. Addressing the members of the Overseas Investors Chamber of Commerce and Industry (OICCI) during his visit to Karachi Finance Minister Shaukat Tarin said: “[The] Federal Board of Revenue (FBR) has … Read more
KARACHI: The total inflows of foreign investment in Pakistan stood at $1.091 billion in the first month of the current fiscal year. According to statistics released by the State Bank of Pakistan (SBP), the inflows were mainly investment in the debt securities. The net inflows in July 2020 was a meager $2.4 million. The country … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has welcomed the State Bank of Pakistan’s (SBP) initiative of “SME Asaan Finance” scheme aimed at improving the access of Small and Medium Enterprises to banking finance, a statement said on Monday. The SBP initiative, launched in collaboration with the federal government, will enable the SMEs … Read more
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved the continuation of electricity and gas subsidies for export-oriented sectors to support growth momentum in exports during the current financial year. This decision was taken during the meeting of the ECC, which was presided over by Federal Minister for Finance and Revenue Shaukat … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday introduced an innovative initiative to improve access to finance for the Small and Medium Enterprises (SMEs) in collaboration with the federal government with the aim of enabling businesses who cannot offer security/collateral to access bank finance, a statement said on Monday. The central bank said this … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has felicitated State Bank of Pakistan Governor Reza Baqir on the intended launch of the SME Aasan Business Loan Scheme in the afternoon, a statement said on Monday. Unisame president Zulfikar Thaver said that it is reported that Insha Allah the central bank will launch the … Read more
KARACHI: Inflows from the International Monetary Fund (IMF) is a ray of hope for the rupee, after it witnessed a significant decline against the dollar. Despite strong receipts of exports and workers’ remittances, the local currency failed to recover against the greenback. The IMF has announced a $650 billion financial package to boost the global … Read more
KARACHI: The rupee ended firmer against the dollar on Friday, owing to reports of inflows from the International Monetary Fund (IMF), dealers said. The exchange rate ended at Rs164 against the greenback from the previous day’s closing of Rs164.01 in the interbank foreign exchange market. The currency dealers said the rupee remained under pressure due to … Read more
KARACHI: Pakistan’s foreign exchange reserves fell $209 million due to the payment for import of Covid vaccine, the State Bank of Pakistan (SBP) reported on Thursday. The total foreign exchange reserves of the country decreased $24.644 billion by the week ended August 6, 2021, compared with $24.853 billion a week ago. The official reserves held … Read more
KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir said that the national economy is poised to witness a continued recovery in FY22 given the resilience in the economy and the measures taken during Covid-19 pandemic situation to support the businesses and people. The recovery could already be seen in the more than expected … Read more
KARACHI: United Arab Emirates Ambassador to Pakistan Hammad Obaid Ibrahimi AlZaabi he called for boosting trade and investment relations, and also stressed the need to revitalise and update various bilateral agreements, as there is a great potential in Pakistan. Exchanging views with the Karachi Chamber of Commerce and Industry (KCCI) president Shariq Vohra, the envoy … Read more
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the National Remittance Loyalty Programme (NRLP) with a view to boosting remittances, as its application will be formally launched by the end of October this year. Federal Minister for Finance and Revenue Shaukat Tarin chaired the meeting of the ECC of the Cabinet. … Read more
Immigrant Pakistanis working around the world sent $2.71 billion home last month. According to the report, the State Bank of Pakistan (SBP) said that this is the second-highest level of remittances in the month of July. Remittances have been more than 2 billion for 14 consecutive months. “In terms of growth, remittances increased by 0.7 … Read more
KARACHI: The investment in premium prize bonds has surged 132 per cent to over Rs44 billion during the fiscal year 2020/21, according to the official data released on Monday. The investment in premium prize bonds with the denominations of Rs25,000 and Rs40,000 increased to Rs44.13 billion by the end of June 30, 2021, compared with … Read more
