October 7, 2024
Business

Rupee appreciates against dollar after the government released the strategy for FY2023

KARACHI: After the Finance Ministry and State Bank of Pakistan (SBP) provided a blueprint for the current fiscal year to solve the economic crisis affecting the country, the rupee made a significant rebound versus the US dollar during intraday trade. The local currency increased by 4.50 on the open market and decreased to 243.50 per […]

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Business

FBR collects more taxes than expected in July and reports a Rs458 billion profit

ISLAMABAD: The Federal Board of Revenue (FBR) announced the preliminary revenue collection data for July 2022, which came to Rs458 billion. The numbers show that the FBR’s net revenue over the period was Rs458 billion, which was 15 billion rupees more than its target of Rs443 billion. According to the FBR, these receipts constitute the […]

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Business

Financial Ministry, SBP: Economic issues are “temporary, being firmly addressed”

ISLAMABAD: In a joint statement, the Finance Ministry and State Bank of Pakistan (SBP) guaranteed that the nation’s issues were transient and that they were being aggressively addressed. According to the joint statement, Pakistan’s foreign exchange reserves have decreased since February as a result of outflows of foreign currency outpacing inflows. On the other hand, […]

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Business PAKISTAN

Indus Motor boosts vehicle pricing in response to the weakening of the rupee

Due to the ongoing weakness of the Pakistani rupee versus the US dollar and growing raw material prices, the Indus Motor Company (IMC) has raised the prices of locally produced versions of the Corolla, Yaris, Fortuner, and Revo. Although it should be mentioned that the corporation decided to temporarily halt its auto production facilities from […]

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Business

PSX weekly review: In a volatile rollover week, stocks only manage a little rise

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index fluctuated between the red and green, making trading there turbulent for most of the sessions during the previous futures rollover week. It increased just 73 points, or 0.18 percent, to close at 40,150 points, maintaining its previous level. The stock market started the week off poorly […]

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Business

The credit outlook for Pakistan is lowered by S&P

SINGAPORE: The country’s external position is deteriorating due to increasing commodity prices, the depreciation of the rupee, and tighter global financial conditions, according to the most recent Standard & Poor’s (S&P) Global Ratings, which changed Pakistan’s credit outlook from neutral to negative. According to a statement released by S&P on Thursday, Pakistan’s credit rating may […]

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Business PAKISTAN

According to ADB, Pakistan’s growth will “slightly recover” this fiscal year

MANILA: While cutting its growth projection for Asia in 2022, the Asian Development Bank (ADB) predicted that Pakistan’s economic growth will “recover slightly” in the fiscal year 2022–23. The institution stated in a report that “growth is predicted to gradually rebound in FY2023, underpinned by structural reforms.” According to the ADB, Pakistan’s gross domestic product (GDP) growth is predicted […]

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Business PAKISTAN

Growth requires free trade

LAHORE: Syed Murtaza Mahmud, the federal minister for industries and production, has stated that the government is concentrating on helping local manufacturers to support the creation of employment opportunities and the promotion of exports. The role of the private sector is vital in helping the government advance the nation by ensuring sustainable economic growth, according to Mahmud, […]

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Business PAKISTAN

Rs7.91 per unit more is added to the price of electricity

The federal government’s request to increase the base electricity tariff by Rs7.91 per unit was approved by the National Electric Power Regulatory Authority (Nepra), ostensibly satisfying another IMF conditionality. The new hike will take effect after the federal government releases a notification. Nepra said in an announcement of its decision that it had previously reserved, that the government’s request […]

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