After a noticeable decline in global petroleum prices, there is a possibility of a significant reduction in petroleum product prices in Pakistan as well. On the global stage, the price of petrol has fallen by $12 per barrel, resulting in a current price of $102 per barrel, while diesel prices have dipped by $9 to settle at $117 per barrel. …

The State Bank of Pakistan in clarification over its warning that depositors could lose their deposits in banks, said that the banking system in Pakistan is stable the deposit system is safe and there is sufficient capital in the system. The statement issued said Pakistan has improved its ability to withstand severe shocks in the banking sector under a strong …

The World Bank (WB) has strongly recommended higher rates of the federal excise duty (FED) on cigarettes. The World Bank’s latest report ‘Pakistan Development Update’ said that a substantial revenue gain of 0.4 percent of GDP could be achieved if the current rate on premium cigarettes (Rs. 16.50 per cigarette) was also applied to standard cigarettes. The report said that …

The Pakistan State Oil (PSO) has once again suspended fuel supply to Pakistan International Airlines (PIA) over unpaid dues. Multiple PIA flights faced delays due to the suspension of fuel supply at Lahore airport. PK-747 from Lahore to Madina and PK 305 from Lahore to Karachi were delayed for hours. The PIA spokesperson assured that the delayed flights will take …

Exports of Pakistan’s textile sector continued to maintain a downward trajectory, clocking in at $1.35 billion in September compared to $1.53 billion recorded in the same month of the previous year for a year-on-year decline of 12%, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Wednesday. Data showed the country’s textile exports in the first …

Swiss Port Company has issued a letter to stop providing ground-handling services as national airline facing serious financial challenges. “Due to non-payment of dues, PIA flight operation to Canada services are being stopped from 3rd October at 5 pm,” the statement reads. The Swiss Port Company demanded $248,000 dollars should be paid immediately along with an advance of $100,000 dollars …

In a distressing development, the poverty headcount in Pakistan is estimated to have reached 39.4% in FY23 more than 5 percentage points higher than in FY22, amid slowing growth and high inflation, revealed World Bank in its report titled ‘Pakistan Development Update: Restoring Fiscal Sustainability’ released on Tuesday. The significant increase in poverty is due to reduced economic activity and …

Cotton arrival in Pakistan witnessed a significant increase of 27.7% as of September 30 compared to September 15, showed the latest fortnightly data released by the Pakistan Cotton Ginner’s Association (PCGA) on Tuesday. As per the report, total cotton arrival in Pakistan rose to 5.025 million bales compared to 3.934 million bales recorded on September 15, 2023, an increase of …

Corn prices have fallen by up to Rs. 250 per 40kg across Punjab in a week amid new crop arrivals and the trend is expected till next year. According to a well-informed source, corn prices are reported at as low as Rs. 2,000 per 40kg in Faisalabad, Sheikhupura, Gujranwala and Kasur, from the average price of Rs. 2,270-2,280 a week …

Pakistan’s trade deficit narrowed by 42.25% to $5.29 billion in 3MFY24 mainly due to a massive reduction in imports, a direct result of administratively-controlled measures. The country’s trade balance, gap between exports and imports, was recorded at a deficit of $5.29 billion in July to September period of the year 2023-24 as compared to $9.16 billion in the same period …

Pakistan refiner Cnergyico has imported the country’s first private-sector shipment of Russian crude oil, it said on Monday, as the cash-strapped nation takes advantage of Moscow’s discounts on its oil exports. The South Asian nation has started snapping up crude oil that Russia has discounted after its exports were banned from European markets over Russia’s invasion of Ukraine. Pakistan’s first …

Bank of the Future Forum 2023, one of the key banking and financial conferences in Pakistan, co-hosted by Systems Limited and Temenos, is set to take place on 5th October 2023 at PC Hotel Karachi. The 12th edition of BOFF will welcome over 500 C-Level executives from banks and financial institutions, regulators, fintechs, investors, analysts and media, promising an unparalleled …

The Federal Board of Revenue (FBR) has exceeded the tax collection target for the month of Sept 2023 by Rs35 billion. The FBR maintained that the tax collection target in Sept was set at Rs799 billion, but on the contrary, it collected Rs834 billion. Similarly, the revenue collection authority said that tax collection for the first quarter of fiscal year …

Citizens reject meager decrease in POL prices Since caretaker assume into power, the price of petrol has been increased by Rs58 per liter and educed only by Rs8. People, who are suffering from record inflation, termed the relief as very ‘inadequate’ and urged government to fairly decrease the price of POL products. Also, the caretaker government increased the dealer margin …

On the back of a crackdown on smuggling and illegal exchanges, the Pakistani rupee emerged as the best-performing currency in the world in September. The currency appreciated from Rs305.54 against the US dollar on August 31 to Rs287.74 on September 28 against the greenback, an increase of Rs17.8 or 6.2%. The rupee is currently also on a winning run of …

RIYADH: Saudi Aramco on Thursday announced its first global investment in liquefied natural gas, part of a broader bid by the energy giant to expand beyond oil. The company seen as the jewel of the Saudi economy said it would acquire a minority stake worth $500 million in MidOcean Energy, which is managed by the US investment firm EIG. “We …

Pakistan witnessed a positive development in the financial system as e-banking transactions contributed to 85% of total payments processed by banks and Microfinance banks (MFBs). The remaining 15% were paper-based transactions, according to the latest number released by the State Bank of Pakistan (SBP). This percentage stood at 80% for e-banking and 20% for paper-based transactions in FY22, indicating customers …

Pakistan: In a small workshop in the bustling northwestern Pakistani city of Peshawar, a dozen Afghan women sit watching a teacher show them how to make clothes on a sewing machine. The skills center was set up last year by Peshawar resident Mahra Basheer, 37, after seeing the steady influx of people from neighboring Afghanistan where they face an economic …

Pakistan has received its first shipment of liquified petroleum gas (LPG) from Russia, Moscow’s embassy in Islamabad said on Tuesday, marking the South Asian country’s second major Russian energy purchase. The shipment, which the embassy said was delivered with Iranian help, comes after Pakistan received its first-ever delivery of Russian crude under a deal struck between the two countries earlier …

Since the government has initiated a crackdown against black markets of essential commodities, the ex-mill prices of sugar have fallen by nearly Rs. 3,000, bringing a significant problem for those involved in speculation and gambling over sugar prices. For those who never heard of satta and speculation of commodities like gold and sugar, there are two types of buying that …

Despite facing global sanctions, Afghanistan’s currency the afghani has emerged as the best-performing one this quarter as billions of dollars in humanitarian aid and rising trade with Asian neighbours propelled it to climb around 9% in the said period, reported Bloomberg on Tuesday. “The ruling Taliban, which seized power two years ago, has also unleashed a series of measures to …

The State Bank of Pakistan (SBP) is taking groundbreaking steps to bolster economic stability for unemployed women by offering them interest-free loans to kickstart large-scale businesses. This initiative was announced by Fazal Muqeem, Deputy Chief Manager of SBP in Dera Ismail Khan, during a one-day seminar titled ‘Women Bankability and Banking on Equality,’ hosted by SBP at the Government Polytechnic …

ISLAMABAD: Former Governor State Bank of Pakistan (SBP), Dr Ishrat Hussain, on Saturday, said predictability and consistency of policies are critical for a viable political economy and to attract investment in the country, deploring that around 60 percent of the national economy is outside the tax net. He was speaking at the Achieving Fiscal Sustainability session on the second day …

UK’s visiting professor of Economic Policy at Oxford University, Stefan Dercon, has called upon Pakistan’s elite to shun dependence on foreign loans to revive the ailing economy, saying that the privileged class of the country is losing ground and legitimacy, The News reported. “The elite will have to change to build up common grounds because there is no quick fix. …

In the ongoing massive crackdown on electricity theft across the country, more than Rs7 billion have been recovered so far. The Power Division has also disclosed details of the cases registered in various distribution companies (Discos). According to the Power Division, around Rs7.9 billion have been recovered from electricity thieves in 17 days. During the operations across the country, 2.001 …

The gold market in Pakistan, which has been shut since last week due to illegal trading activities, is likely to reopen on Monday, citing an All Pakistan Gems and Jewellers Association (APGJA) spokesperson. Moreover, market sources said that continuous negotiations are taking place over the reopening of bullion rates. The future gold prices in the local market are expected to …

The Federal Board of Revenue (FBR) has registered FIRs against two importers of solar panels involved in over-invoicing, obstruction of audit, and using illicit funds for imports in violation of the Customs Act, of 1969. According to the documents submitted by the FBR before the Senate Standing Committee on Finance, massive money laundering has been reported by some Solar Panel …

Pakistan’s Rice exports declined by 17.3 percent during the first two months of FY24 to $233 million from $283 million in FY23. While the basmati rice exports increased by 8.2 percent, other categories which have a share of 80 percent in total rice exports (IRRI-6, IRRI-9, Broken etc.) declined by 28 percent. The decline can be mainly attributed to lower …

Pakistan Petroleum Limited (PPL), a key supplier of natural gas in the county, saw its profit-after-tax (PAT) jump nearly 79%, as it clocked in at Rs97.22 billion for the year ended June 30, 2023. In the same period last year, the exploration and production company saw PAT of Rs54.35 billion. According to a notice to the Pakistan Stock Exchange (PSX) …

The State Bank of Pakistan (SBP) awarded in-principle approval (IPA) to five digital retail banks including HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited and Telenor Microfinance Bank Limited. “This is a momentous occasion,” said SBP Governor Jameel Ahmed while addressing a ceremony on Wednesday. This event was attended by sponsors of proposed …

Warning that downside risks to Pakistan’s economic outlook remain exceptionally high, the Asian Development Bank’s latest report says the country’s adherence to an economic adjustment programme through April 2024 will be critical for restoring stability and the gradual recovery of growth. Expansionary fiscal and monetary policy hit their limits while growth fell, inflation jumped, the rupee weakened, and international reserves …

Oil and Gas Development Company Limited (PSX: OGDC) has discovered gas from its exploratory efforts at Chak 214-1 exploratory well located in District Rahim Yar Khan, Punjab. According to the company’s stock filing at the Pakistan Stock Exchange (PSX), OGDC is the operator of the Mari Eas Block development cum exploratory well (100 percent). Chak 214-1 well was spudded on …

There is a fear of petrol shortage across the country as the Oil Tankers Association has gone on a strike, stopping supply from the Islamabad Sihala depot until its demands are met. In a statement issued on Monday, the Oil Tankers Association said that the supply of petrol to Azad Jammu and Kashmir, airport, Hazara Division, Attock and Gilgit-Baltistan would …

Pakistan has introduced a major facility in the visa process for foreign investors and business purposes. The federal government has approved an amendment to the visa policy for 103 countries. On the recommendation of the Special Investment Facilitation Council (SIFC), a business visa for six months will be issued immediately. Pakistani missions abroad will be obligated to issue business visas for five …

Pakistan Railways has announced an increase of 5 percent in the fares for all mail/express, intercity, saloons, and parcel trains. The increase comes after the government announced a substantial increase in the price of petroleum products. According to a notification issued by the Pakistan Railways, the increase in fare will not apply to short lead passenger trains, shuttle trains, and …

In 2023, a whopping 540,000 Pakistanis have decided to seek better job opportunities abroad. This trend has been on the rise, with more than 90,000 leaving their homeland in just August alone. People from all walks of life are joining this migration. Among them, there are 232,749 laborers, 118,172 drivers, and even 5,589 engineers, 5,216 accountants, 2,261 doctors, and 1,012 …

The Board of Directors (BoD) of Meezan Bank Limited, the largest Islamic bank in the country, has announced that it will establish an Exchange Company (EC) as a wholly-owned subsidiary. The development was shared by the bank in its notice to the Pakistan Stock Exchange (PSX) on Friday. “The BoD of Meezan Bank Limited through circular resolution No. 6 of …

The State Bank of Pakistan (SBP) has decided to maintain the status quo and keep the key policy rate unchanged at 22 per cent to keep the aggregate demand in check, according to a press release issued on Thursday. The announcement came after a meeting of the bank’s Monetary Policy Committee (MPC). “This decision takes into account the latest inflation outturn …

Interim Finance Minister Dr. Shamshad Akhtar has asked the Federal Board of Revenue (FBR) to share its plan for achieving the fixed annual revenue target of Rs. 9.4 trillion. The minister summoned the workable strategy while chairing a high-level meeting with other government and FBR officials on Tuesday. FBR has identified five areas for filling a massive Rs. 1 trillion …

Whitefly pest invasion is threatening Punjab’s cotton harvest, upsetting farmers and agricultural authorities alike. Despite initially favorable weather circumstances, the rapid increase in whiteflies has sparked concerns about a possible steep decline in crop output per acre, thereby jeopardizing the year’s lint production targets. The regions most severely affected include Bahawalpur, Rajanpur, and Dera Ghazi Khan, where reports indicate a significant …