Gold prices surged sharply in international and domestic markets on Saturday, pushing local rates to record highs. According to reports, the price of gold in the international bullion market rose by USD 36 per ounce, reaching USD 3,447. Following the global increase, the price of gold in Pakistan also climbed by Rs3,600 per tola, hitting a new all-time high of …

KARACHI: The Pakistan Stock Exchange (PSX) closed the week on a bullish note on Friday, with the benchmark KSE-100 index advancing 1,274 points to settle at 148,618, up 0.86% day-on-day. The rebound came after a volatile week, fueled by expectations of flood rehabilitation-related spending and cyclical sector recovery. Market participation surged, with trading volumes rising sharply to 625 million shares …

ISLAMABAD: The government on Thursday approved Rs25 billion in severance package in order to sack another 6,878 employees of Utility Stores Corporation (USC), bringing down the curtain on a half-a-century-old entity that served the underprivileged with subsidised goods through its 5,600 outlets. Established in 1971, the USC had been catering to the needs of underserved people by providing them essential …

KARACHI: The Pakistan Stock Exchange (PSX) ended Thursday’s session with a slight dip as traders stayed on sidelines amid a mix of domestic and external pressures. The KSE-100 index gave up 150.52 points, or 0.10%, to close at 147,343.51, reflecting a clear lack of direction during a week dominated by contract rollovers. Investors remained cautious over risks of flood damage …

KARACHI: The Pakistan Stock Exchange (PSX) closed lower on Tuesday amid ongoing contract rollover pressure on investors. The KSE-100 index remained volatile, hitting the intra-day high of 149,453 points, before coming down significantly to close at 148,435, a decrease of 380.24 points, or 0.26%. Analysts mentioned that concerns over a proposed hike in industrial gas tariffs, alongside geopolitical uncertainty, played …

The Pakistan Stock Exchange (PSX) opened the rollover week on a turbulent note on Monday as profit-taking and cautious sentiment drove the benchmark KSE-100 index from the intra-day high of 586 points to the low of 735 points. It closed the day at 148,815.31, representing a decrease of 677.75 points, or 0.45%. Banking and cement stocks weighed heavily on the …

KARACHI: The rates of 24-karat gold per tola fell on Friday, August 22, 2025, in line with a decline in the international market, the All Pakistan Sarafa Gems and Jewellers Association reported. The rate of 24-karat gold dropped by Rs1,500 to Rs355,700 per tola, compared to Rs357,200 on the previous trading day. Similarly, the price of 10 grams of 24-karat …

ISLAMABAD: The Asian Development Bank (ADB) approved a 410 million U.S. dollar financing package for the Reko Diq copper-gold mine in Pakistan, the ADB said on Friday. The project will help meet rising global demand for critical minerals and unlock transformative economic development and poverty reduction in the South Asian country, the ADB said in a statement. Located in the …

ISLAMABAD: Pakistan’s textile exports surged by over 32 percent during the first month of the current fiscal year 2025-2026, compared to the same period of the last fiscal year, officials from the Pakistan Bureau of Statistics (PBS) said on Thursday. The textile exports were recorded at 1.679 billion U.S. dollars during July 2025, as against 1.271 billion dollars during July …

LAHORE: President of the Lahore Tax Bar Association (LTBA) Muhammad Asif Rana has called on the Federal Board of Revenue (FBR) to immediately notify the final income tax return for Tax Year 2025 and resolve ongoing technical glitches in the IRIS e-filing system to ensure smooth and timely compliance. In a letter to the FBR chairman, Rana noted the tax …

The Competition Appellate Tribunal (CAT) upheld the order of the Competition Commission of Pakistan (CCP) against the Pakistan Flour Mills Association (PFMA) for “fixing the price of wheat flour”. However, the CAT reduced the fine amount to Rs35 million from previously Rs75 million the CCP had imposed in its 2019 order, according to a CCP statement on Tuesday. In 2019, …

The equity market slightly higher on Tuesday, with the benchmark index trading firmly in the green for most of the session as institutional buying and upbeat investor sentiment kept the market buoyant. “Investments from mutual funds is carrying market forward in light of good results, improving US relationships and macroeconomic rerating. Some positivity also expected due to circular debt resolution,” …

ISLAMABAD: The World Bank has pointed out that the memorandum of understandings (MoUs) between the Ministry of Information Technology and Telecommunication (MoITT) and the provincial governments, as laid down in the financing agreement of “Digital Economy Enhancement Project” (DEEP) of $78 million, are still pending. Official documents of the Bank also stressed on stronger coordination among the project implementation entities …

Elon Musk’s electric car and energy company Tesla has applied for a licence to supply electricity to British homes. If approved by the energy watchdog Ofgem, it would allow Tesla to take on the big firms that dominate the UK energy market to provide electricity to households and businesses in England, Scotland and Wales as soon as next year. Tesla, …

The inflow of overseas workers’ remittances into Pakistan stood at $3.2 billion in July 2025, the State Bank of Pakistan (SBP) data showed on Friday. Remittances increased by 7.4% year over year, compared to $3 billion recorded in the same month last year. On a monthly basis, remittances were down 6%, compared to $3.4 billion in June. Home remittances play a …

The Asian Development Bank (ADB) has projected a decline in Pakistan’s inflation this year, attributing it to falling food and commodity prices, even as regional economies brace for the impact of rising global trade tensions. In its latest report on the economies of developing Asia and the Pacific, the ADB maintained its inflation forecast for Pakistan for fiscal year 2025-26 …

The federal government has issued a notification announcing major revisions in the profit rates of various National Savings Schemes, effective immediately. The move comes as part of routine adjustments aligned with prevailing economic conditions, including inflation and policy rates. According to the notification, the rate of return on Regular Income Certificates has been fixed at 11.16%, while the average return …

The State Bank of Pakistan (SBP) clarified that it has never declared virtual assets (VAs), including cryptocurrencies as illegal. In a press release issued by the central bank, the SBP stated that the advisory directed banks, microfinance institutions, development finance institutions (DFIs), electronic money institutions (EMIs), and other financial service providers to refrain from dealing in VAs purely as a …

International markets witnessed a sharp decline in crude oil prices, with a 7% drop recorded. According to global media reports, Brent crude oil prices fell by $5.04, reaching $69.91 per barrel, while U.S. crude oil dropped $5.13, settling at $66.58 per barrel. Meanwhile, natural gas prices rose by 2%, with the new rate standing at $4.14 per MMBtu. The decline …

VEHARI: The National Bank of Pakistan (NBP) took center stage at the State Bank of Pakistan (SBP) Agri Festival 2025, held on Thursday in Vehari City. The event brought together commercial banks, the SBP team, pesticide and fertilizer companies, tractor manufacturers, agricultural implement traders, and farmers, fostering collaboration and innovation in the agricultural sector. The festival was graced by the …

Finance Minister Muhammad Aurangzeb said on Wednesday that the Federal Board of Revenue (FBR) should focus entirely on tax collection to ensure economic progress. Addressing the business community in Peshawar, he highlighted several government reforms designed to foster stability and growth in Pakistan’s economy. He mentioned that measures such as lowering the policy rate and interest rates are a result …

BRUSSELS: For much of 2024, electric vehicle (EV) disputes have weighed heavily on the economic and trade ties between China and the European Union (EU). The “love-hate” relationship, marked by both friction and interdependence, has left the two powers navigating a precarious path — seeking common ground even as uncertainty looms. UNCERTAINTIES CLOUD COOPERATION What started as an EU investigation …

The Pakistan Stock Exchange (PSX) made history on Thursday as the benchmark KSE-100 index surged past the significant 100,000-point mark, reflecting investor optimism and a positive start to the trading session. At 09:42AM, the benchmark KSE-100 index climbed by 947.32 points, or 0.95%, reaching 100,216.57 points, up from its previous close of 99,269.25 points. This milestone comes as a remarkable recovery …

A Pakistani cargo ship has reached Chittagong Port in Bangladesh after a long hiatus in a significant development for Pakistan-Bangladesh trade relations — a milestone marks a promising step towards strengthening economic ties between the two nations. Bangladesh, formerly known as East Pakistan, was separated in 1971 and later Pakistan accepted it as sovereign country in 1974. The relationship between …

The Federal Board of Revenue (FBR) continues its crackdown on tax evaders across the country, focusing on major non-filers and individuals under-disclosing their taxable income. According to sources, data on non-filers and under-tax payers is being shared with field formations to facilitate swift action. Notices will be issued to tax defaulters upon approval from the FBR chairman, with a focus …

Bitcoin has breached the $94,000 mark for the first time in history, fueled by growing optimism surrounding the potential acquisition of crypto trading firm Bakkt by Donald Trump’s media company. This surge marks a significant milestone for the world’s leading cryptocurrency, which has more than doubled in value this year. As of Wednesday morning in Asia, Bitcoin was trading at …

Pakistan’s Federal Board of Revenue (FBR) has assured that no mini-budget will be introduced while affirming the government’s commitment to maintain the annual tax target of Rs12,970 billion. Sources from the FBR also stated that the General Sales Tax (GST) will not be imposed on petroleum products, aligning with ongoing discussions with the International Monetary Fund (IMF). Sources also indicate …

Highlighting about Rs60 billion worth of cost of inefficiency being charged to consumers in three months, the National Electric Power Regulatory Authority (Nepra) on Wednesday notified Rs1.28 per unit negative fuel cost adjustment (FCA) against consumption in September and asked the ex-Wapda distribution companies (Discos) to refund it in consumer bills for November. This will have a gross financial impact …

ISLAMABAD: The Pakistani government has retired a substantial debt of Rs117.62 billion for the week ending October 18. This recent repayment now brings the total net retirement for the current fiscal year 2025 (FY25) to Rs1.38 trillion, according to weekly estimates from the State Bank of Pakistan (SBP). According to Mettis Global, the borrowings are categorised into three groups including …

ISLAMABAD: The Federal Board of Revenue (FBR) has finally started receiving details from the National Database and Registration Authority (NADRA) of ‘rich Pakistanis’ to expand the tax base. According to Business Recorder, NADRA has reportedly shared data including details of bank accounts, property ownership, and luxury vehicle registrations, for 195,000 wealthy individuals identified as part of the elite class. The …

The Federal Board of Revenue (FBR) has issued a draft amendment to Pakistan’s Customs Rules 2001, introducing significant changes to the temporary import rules for vehicles brought into the country by tourists. The amendment allows tourists to keep their vehicles in Pakistan duty-free for up to three months, provided specific conditions are met. According to the FBR’s notification, tourists wishing …

ISLAMABAD: The Federal Board of Revenue (FBR) has allowed foreign tourists to temporarily import vehicles into Pakistan for a period of three months. According to a notification issued by the FBR on Friday, a tourist who imports a vehicle against carnet-de-passage or a bank guarantee may be given delivery thereof by the officer-in-charge of the Customs station of entry without …

Finance Minister Muhammad Aurangzeb Thursday revealed details of yearly tax theft in Pakistan. The minister revealed that tax evasion in Pakistan stands at nearly Rs7,000 bln annually. He said steps are afoot to broaden the tax net and bring reforms to the tax system of Pakistan. The minister also announced the ‘war against tax evaders’ in Pakistan and admitted all …

Finance Minister Muhammad Aurangzeb has attributed the current economic stability of Pakistan to the successful completion of a standby agreement with the International Monetary Fund (IMF), initiated by Prime Minister Shehbaz Sharif and successfully completed by the caretaker government. Speaking to a delegation of investors led by Barclays at the Finance Division on Tuesday, the finance minister emphasized that the …

The Power Division has recovered over Rs119 billion during a countrywide electricity theft crackdown, on Friday. The crackdown launched by the Pakistani government and military leadership’s measures to restore the country’s economy is now showing positive results. According to the details, Rs119.79 billion have been recovered from individuals involved in the electricity theft crackdown while 85,572 electricity thieves were arrested …

Pakistan’s exports have shown a massive increase in the first quarter of the financial year 2024, with exports rising by 14.1% compared to the same period last year. According to the Pakistan Bureau of Statistics, from July to September 2024, Pakistan’s total exports amounted to $7.87 billion, a rise from $6.9 billion during the same period last year. This marks …

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Wednesday that the Pakistan Economy Dashboard (PED) would help promote transparency, ensure data accessibility, and serve as an interactive platform for data analysis. “Data is the new oil. The point is what you do with that data,” the minister remarked while addressing the launching ceremony of the Pakistan …

ISLAMABAD: Tax experts have strongly predicted extension in filing of income tax returns beyond the September 30th FBR deadline for the tax year 2024. Asif S Kasbati, ICAP Fiscal Laws Committee Senior Member told Business Recorder that the Individuals and Associations of Persons (AOPs) having year from July 1, 2023 to 30 June 2024 are required to file Tax Year …

ISLAMABAD: The International Monetary Fund (IMF) has stated that increasing revenue mobilisation by broadening the tax base, removing special sectoral regimes, and placing a fairer burden on previously undertaxed sectors (including industrialists, developers, and large-scale agriculture), will enhance fairness and efficiency and create needed space for essential investments in human capital, infrastructure, and social spending. The Fund has projected Pakistan’s …

ISLAMABAD: Pakistan has received a Special Drawing Right (SDR) of around 1.03 billion U.S. dollars from the International Monetary Fund (IMF), the State Bank of Pakistan (SBP) said on Friday. The inflows will be reflected in the SBP’s liquid reserves, which will be released on Oct. 3, the bank said in a statement. A day earlier, the country’s Prime Minister …