KARACHI: The foreign exchange reserves held by the central bank fell 8.6% during the week ending on October 8, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 15, the foreign currency reserves held by the SBP were recorded at $17,492.2 million, down $1.65 billion compared with $19,138.4 million.Overall […]
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MANCHESTER: Governor State Bank of Pakistan (SBP) Reza Baqir on Thursday has said that Inflation in Pakistan is artificial and will be put under control soon.Addressing a press conference in Manchester, SBP governor Reza Baqir said that the prices of commodity products were increased in Pakistan due to the rise in exchange rates and added […]
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“A strong rebound in economic activity and higher int’l commodity prices kept CAD at an elevated level in Q1-FY22,” SBP reports.During September, the balance of trade in goods recorded a deficit of 5.9% year-on-year.Samiullah Tariq predicts that exchange rate depreciation will help curtail deficit to manageable levels.Pakistan’s current account deficit — the gap between foreign […]
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A deadlock persists between Pakistan and International Monetary Fund as the global lender has put forward harsh conditions for the release of stalled loan programme asking Islamabad to undo unnecessary tax holiday facility and raise the tax collection to Rs6,000 billion.Sources divulged to the 24NewsHD on Monday that talks between the IMF and Pakistan were […]
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ISLAMABAD: The Ministry of Finance has rejected the news regarding the failure of talks between Pakistan and the International Monetary Fund (IMF) and said there was not any deadlock with the IMF.Finance Ministry spokesman Muzammil Aslam, in a statement, said that there was no truth in the news about the deadlock, adding that the talks […]
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1.Oil and Gas The Oil and Gas Regulatory Authority is a crucial organization that helps keep fuel prices in Pakistan under control (OGRA). The cost of gas is included in this. The OGRA recently proposed an increase in petrol prices of Rs 5.90. Despite its seemingly insignificant nature, this can have a big impact on […]
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The Cabinet Committee on Energy (CCoE) led by Planning Minister Asad Umar had earlier approved an incentives package for modern refineries that also included 20-year tax holiday but had refused to allow such protections to existing refineries for refurbishment. Sources said the petroleum division has now removed both objections raised by the CCoE regarding incentives […]
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ISLAMABAD: The two state-owned companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) would lay around 18,731km of pipelines in their respective areas to strengthen their network transmission and distribution networks during the current fiscal year.Last year, the companies laid around 3,540km pipelines against the target of 7,497km, according to an […]
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Trading in embattled property giant China Evergrande was suspended Monday on the Hong Kong stock exchange, as concerns about the debt-laden firm’s future growth.No reason was given for the suspension of the shares, which have plunged around 80 percent since the start of the year. Trading in its property management arm was also halted.However, a […]
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The National Electric Power Regulatory Authority (Nepra) is likely to allow distribution companies an increase of up to Rs2 per unit in power tariff under the monthly fuel cost adjustment (FCA) for August 2021.At a public hearing on Central Power Purchasing Agency-Guarantee’s (CPPA) petition for tariff increase under the monthly FCA, Nepra questioned as to […]
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