• Interbank, kerb rates edge closer to IMF’s 1.25pc target• SBP introduces structural reforms for exchange firms, raises minimum capital requirement to Rs500m from Rs200m• Orders banks to set up separate entities to conduct forex transactions KARACHI: The rupee rebounded in the open market on Wednesday as a crackdown on the informal currency market started to help the gap between…
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• Consumers to pay Rs3.51 per litre more on petrol, diesel• PIA’s request for bailout package, suspension of payments to CAA and FBR denied ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved per-litre hikes of Rs1.64 and Rs1.87 in margins to petroleum dealers and oil marketing companies (OMCs), respectively, on petrol and diesel sales and allowed…
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ISLAMABAD: The Finance Ministry Wednesday said the upward adjustment in energy tariffs and further increase in fuel prices would strain the inflationary pressures in coming months. In its monthly, “Economic Update and Outlook” for August 2023 released on Wednesday, the Finance Ministry said the two massive fuel price hikes witnessed in August 2023 and upward adjustment in energy tariffs would…
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Pakistani Origin IT Wizard Ahmed Ali Larik has been selected among the Top 100 Saudi visionary leaders by the prestigious platform DT100 for his extraordinary contribution in the transformation of the digital banking landscape. He is the only Pakistani who receive this recognition this year. Ahmed Ali Larik became limelight as an accomplished visionary professional who was a leading force…
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Leading banks actively engaged in foreign exchange business will establish wholly owned Exchange Companies Aim is to cater to the legitimate foreign exchange needs of general public. Exchange Companies and their franchisees will be consolidated and transformed into a single category of Exchange Companies In addition, the minimum capital requirement for Exchange Companies has been increased from Rs 200 million…
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KARACHI: In continuation of its efforts to improve the country’s business climate, the Special Investment Facilitation Council (SIFC) has asked Karachi’s business community to exploit huge investment potential in agriculture, livestock, information technology, mining and energy sectors. At a meeting held at Corp Commander Office V on Tuesday, Special Assistant to Caretaker Prime Minister Dr Jehanzaib Khan and the SIFC’s…
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ISLAMABAD: Targeted power subsidies for disadvantaged socioeconomic classes using around 200 units of electricity were not discouraged or curtailed by the government or the International Monetary Fund (IMF), Caretaker PM Anwaarul Haq Kakar said. In an interview with Dawn News English Spotlight programme, broadcast on Tuesday, the caretaker PM was asked about the interim government’s relief proposals to the Fund and their…
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ISLAMABAD: After the rejection of the first one, the caretaker government has sent a fresh proposal to the International Monetary Fund (IMF) that the additional money allocated for the independent power producers (IPPs) could be adjusted to provide relief to the consumers, who were protesting against the exorbitant rise in their electricity bills. Finance ministry sources said under the new…
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LAHORE: The Pakistan Solar Association (PSA) has issued a resounding call to action, urging authorities and stakeholders to maintain their support for net metering as a critical element of the nation’s sustainable energy future. Net metering stands as a cornerstone in the shift toward clean and affordable energy, aligning Pakistan with the global transition to solar power. The PSA has…
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KARACHI: Directorate of Post Clearance Audit (South), Karachi has unearthed a complex web of deceit and fiscal fraud involving fictitious solar panel companies, which reportedly transferred Rs 73 billion out of Pakistan. According to details, the Directorate during the sectoral audit of solar panel imports assigned by the Federal Board of Revenue (FBR), identified significant irregularities and violations in the…
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