TOP STORIES
- World Bank warns Middle East conflict could deepen Pakistan’s economic pressures
Prolonged hostilities could raise energy import costs, widen Pakistan’s current account deficit and erode foreign exchange reserves, while El Niño poses additional risks to agricultural output and growth. - Two expatriates killed in drone attack on Saudi Aramco facility
Saudi air defences intercepted a drone targeting a processing facility at the Shaybah oil field, while a contractor’s vehicle caught fire outside the facility’s perimeter. - President Zardari reaffirms Pakistan’s commitment to IMF-backed economic reforms
President says Pakistan will pursue fiscal sustainability, tax reforms, privatisation and energy-sector restructuring as GDP reaches $452.1 billion in FY2026. - Pakistan calls for greater SCO connectivity and economic cooperation
Ishaq Dar urges investment in energy, transport, agriculture and technology, while proposing an SCO development bank and greater use of national currencies in trade settlements.
FINANCE
- Pakistan’s external economic stress eases: ICMAP
Pakistan’s External Economic Stress Index fell to -6.12 in August 2026, as stronger global activity, remittances and foreign investment improved the external outlook despite persistent oil price and geopolitical risks. - Pakistan’s forex reserves decline by $30 million in a week
Pakistan’s total liquid foreign exchange reserves fell to $26.833 billion as commercial banks’ holdings declined, despite a rise in the State Bank’s reserves. - World Bank warns Middle East conflict could deepen Pakistan’s economic pressuresProlonged hostilities could raise energy import costs, widen Pakistan’s current account deficit and erode foreign exchange reserves, while El Niño poses additional risks to agricultural output and growth.
- Aurangzeb says Pakistan’s twin deficit falls to 2.6% of GDP
Finance minister highlights fiscal consolidation, rising tax revenues and stronger foreign exchange reserves, while the IMF urges fair and predictable tax reforms to support sustainable economic growth.
NATIONAL
- FIA arrests five suspects in illegal kidney transplant network in Islamabad
Authorities seal an unauthorised transplant facility, recover Rs1 million in cash and freeze two properties worth Rs87.5 million during a joint operation. - Today’s prices of petrol and diesel in Pakistan: October 23, 2026
The government has fixed petrol at Rs377.71 per litre and high-speed diesel at Rs391.75 for October 23, as global oil prices climb amid Middle East tensions. - PM Shehbaz says KP governor’s rule imposed under ‘extreme compulsion’
Prime Minister pledges to restore peace and accelerate development in Khyber Pakhtunkhwa, while accusing the previous provincial government of neglecting security and public services. - Pakistan cuts petrol price by Rs2.71, raises diesel by 31 paisas
Petrol falls to Rs379.31 per litre from October 22, 2026, while high-speed diesel rises to Rs390.11 amid changing international oil benchmarks.
TAXATION
- SBP to help FBR exchange banking information on high-risk persons in Tax Year 2027
Section 175AA of the Income Tax Ordinance, 2001, enables the FBR and scheduled banks to cross-match tax declarations with banking data, with support from the State Bank of Pakistan. - FBR gets real-time database access to track undeclared income in Tax Year 2027
Section 175A of the Income Tax Ordinance empowers the tax authority to access records from NADRA, immigration agencies, land authorities, vehicle registration departments and utility companies to identify potential tax discrepancies. - FBR empowered to enter premises without prior notice in Tax Year 2027
Section 175 of the Income Tax Ordinance, 2001 allows authorised tax officials to access premises, accounts, documents and computers without prior notice for enforcement, audits and tax surveys. - FBR issues procedure for sales tax payment in instalment on imported mobile phones
The new procedure allows eligible individuals to pay sales tax on imported mobile phones in monthly instalments, but missed payments can result in device blocking and immediate recovery of the outstanding amount.
MONEY & BANKING
- MCB Bank reports Rs16.1bn profit in third quarter of 2026
MCB Bank posts 7% year-on-year earnings growth to Rs13.65 per share, announces Rs9 interim dividend and records deposits of Rs3.1 trillion. - Meezan Bank profit rises 27% to Rs25.6 billion in Q3
Meezan Bank reports higher quarterly earnings on deposit growth and improved spreads, while announcing a cash dividend of Rs8 per share. - HBL reports record quarterly profit of Rs19.5 billion
Habib Bank Limited posts 16% year-on-year earnings growth in the third quarter of 2026, supported by stronger fee and foreign exchange income and a reversal of provisions. - SBP adopts AAOIFI Shariah standard for Tawarruq transactions
The State Bank of Pakistan adopts AAOIFI Shariah Standard No. 30 with immediate effect to strengthen Shariah compliance and harmonise Islamic banking practices.
TRADE AND INDUSTRY
- Government seeks to double SME financing
Haroon Akhtar Khan urges banks and the State Bank of Pakistan to simplify lending procedures and improve access to affordable credit for small businesses. - Jam Kamal reviews exporters’ concerns to boost Pakistan’s exports
The Commerce Minister reviews energy costs, taxation, refunds, regulatory charges and international market access, seeking practical reforms to improve export competitiveness. - PCDMA urges SBP to cut policy rate to revive economy
PCDMA Chairman Saleem Mukati calls for a single-digit interest rate, saying lower borrowing costs could stimulate industrial growth, trade and employment. - Pakistan, EU exchange views on GSP+ framework
Minister of State for Law and Justice Barrister Aqeel Malik meets an EU delegation to discuss trade, counter-terrorism, regional stability and bilateral cooperation.
AUTOMOTIVE
- KCCI welcomes international safety standards for imported used vehicles
The Karachi Chamber of Commerce and Industry has praised the government’s adoption of 62 international vehicle safety and environmental regulations, calling for effective implementation without unnecessary hurdles for legitimate importers. - Nishat Group signs deal to bring LUXEED premium EVs to Pakistan
The partnership with Chery and Huawei-backed mobility brand LUXEED signals Nishat Group’s expansion into Pakistan’s premium electric vehicle market. - Forthing Friday SUV recalled over drive motor cable defect
Forthing Australia has recalled 263 electric SUVs manufactured in 2026 after identifying a high-voltage cable issue that could cause a sudden loss of power while driving. - Next-generation Toyota Fortuner set for December 1 launch
Toyota is preparing a long-awaited overhaul of its popular three-row SUV, with bolder styling, a redesigned cabin and upgraded technology expected alongside familiar mechanical foundations.
IT & TELECOM
- FBR issues procedure for sales tax payment in instalment on imported mobile phonesThe new procedure allows eligible individuals to pay sales tax on imported mobile phones in monthly instalments, but missed payments can result in device blocking and immediate recovery of the outstanding amount.
- WhatsApp tests dedicated Instagram reels sharing shortcut
The new feature in WhatsApp’s Android beta introduces a dedicated chat attachment shortcut, allowing users to share recently viewed, saved and liked Instagram Reels. - OpenAI partners with Google Cloud to expand AI model access
The partnership will allow enterprise customers to access OpenAI’s latest models through Google Cloud Marketplace and use existing cloud spending commitments to pay for them. - Pakistan, US tech firms urged to shift focus from security to IT
Pakistan-US Tech Connect 2026 brings together 16 Pakistani technology companies and American stakeholders to build partnerships in AI, fintech, cloud computing and digital innovation.