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 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. - Foreign investors repatriate $864m as profit, dividends from Pakistan during 1QFY27
Latest central bank data reveals significant outflows in foreign direct and portfolio investments during the first quarter of the fiscal year.
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
- FBR introduces electronic auction system for confiscated goods
New rules establish online bidder registration, a 72-hour bidding process, reserve price safeguards and electronic payment for the disposal of seized and confiscated goods. - FBR revises customs values of stationery items after nine years
New Valuation Ruling 2117/2026 updates import benchmarks for stationery raw materials following extensive stakeholder consultations. - FBR requires taxpayers to keep records for six years in Tax Year 2027
Section 174 of the Income Tax Ordinance, 2001, requires taxpayers to retain tax records for six years, with longer retention where proceedings remain pending or specific statutory exceptions apply. - FBR defines representative for taxpayers in Tax Year 2027
Section 172 of the Income Tax Ordinance, 2001, specifies who may represent individuals, companies, trusts, associations and non-residents for tax purposes in Pakistan.
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
- 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. - BYD unveils new Seagull EV with flash charging for under $10,000
The second-generation BYD Seagull arrives in China with a larger five-seat cabin, up to 420 km of CLTC range, advanced driver assistance and rapid charging technology.
IT & TELECOM
- 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. - Apple expands US manufacturing partnerships for iPhone Duo and iPhone 18 Pro
Apple commits up to $100 million to titanium supplier Perryman and expands its Qnity Electronics partnership to support advanced camera technology and American jobs.