Jul 13

SBP allows banks to verify customers through NADRA Verisys for record keeping

KARACHI: State Bank of Pakistan (SBP) has allowed banks to retain digital record of identity i.e. NADRA Verisys of customers for record keeping requirements. In a statement issued on Monday, the central bank said that the banks and Development Financial Institutions (DFIs) may use the NADRA [National Database Registration Authority] Verisys in place of obtaining […]

by Mrs. Anjum Shahnawaz

Annual car sales plunge by 53 percent on slow economy, COVID

Jul 13

Automotive

Annual car sales plunge by 53 percent on slow economy, COVID

KARACHI: Domestic car sales have plunged by 53 percent in fiscal year 2019/2020 owing to slow economic activity and outbreak of coronavirus, analysts said on Monday. According to statistics released by Pakistan Automobile Assemblers Association (PAMA), the total car sales plunged to 110,583 units during fiscal year 2019/2020 as compared with 235,229 units in the […]

by Mrs. Anjum Shahnawaz

Equity market gains 428 points on increased activity in construction

Jul 13

Stock & Commodity

Equity market gains 428 points on increased activity in construction

KARACHI: The equity market gained 428 points on Monday owing to increased activity in construction sector, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,619 points as against 36,190 points showing an increase of +428 points. Analysts at Arif Habib Limited said that the first day after resumption of trading […]

by Mrs. Anjum Shahnawaz

FBR extends warehousing period up to July 31

Jul 13

Pakistan Customs

FBR extends warehousing period up to July 31

ISLAMABAD: The Federal Board of Revenue (FBR) has taken a significant step by extending the warehousing period for already in-bonded goods up to July 31, 2020.

by Mrs. Anjum Shahnawaz

Record $2.46 billion as remittances received in June

Jul 13

Money & Banking

Record $2.46 billion as remittances received in June

KARACHI: State Bank of Pakistan (SBP) on Monday said that the workers’ remittances rose by a significant 50.7 percent during June 2020 to reach record high $2.46 billion compared with $1.63 billion in June 2019. Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a […]

by Mrs. Anjum Shahnawaz

Rupee weakens by 28 paisas on demand for import, corporate payments

Jul 13

Money & Banking

Rupee weakens by 28 paisas on demand for import, corporate payments

KARACHI: The Pak Rupee weakened by 28 paisas against dollar on Monday owing to higher demand of greenback on opening of market after weekly holidays. The rupee ended Rs166.63 to the dollar from last Friday’s closing of Rs166.35 in interbank foreign exchange market. Currency experts said that the market was reopened after two weekly holidays […]

by Mrs. Anjum Shahnawaz

Pakistan allows Afghan transit trade through Wagah from July 15

Jul 13

Finance

Pakistan allows Afghan transit trade through Wagah from July 15

ISLAMABAD: Pakistan has allowed Afghan exports through Wagah border crossing from July 15, 2020, said a statement on Monday. At the special request of the Government of Afghanistan and with a view to facilitating Afghanistan’s transit trade, Pakistan has decided to resume Afghan exports through Wagah border crossing from July 15, 2020, after implementing COVID-19 […]

by Mrs. Anjum Shahnawaz