Nov 11

Saudi financial assistance to Pakistan in few days: envoy

ISLAMABAD: Saudi Arabia will disburse cash deposits to Pakistan under assistance package pledged on October 26, 2021, Saudi diplomat said on Thursday. While talking to the Pakistan’s state media Saudi Ambassador Nawaf Bin Said Al-Malki said Saudi Arabia will disburse cash deposits under the pledged financial assistance after approval of the Royal Court and signing […]

by Mrs. Anjum Shahnawaz

Petrol tax rate cut by 73% to lower global oil price impact

Nov 11

Energy, National, Taxation, Top stories

Petrol tax rate cut by 73% to lower global oil price impact

ISLAMABAD: The federal government has announced a reduction of 73 per cent in sales tax rate on supply of petrol in order lower the impact of high global oil prices. In this regard the Federal Board of Revenue (FBR) issued a notification i.e. SRO 1450(I)/2021 to reduce the sales tax rate on petrol and High […]

by Hamza Shahnawaz

Pakistan’s car sales declines by 6% in October

Nov 11

Automotive

Pakistan’s car sales declines by 6% in October

KARACHI: Pakistan car sales have come down 6 per cent Month on Month (MoM) in October 2021, reaching 21,000 units, as reported by Pakistan Automotive Manufacturers Association (PAMA) on Thursday. Pakistan car sales (including KIA) clocked in at 24,000 units in October 2021, down 4 per cent MoM. Analysts at Topline Securities said that Pak […]

by Faisal Shahnawaz

CGT on shares disposal to be collected on Nov 19

Nov 11

Stock & Commodity, Taxation

CGT on shares disposal to be collected on Nov 19

KARACHI: The capital gain tax (CGT) on disposal of shares for the month of September 2021 will be collected on November 19, 2021, according to a notification issued on Thursday. The National Clearing Company of Pakistan Limited (NCCPL) communicated the stock brokers that the aggregate amount of CGT arising on disposal of shares at Pakistan […]

by Faisal Shahnawaz

Foreign exchange reserves slightly up to $24.026 billion

Nov 11

Finance

Foreign exchange reserves slightly up to $24.026 billion

KARACHI: Pakistan’s foreign exchange reserves have increased by $100 million to $24.026 billion by the week ended November 05, 2021, as compared with $23.926 billion a week ago, State Bank of Pakistan (SBP) said on Thursday. The official foreign exchange reserves of the central bank increased by $126 million to $17.326 billion by the week […]

by Hamza Shahnawaz

Direct tea import from Tanzania to reduce prices: FPCCI

Nov 11

Trade & Industry

Direct tea import from Tanzania to reduce prices: FPCCI

KARACHI: The president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Nasser Hyatt Maggohas emphasized that tea prices can be quickly curtailed if imports are facilitated directly from Tanzania, which is a major producer of tea in the world. Pakistan should explore every possible avenue to control food inflation and tea is […]

by Hamza Shahnawaz

Yarn merchants demand reduction in customs duty

Nov 11

Trade & Industry

Yarn merchants demand reduction in customs duty

KARACHI: Pakistan Yarn Merchants Association (PYMA) has demanded reduction in customs duty from 11 per cent to 7 per cent on import of yarn. Central Chairman of Pakistan Yarn Merchants Association (PYMA) Saqib Naseem has stressed that the existing custom duty of 11 percent on polyester yarn has to be brought down to 7 percent […]

by Hamza Shahnawaz

Nov 11

Money & Banking

KIBOR rates on November 11, 2021

KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on November 11, 2021. Tenor BID OFFER 1 – Week 7.25 7.75 2 – Week 7.30 7.80 1 – Month 7.40 7.90 3 – Month 8.39 8.64 6 – Month 8.66 8.91 9 – Month 8.95 9.45 1 – Year 9.14 9.64

by Faisal Shahnawaz

Baqir meets governors of Saudi, Indonesia central banks

Nov 11

Money & Banking

Baqir meets governors of Saudi, Indonesia central banks

KARACHI: Dr. Reza Baqir, Governor, State Bank of Pakistan (SBP) on Thursday met the Governors of Saudi Central Bank (SCB) and Bank Indonesia (BI) on the sidelines of the 15th Islamic Finance Services Board (IFSB) Summit 2021, hosted by the Saudi Central Bank, in Jeddah. In separate meetings with the two Governors, various topics of mutual […]

by Hamza Shahnawaz

KSE-100 index sheds 282 points on PKR depreciation

Nov 11

Stock & Commodity

KSE-100 index sheds 282 points on PKR depreciation

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 282 points on Thursday on depreciation of Pak Rupee (PKR). The index closed at 46,348 points as against previous day’s closing of 46,630 points, showing a decrease of 282 points. Analysts at Arif Habib Limited said that the market opened on a positive […]

by Faisal Shahnawaz