Karachi – The Model Customs Collectorate (MCC) Gwadar has announced a public auction of various confiscated goods, including lubricant oil and motor vehicle tires, to be held at Custom Station, Panjgur on February 14, 2019.
(more…)Author: Mrs. Anjum Shahnawaz
-
Banks disburse Rs527 billion agriculture credit during first half: SBP
KARACHI: Banks have disbursed Rs527 billion as agriculture credit during first half of current fiscal year, which is 22 percent higher than the disbursement made during the same period of the last fiscal year.
(more…) -
Weekly Review: Equity market to eye future investment prospects
KARACHI – The Pakistani equity market is poised to evaluate the potential for foreign investments as Prime Minister Imran Khan prepares for a visit to the UAE on February 10, followed by the anticipated visit of the Saudi Crown Prince to Pakistan on February 16, 2019.
(more…) -
Provincial sales tax registered persons liable to pay advance income tax
KARACHI – The Federal Board of Revenue (FBR) has announced that sales tax registered individuals with the provinces are now required to pay adjustable advance income tax, as per the recently updated Income Tax Ordinance, 2001.
(more…) -
Govt. domestic debt increases by 13.6pc to Rs17,536 billion
KARACHI – Pakistan’s domestic debt has witnessed a substantial increase of 13.6 percent, reaching Rs17,536 billion by the end of December 2018, compared to Rs15,437 billion in the same month the previous year, according to data released by the State Bank of Pakistan (SBP) on Friday.
(more…) -
Income Tax Ordinance 2001: payment of advance tax on quarterly basis
KARACHI: Taxpayers are liable to pay advance tax against their estimated annual income on quarterly basis under Income Tax Ordinance, 2001.
(more…) -
FBR set to launch Benami law to trace black money
ISLAMABAD: Federal Board of Revenue (FBR) is set to make Benami Law operational with strict action to confiscate property if it was held by a person and payment made by another person.
(more…) -
FBR notifies major reshuffle in IRS; 42 officers transferred
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced major reshuffle in Inland Revenue Service (IRS) as 42 officers of BS-17 to BS-20 transferred with immediate effect.
(more…) -
Banks require to send free of cost transaction alerts to ensure digital payment security: SBP
KARACHI: State Bank of Pakistan (SBP) on Thursday said that it has been made mandatory for all banks to send free of cost transaction alerts to their customers in order to ensure security of digital payments.
(more…) -
Pakistan forex reserves increase to $14.885 billion
KARACHI: Pakistan foreign exchange reserves witnessed a notable increase of $83 million, reaching $14.885 billion by the week ending February 01, 2019, according to a statement from the State Bank of Pakistan (SBP) on Thursday.
This growth is compared to the reserves of $14.802 billion reported a week earlier, signifying a positive trend in the country’s financial stability.
The official reserves of the SBP, which play a crucial role in maintaining monetary stability and managing external challenges, experienced a boost as well. The SBP’s reserves surged by $38 million, reaching $8.192 billion by the week under review, compared to $8.154 billion as of January 25, 2018. This increase in the central bank’s reserves reflects the effectiveness of policies aimed at bolstering the country’s financial resilience.
Commercial banks, integral components of the financial landscape, also contributed to the overall growth in foreign exchange reserves. The reserves held by commercial banks increased by $44 million, totaling $6.692 billion in comparison to $6.648 billion reported the previous week. This surge in commercial banks’ reserves underscores a positive sentiment in the banking sector, which plays a vital role in facilitating economic activities and trade.
The rise in foreign exchange reserves is a welcome development for Pakistan, a country that has faced economic challenges over the past few years. It reflects positive economic indicators and an improvement in the balance of payments, potentially contributing to increased confidence among investors and creditors.
The State Bank of Pakistan has been actively implementing measures to stabilize the economy and manage external pressures. The increase in foreign exchange reserves aligns with the central bank’s efforts to create a robust economic foundation, ensuring that the country is better positioned to meet its financial obligations and support sustainable growth.
While the current surge in reserves is a positive signal, economic stakeholders will continue to monitor future developments to assess the sustainability of this trend. The global economic landscape, trade dynamics, and internal policies will play crucial roles in shaping the trajectory of Pakistan’s foreign exchange reserves in the coming months.
The SBP’s commitment to transparent communication and proactive financial management is essential in maintaining market confidence. As Pakistan navigates its economic challenges, the sustained growth of foreign exchange reserves provides a foundation for economic stability and resilience in the face of external uncertainties. The coming weeks and months will reveal the broader implications of this positive trend for Pakistan’s economic outlook.