Karachi, October 2, 2024 – The President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Jawed Bilwani, voiced strong concerns on Wednesday over the government’s decision to suspend gas supply to Captive Power Plants (CPPs) by 2025.
(more…)Author: Shahnawaz Akhter
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Rupee Rises Slightly to PKR 277.64 Against Dollar at Interbank
Karachi, October 2, 2024 – The Pakistani rupee showed a slight improvement on Wednesday, appreciating by 5 paisas against the US dollar. The currency closed at PKR 277.64 in the interbank foreign exchange market, up from the previous day’s close of PKR 277.69.
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Prize Bonds Redemption Deadline Extended to December 31, 2024
Karachi, October 2, 2024 – In a significant move aimed at providing relief to prize bondholders, the Government of Pakistan has extended the deadline for the encashment, replacement, and conversion of bearer prize bonds to December 31, 2024. This extension follows the initial expiration date of June 30, 2024, as announced earlier by the State Bank of Pakistan (SBP).
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MTBs Buyback to Boost Private Sector Lending: SBP
The governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has said that the government’s initiative to buy back Market Treasury Bills (MTBs) will enable banks to enhance private sector lending significantly.
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FBR Elaborates Application of Minimum Tax in Tax Year 2024-25
Karachi, October 2, 2024 – The Federal Board of Revenue (FBR) has issued a comprehensive clarification regarding the application of minimum tax under the Income Tax Ordinance, 2001, for the tax year 2024-25.
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Pakistan Achieves Over 14% Export Growth in First Quarter of FY25
Islamabad, October 2, 2024 – Pakistan has reported an impressive 14.11% growth in exports during the first quarter of the fiscal year 2024-25 (1QFY25), a significant indicator of the country’s economic resilience. According to data released by the Pakistan Bureau of Statistics (PBS), exports soared to $7.88 billion between July and September 2024, compared to $6.90 billion in the same period last fiscal year.
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Pakistan Targets Rs 10 Trillion to Bridge Budgetary Deficit
Pakistan is poised to secure a substantial Rs10.10 trillion in bank loans through the sale of treasury bills and bonds during the second quarter (October-December) of FY2025, as it grapples with rising funding demands to finance its budget deficit and meet outstanding debt obligations.
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Pakistan’s Petroleum Sales Surge by 20% YoY in September 2024
Karachi, October 1, 2024 – Pakistan’s petroleum sales witnessed a significant surge of 20% year-on-year (YoY) in September 2024, reaching a total of 1.27 million tons, according to data released by analysts at Arif Habib Limited.
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SBP Revamps Criteria for Conversion of Conventional to Islamic Banking Branches
Karachi, October 1, 2024 – In a significant development aimed at promoting Islamic banking, the State Bank of Pakistan (SBP) has announced a comprehensive overhaul of the criteria for converting conventional banking branches into Islamic banking branches.
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SBP Doubles Bank Guarantee Amount to Rs 1 Million per Depositor
Karachi, October 1, 2024 – In a significant move to fortify depositor protection, the State Bank of Pakistan (SBP) announced on Tuesday that the guarantee amount for depositors has been increased to Rs 1 million per depositor, per bank. This marks a doubling of the previous protected deposit amount, which stood at Rs 500,000.
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