Karachi, July 19, 2024 – Bank deposits in Pakistan have soared to an unprecedented Rs 31.12 trillion, as reported by the State Bank of Pakistan (SBP) on Friday. This marks a significant 22 percent increase from the Rs 25.51 trillion recorded at the end of June 2023.
(more…)Author: Shahnawaz Akhter
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SBP Releases Payment System Report for 3QFY24
Karachi, July 19, 2024 – The State Bank of Pakistan (SBP) has released its Quarterly Payment Systems Report for the third quarter (January-March) of the fiscal year 2023-24, offering a comprehensive review of the country’s payment landscape.
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Weekly Forex Reserves Rise by $59 Million: State Bank of Pakistan
Karachi, July 18, 2024 – The State Bank of Pakistan (SBP) announced on Thursday that the country’s weekly foreign exchange reserves have increased by $59 million. For the week ended July 12, 2024, the forex reserves rose to $14.704 billion, up from $14.645 billion a week earlier on July 5, 2024.
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ICMAP Highlights Adverse Budget Impact on Exports
Karachi, July 18, 2024 – The Institute of Cost and Management Accountants of Pakistan (ICMAP) has identified an overall negative impact of the 2024-25 budget on the country’s exports. In its comprehensive review of the budget’s impact across various sectors, the ICMAP highlighted several key concerns that could significantly affect Pakistan’s export performance.
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KATI Warns of Crisis Amid Hikes in Petrol, Electricity Prices
Karachi, July 18, 2024 – The Korangi Association of Trade and Industry (KATI) issued a grave warning on Thursday regarding a potential economic crisis, following significant increases in petrol and electricity prices. The association’s president, Johar Qandhari, strongly opposed the government’s recent decisions to raise these essential costs, emphasizing their detrimental effects on the industrial sector.
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Pakistan Stock Market Achieves New Milestone at 81,840 Points
Karachi, July 18, 2024 – The Pakistan stock market reached a new milestone on Thursday, achieving a record high of 81,840 points. This marks a historic moment for the Pakistan Stock Exchange (PSX), surpassing the previous record of 81,156 points set earlier this week.
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Pakistan’s Bank Borrowing Peaks at Rs 8.56 Trillion in FY24
Karachi, July 17, 2024 – Pakistan’s bank borrowing surged to an unprecedented Rs 8.56 trillion in the fiscal year 2023-24, marking a 130 percent increase over the previous fiscal year, according to official data.
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Economic Risks Loom Large for Pakistan, Fitch Warns
Islamabad, July 17, 2024 – Fitch Ratings has raised alarm over the fragile economic state of Pakistan, citing significant risks stemming from both internal and external factors.
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Finance Act 2024: New FED Rates on Foreign Air Travel
Karachi, July 17, 2024 – The Federal Board of Revenue (FBR) has announced new Federal Excise Duty (FED) rates for international air travel, as amended through the Finance Act 2024. The revised rates have been in effect since July 1, 2024.
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FBR Issues Tax Rates for Business Individuals and AOPs
Karachi, July 17, 2024 – The Federal Board of Revenue (FBR) has announced the new tax rates for business individuals and Association of Persons (AOPs) as per the amendments made through the Finance Act, 2024. These updated rates are effective from July 1, 2024, and are applicable for the tax year 2025.
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