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  • Mobile phones import down by 22.15 percent on mandatory registration

    Mobile phones import down by 22.15 percent on mandatory registration

    KARACHI: The import of mobile phones has declined by 22.15 percent in February 2019 following imposition of mandatory registration with regulatory authority, said Pakistan Bureau of Statistics (PBS) on Saturday.

    The import of cellular phones reduced to $54.32 million in February 2019 when compared with $69.78 million in the same month of the last year.

    It is pertinent to mention here that cell phone registered with Pakistan Telecommunication Authority (PTA) will be activated in the country.

    This mandatory requirement has stopped influx of all unregistered phones into the country and resulted in saving precious foreign exchange.

    The overall imports of cell phones during July – February 2018/2019 also showing decline of 9.11 percent to $478.13 million as compared with $526.03 million in the corresponding period of the last fiscal year.

    Industry experts said that the rupee depreciation had discouraged the imports.

    They also said that in the latest mini-budget the measures taken by the government would further discourage import of luxury cell phones.

    The government revised upward the regime of duty and taxes for import of mobile phones into the country.

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  • Foreign investment declines by 72.5 pc during July – February

    Foreign investment declines by 72.5 pc during July – February

    The inflows of total foreign investment into Pakistan have witnessed a steep decline, plummeting by 72.5 percent to $1.21 billion during the first eight months of the current fiscal year (July – February), compared to $4.42 billion in the corresponding period of the previous fiscal year, according to data released by the State Bank of Pakistan (SBP) on Friday.

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  • Foreign exchange reserves flat at $14.966 billion

    Foreign exchange reserves flat at $14.966 billion

    KARACHI: The foreign exchange reserves were flat at $14.966 billion by week ended March 08, 2019, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country increased by $10 million to $14.965 billion as compared with $14.956 billion a week ago.

    The reserves held by SBP also increased by $6 million to $8.122 billion by week under review from $8.116 billion a week ago.

    The reserves held by commercial banks posted $4 million increase to $6.843 billion from previous week’s level of $6.839 billion.

    Pakistan’s foreign exchange reserves increase by $140 million to $14.956 billion

  • ECC approves Rs2 billion for Ramazan Relief Package

    ECC approves Rs2 billion for Ramazan Relief Package

    ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) convened on Tuesday under the chairmanship of Finance Minister Asad Umar and approved a comprehensive Ramazan Relief Package worth Rs2 billion.

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  • Trade deficit narrows by 11 percent in eight months

    Trade deficit narrows by 11 percent in eight months

    ISLAMABAD: The trade deficit has narrowed by 11 percent during first eight months of current fiscal year owing decline in import bill, Pakistan Bureau of Statistics (PBS) said on Tuesday.

    The trade deficit shrank to $21.52 billion during July – February 2018/2019 as compared with the deficit of $24.19 billion in the corresponding period of the last fiscal year.

    The import bill of the country was declined by 6.13 percent to $36.63 billion during first eight months of current fiscal year as compared with $39.03 billion in the same period of the last fiscal year.

    However, exports posted growth of 2 percent to $15.11 billion during the period under review as compared with $14.83 billion in the corresponding period of the last fiscal year.

    Experts said that the import bill of the country declined owing to several restrictions imposed by the government including condition of advance payment and regulatory duty on luxury and non-essential items.

    On the other side exports failed to reflect the incentives granted to manufacturing and export sector by the government.

    The trade deficit reduced sharply in February 2019 to $2.29 billion from the deficit of $2.86 billion in February 2018, showing decline of 20.12 percent.

    In the same period imports fell by 12.26 percent to $4.18 billion as compared with $4.76 billion in February 2018.

    The export growth was flat during the month to $1.88 billion as compared with $1.89 billion.


    Related Stories: Pakistan’s import bill declines by 19.14pc in January

  • Remittances surge by 12pc to $14.35 billion in eight months

    Remittances surge by 12pc to $14.35 billion in eight months

    KARACHI: The inflows of home remittances surged by 12 percent to $14.35 billion during first eight months (July – February) of current fiscal year, State Bank of Pakistan (SBP) said on Monday.

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  • Pakistan emerges as ideal marked for investment

    Pakistan emerges as ideal marked for investment

    ISLAMABAD: Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile, Industries & Production on Sunday said that Pakistan has become a sought after destination for investment due to Government of Pakistan’s recently carved out investor friendly policies.

    He was addressing at Pakistan – Qatar Trade and Investment Conference that was held in Qatar on March 10, 2019.

    He also elaborated these policies of the government and lucrative incentives being provided to the foreign investors.

    Highlighting the recent economic stability and progressive on-going economic activities in the wake of CPEC; he stated: “Pakistan has emerged as an ideal market for investment.”

    Furthermore, he was of the view that improved security situation has also motivated foreign investors for their safe investments in Pakistan.

    He stated that trade volume between Pakistan and Qatar can be enhanced through increased business engagements.

    He encouraged Qatari investors to invest in Pakistan mainly in the areas related with real estate, hospitality, petro-chemical, food & agriculture etc.

    Qatari Minister of Commerce and Industry Ali Bin Ahmed Al-Kuwari welcomed Pakistani delegates and told that there were approximately 1450 companies mutually owned by businessmen from both sides.

    He further added that Qatari side is ready to invest in Pakistan and is open to provide a platform to the Pakistani investors to use their market for business both inside and outside Qatar.

    He expressed his desire to further the relationship of both sides in trade and investment through regular business exchanges, trade expose and official engagements.

    Haroon Sharif, Chairman, Board of Investment made a brief presentation highlighting the potential areas of investment in Pakistan.

    He reiterated Prime Minister Imran Khan’s statement that it is the best time for investment in Pakistan and the opportunity shall not be missed.

    Yousef Al-Jaidah, Chief Executive Officer of Qatar Financial Center shed light on the new emerging belt initiative which includes countries like Turkey, Kuwait, Iraq, Qatar, Oman, Malaysia and Pakistan.

    He stated that this initiative will further enhance the trade and investment ties amongst these countries.

    Pakistan Ambassador to the State of Qatar Syed Ahsan Raza Shah was also present on the occasion.

    The conference was followed by business to business (B to B) meetings of the businessmen participating from both sides.

  • SBP signs $2bn deposit pact with ADFD

    SBP signs $2bn deposit pact with ADFD

    KARACHI: State Bank of Pakistan (SBP) has signed $2 billion deposit agreement with Abu Dhabi Fund for Development, a statement said on Saturday.

    The agreement for the placement of the second tranche of US$ 2.0 billion by Abu Dhabi Fund for Development (ADFD) with the State Bank of Pakistan (SBP) has been signed between the SBP and the ADFD. These funds are expected to be received shortly by SBP.

    It may be recalled that the first tranche of US$ 1.0 billion has already been received by SBP in January 2019.

  • Prices of essential items increase by 11.72 percent: PBS

    Prices of essential items increase by 11.72 percent: PBS

    KARACHI: The prices of essential items increased by 11.72 percent by week ended March 07, 2019 when compared with the same week last year, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    According to Sensitive Price Indicator (SPI) all the income groups had witnessed inflation for the period.

    The PBS computes the weekly SPI with base 2007-2008=100 covering 17 urban centers and 53 essential items for all income groups / quintiles and combined.

    The statistics have shown that price of tomatoes posted 308 percent growth to Rs128.42 per kilogram for the week under review as compared with Rs31.42/kg in the corresponding week of the last year.

    The price of LPG cylinder grew by 19 percent for the period. While prices of High Speed Diesel, Petrol and Kerosene Oil witnessed increase in their prices by 13.13 percent, 5.57 percent and 6.8 percent, respectively.