Category: National

  • GIZ Pakistan organizes certificate award ceremony

    GIZ Pakistan organizes certificate award ceremony

    LAHORE: Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) Pakistan has organized certificate award and showcasing programme achievements ceremony under clean power purchasing development project.

    A certificate award ceremony for Master Trainers in Entrepreneurial Skills trained at the Professional Development Center of National University of Science & Technology (NUST) Islamabad under the Clean Power Purchasing Development project. The project is being implemented by Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) as part of the DeveloPPP.de Programme of German Federal Ministry for Economic Cooperation & Development (BMZ).

    Chief Operating Officer TEVTA Punjab, Zaheer Abbas was the chief guest at the occasion who distributed the certificates to the master trainers along with Ms. Iris Cordelia Rotzoll, Head of Programme TVET Sector Support Programme GIZ, Muhammad Ishaq Bhatti, Chairperson Solar Quality Foundation (SQF), Faisal Mahmood, Regional Coordinator (Punjab) and DV Clean Power Purchasing Development Project, and Haseeb Saadat CEO Allied Solar Private Limited & local partner of Power One for One Germany.  Other senior officials and heads of institutes from Punjab TEVTA were also present at the occasion.

    The DV Clean Power Purchasing Development Project, Faisal Mahmood presented the programme achievements over the last three years. The project has trained 37 Master Trainers on technical skills related to design, installation, O&M of solar PV plants, 30 Assessors in CBT&A to support implementation of National Vocational Qualification in Solar PV, and 40 TVET Professionals from TEVTA Punjab and PVTC on Entrepreneurial Skills to promote entrepreneurship in the Solar PV sector. A 10-kW grid-connected pilot solar PV plant was installed with the support of project partner Power One for One at TEVTA Government Technical Training Institute, Gulberg Lahore for education purpose.

    Addressing to the participants, the Head of TVET Sector Support Programme GIZ, Ms. Iris Cordelia Rotzoll, stated that all these efforts not only lead to a new beginning and small steps toward sustainable energy generation and management, but also open avenues to promote the trend of green skills in Pakistan. The master trainers, trainers and assessors trained in Solar PV technology will create a pathway for internal and external buy-in among more and more TVET trainers and managers.

    Speaking at the ceremony Zaheer Abbas appreciated the role of German cooperation for promotion of clean energy in Pakistan through DeveloPPP Programme. He highlighted the fact that promotion of green skills is inevitable to fight the global climate change and save the environment while also conserving the natural resources. He expressed his resolve that master trainers trained under the project will be utilized to support implementation of solar PV training courses in Punjab and increase the quality & access to trained human resource for solar companies.

  • OTP requirement abolished for USC purchases

    OTP requirement abolished for USC purchases

    ISLAMABAD: The government has abolished the requirement of One-Time Password (OTP) for purchases from Utility Stores Corporate (USC) at subsidized rates.

    Keeping in view the plight of the public, Prime Minister Shehbaz Sharif has abolished the One Time Password System used for purchases at utility stores, according to a statement issued on Sunday.

    READ MORE: ECC approves Ramzan relief package worth Rs8.28 bn

    Original ID cards will now have to be displayed at the counter for purchasing subsidized items at utility stores.

    The photocopy requirement has also been removed and declared to receive a confirmation SMS to the customer’s registered mobile number after purchase.

    READ MORE: USC, NBP complete integration for Ehsaas Rashan

    The Utility Stores Corporation is pursuing a strategy of transparent transfer of federal government subsidies to the real beneficiaries.

    Under the federal government subsidy, sugar is available at 70 rupees per kg, ghee at 300 rupees per kg and a 10 kg bag of flour at 400 rupees at all utility stores across the country.

    READ MORE: USC automation to ease provision of targeted subsidy

    Rice and pulses are also being subsidized.

    In addition, more than 1,500 standard items are available at a much lower price than the general market.

    READ MORE: USC to announce special discount package for Ramazan

  • Leadership’s role crucial for Pakistan’s progress: Arif Alvi

    Leadership’s role crucial for Pakistan’s progress: Arif Alvi

    ISLAMABAD: The role of leadership is very crucial in challenging times; it is about understanding issues and being persistent in the pursuit of solutions. If the leadership is clear-headed, it can lead the nation on the path to progress.

    Dr. Arif Alvi, President of the Islamic Republic of Pakistan said in an exclusive interview with Muhammad Azfar Ahsan, CEO and Founder CORPORATE PAKISTAN GROUP and Nutshell Group.

    The President said that stability in the economy does not happen overnight; it needs sustainable efforts for an elected government based on competent people with the right skill set to address issues of public interest. In Pakistan, unfortunately, public representatives become part of the assemblies on the basis of relationships in different communities.

    Dr. Alvi said that the Charter of Economy seems a very promising idea for the stability of the economy, but it is challenging in a country where different political parties have starkly different political ideologies; however, the best course of action for economic progress is a democratic setup which is empowered through votes.

    Pakistan has fared far better than world economies during the last few years, particularly during the COVID-19 pandemic, the President said. He hoped that Pakistan will soon get out of the ongoing crisis, which has a lot to do with global inflationary trends as well as domestic uncertainties.

    “I am optimistic that the situation will get better in Pakistan, which was first the victim of a long wave of terrorism that kept the foreign investors at bay. By the grace of God, we fought well against terrorists and prevailed. Then the COVID-19 pandemic came, and Pakistan fought that battle well too,” the President further said.

    He emphasized that the adoption of knowledge and technology in the system is needed to bring change in our society, and this can be pursued better by the private sector than government institutions, but the policies should be consistent, and their implementation should be speedy.

    Dr. Alvi said that he is a firm believer that the focus of Parliament and leadership should be on access to education for the masses. “There is a huge gap in education in Pakistan; it is going to be the single biggest issue in the next ten years. Uneducated people should receive suitable skills, and those with a mediocre educational background should be equipped with a better skill set,” he added.

    The President praised the overseas Pakistanis for their unwavering support and valuable contribution to the economy, urging them to provide intellectual support for the empowerment of the Pakistani people, mainly through education.

    The overseas Pakistani diaspora comprises workers, largely in the Middle Eastern countries, but a significant section, of up to 10%, is well settled in different countries; they can play a significant role for the development of Pakistan, the President said. “I requested them to adopt health and education institutions in Pakistan as the world needs human intellect. For instance, in cyber defense and cyber protection, the world needs 80 million professionals. I told them that every professional they train in this field will get work. There are so many other fields that need human resources,” he added.

    Speaking about the geopolitical situation, Dr. Alvi opined that Pakistan should follow a smart approach which must be independent, while avoiding a definite tilt towards a specific bloc. To withstand pressures from different sides, he said that the economy needs to stand on its own feet. Plus, we must prefer sovereignty (khuddari) for the nation.

    To a question about the growing polarization in Pakistani society and what should his role be as the head of the state, Dr. Alvi replied that he may not be able to convince the most polarized people to change their views, but he can unite the less polarized people around national causes.

    “In COVID times, I did my best to keep Ulemas on board, and it worked very well. What we decided with the religious fraternity in Pakistan, the Muslim world followed the same later, e.g. keeping the mosques open for prayer during the pandemic,” Dr. Arif Alvi said.

    He mentioned that the Presidency played a role in raising its voice on the issue of women’s right to inheritance. It also provided significant support to the PM Digital Skills Program, in which 24 million people participated, and a significant number out of them is making good money to support their families.

    Regarding the future of Pakistan, Dr. Alvi said that the country is destined for development and prosperity due to its remarkable potential, but its institutions should be strengthened on a sustainable basis. A knowledge-based Pakistan needs less brick-and-mortar investment and more intellectual investment, he said.

    The nation should elect a good leadership, and it is then up to the leadership to establish institutions and rid Pakistan of people with the vested interests, he concluded.

  • Social media erases line of truth, lies: Khurram Dastagir

    Social media erases line of truth, lies: Khurram Dastagir

    KARACHI: Social media has erased the line between truth and lies, and this is in my view is extreme reporting.

    “Where facts, reality are manufactured but only if you have sufficient manpower and resource, you can alter reality,” said Federal Minister of Power Khurram Dastagir Khan at the keynote address on the second day of the two-day conference on ‘Extreme Reporting: Conflict and Peace in the Digital Age’ held at the Centre of Excellence in Journalism at the Institute of Business Administration (CEJ-IBA) on Sunday.

    “Extreme reporting is an endeavor that requires bravery and strength and courage. If you look at Pakistan’s history there have been courageous men and women who have tried to express the truth and they have suffered for it. For example, Journalists have been shot in broad daylight, kidnapped and what not.

    “But the media has failed to save the public from lies. It has put us in a difficult position. It might be an exaggeration to say so but this erasure of the line between truth and lies is endangering democracy worldwide. But in this country, where democracy is a one leaf plant, is crushed every so often. The media’s challenges are immense – almost the same as those as elected representatives because there are certain truths that cannot be said in this country and that is a fact. Just look at Balochistan…why are we not allowed to talk about its truth,” he added. 

    The federal minister touched upon the civil military relationship and how it impacts the economy, the 2018 elections, ownership of media outlets, evolving technology and what is the truth. He also recited a couplet by Allama Iqbal.

    Peace Award

    As the conference concluded, the CEJ-IBA recognized and awarded journalists with the Peace Journalism awards which were a part of the Peace Journalism Program held by the CEJ in collaboration with US Consulate Karachi.

    Mehreen Burney from Lok Sujag, PTV World reporter Tayyaba Nisar Khan, freelance journalist Afifa Nasarullah (Best Multimedia Story), Lok Sujag’s Kaleemullah received awards for their outstanding stories.

    Reporter Faiza Gillani received the Best Acknowledgement Award and Swat’s Asmat Ali Akhun of Daily Jehan got the Special Mention Award.

    Speaking at the award ceremony, US Consul General Mark Stroh said: “It has been a really fascinating couple of days. The US is supporting this Centre and training because we are committed to supporting journalists in Pakistan. We are proud to support this training programs at the CEJ-IBA. A strong professional press is important – especially in conflict – and it is through such trainings and conferences where journalists can play their role in shaping the discourse.”

    The day ended with dinner and a musical performance by The Sketches.

    The second day of the conference kicked off with a session on reporting from a conflict zone. The session was moderated by seasoned journalist Aamer Ahmed Khan. The panel included CNN’s Sophia Saifi, journalist and editor Raza Hamdani, WIONews bureau chief Anas Malick, TNN’s Khalida NAz and BBC’s Sahar Baloch.

    The panel discussed at length the dangers of reporting from a conflict zone and shared their personal experiences. They talked about the importance of safety trainings and mental health check ins.

    ‘Woman have to think about additional safety measures when reporting in conflict zones’, said Ms Saifi.

    “You are never prepared enough to be in a conflict zone, regardless of how well you know the region or how much you’ve studied or learnt over the years,” said Mr Malick.

    BBC Urdu correspondent Sahar Baloch agreed with Mr Malick and said that anything can happen in the field.

    Talking about the pressure from the desk while reporting in a conflict zone, Ms Baloch said that there is a style guide but “we are still told what to say. There is a lot of pressure. In print, it is easier as you can write it but on TV or on camera it is different. It sets a tone for your entire coverage. Also look at social media which does set another narrative. Each and every situation, however, is different,” she added.

    The second session of the day, ‘Beyond Conflict?’ was moderated by media personality and lawyer Ayesha Tammy Haq. She was joined on stage by journalist and researcher Iftikhar Firdous, author and communication specialist Shahzad Sharjeel, journalist and writer Umber Khairi and journalist Zia Ur Rehman on the panel.

    The panel discussed reporting in a post conflict world and the need for media houses to invest in their reporters.

    Talking about how the panel and participants were born in times of conflict and are products of conflict, Ms Khairi said that conflict is everywhere, the entire country is in conflict. “Yesterday at a session, we saw two politicians who had so much conflict in their tones and what they were talking about. I think it is important that when you look at conflict, you need to have some form of a reconciliation process as well.

    For journalist Zia Ur Rehman, he only remembers conflict. “I was born in Karachi, my entire upbringing – school and university, everything was and still is in conflict. I don’t think conflict has ended, I think it has transformed and has a new face,” he said.

    “If you look at Karachi, the conflict might look like its gone away but it has just been pushed into the background. The political, ethnic and sectarian conflict still exists but is not mainstream right now. We haven’t tried to understand or investigate why,” he added.

    The last session of the day was ‘Is The Future Now?’ which was moderated by Dawn.com’s editor and chief digital strategist, Jahanzaib Haque. He was joined on stage by policy analyst and editor of The Friday Times and Naya Daur Raza Rumi, Balochistan Voices’ Adnan Amir, TV producer and co-founder of The Current Mehmal Sarfaraz and the founder of The Centrum Media, Talha Ahad.

    “Digital media is not the future, it is the present. Legacy media is out. In less than a decade or so you will see less public trust in legacy media and their business sense as well. On the other hand, social media has its own issues and digital has its own issues,” said Rumi.

    For journalist and researcher Adnan Amir, when he started his career in journalism in Quetta, there was no space for him to contribute and mainstream media was not interested in covering Balochistan much.

    “So me and a few other journalists got together and started our own platform ‘Balochistan Voices’ to get the news out. It is in English so our news would be accessible to a wider audience. We focus on different stories. For example, we did a data journalism piece on highway deaths in Balochistan and found out that more people die on the highway than terrorism,” he said.

    This conference is a part of the Peace Journalism program, held by the CEJ in collaboration with US Consulate Karachi, that began in May 2021 and will conclude this month. The program included online workshops on peace and conflict reporting, mobile journalism, data journalism, social media & photojournalism. The program also offered a mentorship with senior journalists.

    Around 63 journalists from all over Pakistan were trained as a part of this program. The program was divided into trainings and mentorships. The theoretical, technical and optional trainings were conducted by journalists, editorial consultants, documentary filmmakers, editors and photojournalists including: Beena Sarwar, VOA Bureau Chief for Afghanistan & Pakistan Ayesha Tanzeem, Shahzad Sharjeel, Hina Ali and Independent Urdu’s Social Media Editor Saqib Tanveer, Shahzeb Ahmed Hashim, Director of the Pakistan Initiative at the Atlantic Council’s South Asia Center Uzair Younus, VICE World News South Asia Editor Sahar Habib Ghazi, Founder and CEO of The Centrum Media (TCM) Talha Ahad, US-based photojournalist Sally Ryan, and Khaula Jamil. 

    The participants of this program were mentored by senior journalists Shahzad Sharjeel, Lok Sujag’s Badar Alam, Beena Sarwar and Ayesha Tanzeem. Under the guidance of these mentors, the participants worked on their stories which were published on different media outlets and platforms.

    The published stories were then judged by a panel of judges, Umber Khairi, Former Producer BBC, Zeeshan Haider, Editor BBC Urdu and Raza Hamdani, Former Consultant Editor, The Independent.

  • SBP seeks Supreme Court guidance on Riba case judgement

    SBP seeks Supreme Court guidance on Riba case judgement

    KARACHI: The State Bank of Pakistan (SBP) on Saturday said it had approached Shariat Appelate Bench of the Supreme Court for guidance on decision of Federal Shariat Court in Riba case.

    In a statement the central bank said the SBP welcomes the Federal Shariat Court’s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision. 

    READ MORE: IPS demands implementation of court judgment on Riba

    As the prime custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan, SBP is deeply committed to ensuring compliance with the injunctions of Islam, in particular those pertaining to riba, while protecting the stability and security of the financial sector of the country that functions as part of the global financial system. 

    In this context, SBP has always remained at the forefront in promoting Islamic banking in the country. SBP is among the few regulators across the globe where comprehensive legal, regulatory and Shariah Governance frameworks have been successfully developed and implemented. 

    READ MORE: Court judgment: Riba is Haram in any form

    Currently, 22 Islamic Banking Institutions (5 full- fledged Islamic banks and 17 conventional banks having standalone Islamic banking branches) with a branch network of 3,983 branches along with 1,418 Islamic banking windows (Islamic banking counters at conventional branches) are operational across the country. The industry now accounts for 19.4 percent of the country’s overall banking system in terms of assets while in terms of deposits the share is 20 percent (as of March 31, 2022).

    READ MORE: FSC reserves judgment in Riba free banking case

    In addition, SBP has also been taking measures to bring the legal and regulatory infrastructure in compliance with Shariah principles.

    After detailed review of the judgment and based upon the advice of our Chief Legal Adviser and external counsel, we have sought guidance from the honorable Shariat Appelate Bench of the Supreme Court in terms of its implementation and practicalities involved. 

  • Pakistan’s salaried class unhappy over new tax changes

    Pakistan’s salaried class unhappy over new tax changes

    ISLAMABAD: The salaried class in Pakistan is in shock over the recent changes announced by the government and revert its decision to exempt income of salaried persons up to Rs1.2 million.

    The government on June 10, 2022 presented the federal budget 2022/2023 announced major tax relief for salaried class by enhancing threshold from Rs600,000 to Rs1.2 million. Besides, the government also proposed to reduce the number of income slabs.

    Through the Finance Bill, 2022 the government on June 10, 2022 proposed the following rates of tax on salary income:

    READ MORE: Pakistan reduces salary tax slabs to 7 in budget 2022/23

    Salary income slabs and tax rates proposed through Finance Bill, 2022:

    S#Taxable IncomeRate of Tax
    (1)(2)(3)
    1.Where taxable income does not exceed Rs. 600,0000
    2.Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000Rs. 100
    3.Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,0007% of the amount exceeding Rs. 1,200,000
    4.Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000Rs. 84,000 + 12.5% of the amount exceeding Rs. 2,400,000
    5.Where taxable income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000Rs. 234,000 + 17.5% of the amount exceeding Rs. 3,600,000
    6.Where taxable income exceeds Rs. 6,000,000 but does not exceed Rs. 12,000,000Rs. 654,000 + 22.5% of the amount exceeding Rs. 6,000,000
    7.Where taxable income exceeds Rs. 12,000,000Rs. 2,004,000 + 32.5% of the amount exceeding Rs. 12,000,000.”

    However, the government has taken a big U-turn and now proposed amendment to the Finance Bill, 2022 and decided to withdraw the exempt income threshold.

    As per sources the government has proposed revision in salary tax rates for tax year 2023 effective from July 01, 2022. The following is the proposed rates for next tax year:

    READ MORE: Massive cut in subsidies to curtail current expenditures

    01. Where taxable income tax does not exceed Rs600,000: the tax rate should be zero.

    02. Where taxable income exceeds Rs600,000 but does not exceed Rs1,200,000: the tax rate should be 2.5 per cent of the amount exceeding Rs1,200,000.

    03. Where taxable income exceed Rs1,200,000 but does not exceed Rs2,400,000: the tax rate should be Rs15,000 + 12.5 per cent of the amount exceeding Rs1,200,000.

    04. Where taxable income exceeds Rs2,400,000 but does not exceed Rs3,600,000: The tax rate should be Rs165,000 + 20% of the amount exceeding Rs2,400,000.

    05. Where taxable income exceeds Rs3,600,000 but does not exceed Rs6,000,000: the tax rate should be Rs405,000 + 25 per cent of the amount exceeding Rs3,600,000.

    06. Where taxable income exceeds Rs6,000,000 but does not exceed Rs12,000,000: the tax rate should be Rs1,005,000 + 32.5 per cent of the amount exceeding Rs6,000,000.

    07. Where taxable income exceeds Rs12,000,000: the tax rate should eb Rs2,955,000 + 35 per cent of the amount exceeding Rs12,000,000.

    READ MORE: Petroleum levy to generate Rs750 billion

    The existing rate of income tax on the salary persons for tax year 2022  (July 01, 2021 – June 30, 2022) is as follow:

    (2) Where the income of an individual chargeable under the head “salary” exceeds seventy-five per cent of his taxable income, the rates of tax to be applied shall be as set out in the following table, namely:—

    1. Where taxable income does not exceed Rs. 600,000: 0%

    2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000: 5% of the amount exceeding Rs. 600,000

    3. Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 1,800,000: Rs. 30,000 plus 10% of the amount exceeding Rs. 1,200,000

    4. Where taxable income exceeds Rs. 1,800,000 but does not exceed Rs. 2,500,000: Rs. 90,000 plus 15% of the amount exceeding Rs. 1,800,000

    5. Where taxable income exceeds Rs.2,500,000 but does not exceed Rs. 3,500,000: Rs. 195,000 plus 17.5% of the amount exceeding Rs. 2,500,000

    6. Where taxable income exceeds Rs. 3,500,000 but does not exceed Rs. 5,000,000: Rs. 370,000 plus 20% of the amount exceeding Rs. 3,500,000

    7. Where taxable income exceeds Rs. 5,000,000 but does not exceeds Rs. 8,000,000: Rs. 670,000 plus 22.5% of the amount exceeding Rs. 5,000,000

    8. Where taxable income exceeds Rs. 8,000,000 but does not exceeds Rs. 12,000,000: Rs. 1,345,000 plus 25% of the amount exceeding Rs. 8,000,000

    9. Where taxable income exceeds Rs. 12,000,000 but does not exceeds Rs. 30,000,000: Rs. 2,345,000 plus 27.5% of the amount exceeding Rs. 12,000,000

    10. Where taxable income exceeds Rs. 30,000,000 but does not exceeds Rs. 50,000,000: Rs. 7,295,000 plus 30% of the amount exceeding Rs. 30,000,000

    11. Where taxable income exceeds Rs. 50,000,000 but does not exceeds Rs. 75,000,000: Rs. 13,295,000 plus 32.5% of the amount exceeding Rs. 50,000,000

    12. Where taxable income exceeds Rs. 75,000,000 Rs. 21,420,000 plus 35% of the amount exceeding Rs. 75,000,000.

    READ MORE: Budget 2022/2023: Salient features of customs duty act

  • HBL ordered to compensate bank fraud victim

    HBL ordered to compensate bank fraud victim

    ISLAMABAD: President of Pakistan, Dr. Arif Ali Alvi, on Wednesday ordered Habib Bank Limited (HBL) to immediate compensate a victim of bank fraud.

    President Dr Arif Alvi reprimanded HBL for unnecessarily dragging the matter of reimbursement of a trivial amount of Rs. 39,000 to the victim of bank fraud.

    READ MORE: SBP takes measures for prevention of digital bank fraud

    He directed the bank to reimburse the defrauded amount, along with the payment of transportation charges, within fifteen days to the victim and termed the action of the HBL an act of malpractice and maladministration.

    The President reprimanded the HBL for preferring representation before the President against the order passed by the Banking Ombudsman in favor of the victim of the bank fraud involving a meager amount.

    READ MORE: SBP directs banks to report digital fraud cases

    The President observed that the transfer of money from one account to another through cheating was a common incident of fraudulent activity but despite the knowledge of the account where the money landed and was then withdrawn no action was taken against the beneficiary of the transaction.

    The President emphasized that the bank was liable to make good the loss of their customers and advised the bank management to look into the issue and take remedial measures to safeguard the interest of its customers, especially the small depositors and account holders.

    READ MORE: Habib Bank, Meezan Bank directed to pay fraud victims

    The President directed the State Bank of Pakistan, being a regulatory body, to take earnest action against both the Banks and bank branches by adopting regulatory and punitive action to redress the fraudulent activities which result from noncompliance with Rules and Regulations issued by the State Bank of Pakistan.

    According to the details, an unknown person tricked Nazeer Ahmad Bhutta to provide the last digits of his ATM card and later deprived him of his deposit.

    READ MORE: President Alvi rejects MCB Bank’s appeal in fraud case

    The victim preferred an appeal before the Banking Ombudsman who decided the case in favour of the victim. However, HBL, instead of implementing the decision, preferred representation to the President.

    The President upheld the decision of the Banking Ombudsman and directed the Bank to reimburse the defrauded money to the complainant.

  • Total bank accounts in Pakistan grow to 66.13 million

    Total bank accounts in Pakistan grow to 66.13 million

    KARACHI: The number of bank accounts in Pakistan increased to 66.13 million by end of March 2022, showing a jump of 6.66 per cent when compared with 62 million bank accounts by end of same month last year, according to data released by the State Bank of Pakistan (SBP).

    It is interesting to note that the statistics showed the population grew much faster than increase in bank accounts. The SBP showed estimated population of the country at 227 million by end of March 2022 as compared with 212 million in the same period of the last year, showing a growth of 7.07 per cent.

    READ MORE: Internet banking posts 20% growth in 3Q: State Bank

    During past one year the number of total banks in the country is same at 44. However, the number of bank branches grew to 16,788 by end of March 2022 as compared with 16,223 by end of same month last year.

    The SBP presented following key highlights of Payment System Review for quarter ended March 30, 2022.

    One EMI, M/s China Mobile Pakistan Electronic Commerce Company (CMPECC), was granted commercial license in Q3-FY22.

    Number of POS machines reached to 96,975 while the number of payment cards declined slightly to 47.2 million from 48.7 million from the last quarter.

    READ MORE: SBP renews status of credit rating agencies

    E-banking volume and value grew by 2.6 per cent and 6.5 per cent respectively on Quarter-on-Quarter (QoQ) basis.

    The number of internet banking users reached 7.6 million recording QoQ growth of 10.6 per cent. These users conducted 38.3 million transactions amounting to PKR 2,906.9 billion amounting to a quarterly growth of 13.5 per cent by volume and 19.9 per cent by value.

    During the same quarter, 38.3 million POS transactions amounting to PKR 189.7 billion were conducted showing quarterly growth of 21.9 per cent by volume and 6.5 per cent by value.

    A total of 9.1 million e-commerce transactions amounting to PKR 27.0 billion were conducted digitally showing quarterly growth in value by 1.3 per cent though volume decline by -32.7 per cent.

    READ MORE: High tax may erode banks’ earnings up to 20%

    Number of ATMs increased by 1.1 per cent as compared to previous quarter. Value of ATM transactions amounted to PKR 2,437.0 billion of which 90.5 per cent transactions were related to cash withdrawals and 5.1 per cent related to Inter Bank Funds Transfer (IBFT).

    The number of mobile banking users declined by -1.0 per cent reaching to 12.0 million. Over 101.5 million transactions valuing around PKR 3,085.8 billion were conducted via mobile banking channels during the quarter, showing a growth of 8.1 per cent by volume and 5.4 per cent by value.

    Branch network of Banks and MFBs has reached to 16,788 branches, which includes 16,643 Real-Time Online Branches (RTOB), 48 manual branches and 97 overseas branches.

    Value of total RTGS (PRISM) transactions during the quarter amounted PKR 155.7 trillion of which PKR 106.2 trillion were related to Government Securities.

    READ MORE: Pakistan slaps 45% corporate tax on banks

  • Prices of essential items surge by 28% in Pakistan

    Prices of essential items surge by 28% in Pakistan

    ISLAMABAD: The prices of essential items have recorded 28 per cent increase Year on Year (YoY) by week ended June 16, 2022, Pakistan Bureau of Statistics (PBS) said on Friday.

    The surge in prices have been seen following the massive increase in prices of petroleum products by the government during last three rounds: first on May 27, 2022; second on June 02, 2022; and the last one on June 15, 2022.

    READ MORE: Prices of essential items rise by 20% on first POL rate jump

    However, the cumulative effect of inflation is expected to be seen in coming weeks.

    The latest Sensitive Price Indicator (SPI) based inflation for the week ended June 16, 2022 has shown massive increase in prices of essential items over the same week last year.

    Following are the rates that have witnessed increase during last one year:

    READ MORE: Pakistan’s headline inflation up by 13.8% in May 2022

    Onions (135.31 per cent), Diesel (132.61 per cent), Tomatoes (117.27 per cent), Petrol (110.16 per cent), Vegetable Ghee 1 Kg (81.76 per cent), Mustard Oil (80.88 per cent), Pulse Masoor (74.77 per cent), Cooking Oil 5 litre (71.52 per cent), Vegetable Ghee 2.5 Kg (68.47 per cent), LPG (60.97 per cent), Garlic (57.72 per cent), Washing Soap (52.73 per cent), Gents Sponge Chappal (52.21 per cent) and Chicken (51.11 per cent).

    There are some other essential items that have witnessed decline in prices on YoY basis:

    Chillies Powdered (43.42 per cent), Pulse Moong (18.06 per cent), Sugar (10.79 per cent), Electricity charges for Q1 (5.85 per cent) and Gur (3.35 per cent).

    READ MORE: Pakistan’s inflation sharply up by 13.4% in April 2022

    The comparison of prices of essential items on week on week basis, showed 3.38 per cent.

    Increase observed in the prices of food items Chicken (12.10 per cent ), Potatoes (6.89 per cent), Cooked Daal (5.90 per cent), Pulse Gram (5.29 per cent) and Cooked Beef (5.19 per cent),non-food items Diesel (28.91 per cent), Gents Sponge Chappal (26.76 per cent), Gents Sandal (15.40 per cent), Petrol (11.43 per cent), Electricity Charges for Q1 (6.63 per cent) and Cigarettes (6.27 per cent), with joint impact of (2.53 per cent) into the overall SPI for combined group of (3.38 per cent).

    On the other hand, decrease observed in the prices of Onions (5.20 per cent), Wheat Flour (2.19 per cent), LPG (1.32 per cent), Bananas (0.83 per cent), Gur (0.45 per cent) and Sugar (0.02 per cent).

    READ MORE: Pakistan’s headline inflation increases by 12.7% in March

  • New petroleum prices in Pakistan from June 16, 2022

    New petroleum prices in Pakistan from June 16, 2022

    ISLAMABAD: Pakistan on Wednesday announced yet another hike in petroleum prices effective from June 16, 2022.

    Finance Minister Miftah Ismail at a press conference announced the increase in prices of petroleum products.

    It is third consecutive increase in petroleum products. The government massively increased the prices of petroleum products.

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    The finance minister announced an increase of Rs24 per liter in price of petrol.

    The price of petrol increased by Rs84 to Rs233.89 from Rs149.89 as of May 26, 2022.

    Similarly, the government announced to increase the price of diesel to Rs263.31 per liter effective from June 16, 2022. The rate of high speed diesel has been increased by Rs59 per liter. The rate of this product was Rs144.16 as of May 26, 2022. A cumulative increase of Rs119 during past 20 days.

    New prices of petroleum products with effect from June 16, 2022 will be as follows;

    i. MS ( Petrol) Rs. 233.89/Liter

    ii. High Speed Diesel(HSD) Rs. 263.31/Liter

    iii. Kerosene (SKO) Rs. 211.43/Liter

    iv. Light Diesel Oil (LDO) Rs. 207.47/Liter.

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    Previously, the petrol prices have been increased up to Rs60 per liter during May 27 to June 02.

    The Finance Minister Miftah Ismail announced the increase in prices of petroleum products twice to persuade the International Monetary Fund (IMF) to release the next tranche of around $1 billion.

    The PTI government during its tenure maintained the petrol prices by granting huge subsidized rates to facilitate the citizens. As though the new government still kept the same subsidy on petrol till May 26, 2021.

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    However, on account of pressure by IMF and the high price of oil in the international market has left no option for the government to minimize the prices.

    According to the sources, the government may further increase the petroleum prices tonight to meet the IMF demand.

    It may be mention here that the government has very few choices in not revising the prices of petroleum products because of high international oil prices and sharp decline in rupee value.

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