Islamabad, July 12, 2023 – Pakistan is gearing up to announce the petroleum prices for the second half of July 2023, as the country faces the challenges of surging international oil prices and stringent conditions under the International Monetary Fund (IMF) loan program.
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Top stories featuring the most important and trending news updates from politics, business, world affairs, and breaking events across various sectors.
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PM Sharif Expresses Gratitude to Saudi Arabia for $2 Billion Deposit
Islamabad, July 12, 2023 – In a significant development for Pakistan’s economy, Prime Minister Shehbaz Sharif expressed his heartfelt thanks to Saudi Arabia for depositing a substantial amount of $2 billion with the State Bank of Pakistan (SBP).
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Pakistan Reports 55% Slump in Annual Car Sales
Karachi, July 11, 2023 – Pakistan has reported a slump of 55 percent in sales of locally assembled cars during fiscal year 2022-23.
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Gold Drops Massively by Rs4,500 in Anticipation of More PKR Gains
Karachi, July 11, 2023 – Gold prices in Pakistan dropped massively by Rs4,500 per tola on Tuesday in anticipation of further appreciation in value of Pakistani Rupee (PKR).
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FBR Grants Anti-Smuggling Powers to Law Enforcement Agencies
Islamabad, July 11, 2023 – In a significant move, the Federal Board of Revenue (FBR) has delegated the authority to conduct anti-smuggling operations to various law enforcement agencies (LEAs) in Pakistan.
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Pakistani Rupee Makes Recovery Against US Dollar, Ends at PKR 278.57
Karachi, July 11, 2023 – The Pakistani Rupee (PKR) demonstrated a remarkable recovery against the US dollar on Tuesday, closing at PKR 278.57 in the interbank foreign exchange market. This positive trend reflects a gain of PKR 1.23 in the rupee’s value compared to the previous day’s closing rate of PKR 279.80.
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FBR Officials Given Deadline for Furnishing Asset Declaration
The Federal Board of Revenue (FBR) has set a deadline of July 15, 2023, for all officers of the Inland Revenue Services (IRS) and Pakistan Customs Services (PCS) to submit their Declaration of Assets and Liabilities for the fiscal year ending on June 30, 2023.
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Fitch Upgrades Pakistan’s Rating on Enhanced Liquidity and Funding Conditions
Pakistan’s Foreign-Currency Issuer Default Rating (IDR) has been upgraded by Fitch Ratings from ‘CCC-‘ to ‘CCC,’ signaling improved external liquidity and funding conditions, according to a statement issued Monday.
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Remittances Plunge by Approximately 14% in 2022-23, Reveals State Bank of Pakistan
Karachi, July 10, 2023 – Workers’ remittances flowing into Pakistan have experienced a significant decline of around 14%, amounting to $24.02 billion in the fiscal year 2022-23, according to official data released by the State Bank of Pakistan (SBP) on Monday.
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Pakistani Rupee Sharply Decreases Against US Dollar
Karachi, July 10, 2023 – The Pakistani rupee (PKR) on Monday recorded a sharp decrease against the US dollar, ending at PKR 278.80 to the dollar. This was a decrease of PKR 1.9 from the previous day’s closing rate of PKR 277.90.
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