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Tax rates on mobile phone, internet users during 2022-2023

KARACHI: The Federal Board of Revenue (FBR) has issued amended income tax law to notify the tax rates on users of mobile phones and internet during 2022-2023.

FBR issued Income Tax Ordinance, 2001 updated up to June 30, 2022 incorporating changes made through the Finance Act, 2022.

READ MORE: FBR launches campaign to ensure return filing by due date

The revenue body collects these taxes under Section 236 of the Income Tax Ordinance, 2001.

Under this section, in the case of telephone subscriber (other than mobile phone subscriber) where the amount of monthly bill exceeds Rs1,000, then the tax rate shall be 10 per cent of the exceeding amount of bill.

Similarly, in the case of subscriber of internet, mobile telephone and pre-paid internet or telephone card, the tax rate shall be 15 per cent of the amount of bill or sales price of internet pre-paid card or pre-paid telephone card or sale of units through any electronic medium or whatever form.

READ MORE: FBR promotes 56 Inland Revenue Officers to BS-17

According to the Section 236: Telephone and internet users.- (1) Advance tax at the rates specified in Division V Part IV of the First Schedule shall be collected on the amount of –

(a) telephone bill of a subscriber;

(b) prepaid cards for telephones;

(c) sale of units through any electronic medium or whatever form; and

(d) internet bill of a subscriber; and

(e) prepaid cards for internet.

(2) The person preparing the telephone or internet bill shall charge advance tax under sub-section (1) in the manner telephone or internet charges are charged.

READ MORE: FBR transfers six IRS officers of BS-19-20

(3) The person issuing or selling prepaid cards for telephones or internet shall collect advance tax under sub-section (1) from the purchasers at the time of issuance or sale of cards.

(3A) The person issuing or selling units through any electronic medium or whatever form shall collect advance tax under sub-section (1) from the purchaser at the time of issuance of sale of units.

(4) Advance tax under this section shall not be collected from Government, a foreign diplomat, a diplomatic mission in Pakistan, or a person who produces a certificate from the Commissioner that his income during the tax year is exempt from tax.

READ MORE: FBR issues paper return form for tax year 2022

August 29, 2022
Pakistan may face food security due to flash floods

ISLAMABAD: The flash floods in Pakistan may create a situation of food security in coming days as rice, banana, onion and other agriculture produces have been badly affected.

Minister for Planning, Development, and Special Initiatives Ahsan Iqbal Monday said that the recent floods and torrential rains have also damaged 40-50 percent cotton crop across the country.

He said Pakistan is witnessing more devastation than that caused by the flood in 2010.

READ MORE: SBP issues IBAN list for donations to PM flood relief fund

The minister informed that 0.9 million livestock and one million houses have been washed away in the recent floods while over 1000 people lost their lives.

The Minister made these remarks while speaking at the event titled, “an overview and findings of the Rural Poor Stimulus Facility (RPSF) – Waseel-e-Khurak, pilot project” that was organized by the Scaling Up Nutrition (SUN) in collaboration with Ministry of Planning Development & Special Initiatives.

In 2013, he said when the PML-N government took the charge, the country had already faced devastated floods in 2010 and it launched the fourth phase of Pakistan flood protection programme to minimize the impacts of such floods.

“In May 2017, we got approved the Programme from Council of Common Interest duly signed by all the provinces and it was agreed that new infrastructure would be built under the programme”, he added.

He said it was also agreed that Rs 177 billion would be spent under the Programme and the provinces would contribute half of the amount.

READ MORE: Flash floods affect internet services in Pakistan

However, he said despite completing the final roadmap to spend Rs 177 billion under the programme, the next PTI government dumped this programme in the cold storage and not a single rupee was spent on this programme.

Had we spent Rs 177 billion under the programme, the loss would be far less than what we are facing now, he added.
Ahsan Iqbal said a big challenge is ahead as the 30 million people have been affected and the government have to help them standing on their feet.

He expressed his resolve that under the leadership of Prime Minister Shehbaz Sharif, the government would complete the rehabilitation process of the flood hit areas.

August 29, 2022
Dollar strengthens to PKR 221.92 amid political uncertainty

KARACHI: The US dollar strengthened against Pakistan Rupee (PKR) to Rs221.92 on Monday as political uncertainty mounted ahead of IMF board approval.

The exchange recorded a decline of Rs1.26 to end at Rs221.92 to the dollar from last Friday’s closing of Rs220.60 in the interbank foreign exchange market.

READ MORE: Dollar surges to PKR 220.66 ahead IMF board meeting

The IMF board meeting is scheduled today August 29, 2022 which will discuss and likely to approve tranche for Pakistan under Extended Fund Facility (EFF).

The currency market witnessed uncertainty after alleged audio tape was leaked. The audio tape recorded discussions of former finance minister Shaukat Tarin and present finance ministers of Khyber Pakhtunkhwa and Punjab.

The rupee recorded an all-time low against dollar at Rs239.94 on July 28, 2022.

The currency market witnessed a non-stop depreciation in rupee value since the government lifted the ban on import of luxury and non-essential items. Besides, the prices of international oil are also seeing a rising trend.

READ MORE: Pakistani Rupee falls for 4th day; dollar climbs up to Rs219.14

The government on August 20, 2022 withdrew the ban on import of luxury and non-essential items. The government on May 19, 2022 imposed this ban in the wake of massive depreciation in rupee value and significant depletion of foreign exchange reserves.

The rupee witnessed a continuous decline against the dollar since the government lifted the ban. The local currency depreciated continuously during the week (August 22 – August 26) and fell Rs6.01 or 2.8 per cent during the period.

The currency experts said that the vertical decline in foreign exchange reserves also put pressure on rupee value.

Pakistan’s foreign exchange reserves fell by $91 million to $13.522 billion by the week ended August 19, 2022. The foreign exchange reserves of the country were at $13.613 billion a week ago i.e. August 12, 2022.

READ MORE: Dollar gains for third day, ends at PKR 218.38

The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.703 billion.

The official foreign exchange reserves of the State Bank witnessed a decline of $87 million to $7.81 billion by the week ended August 19, 2022 as against $7.897 billion a week ago.

The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by the week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.336 billion.

READ MORE: Dollar climbs up to PKR 217.66 at interbank closing

August 29, 2022
FBR launches campaign to ensure return filing by due date

KARACHI: The Federal Board of Revenue (FBR) has launched a campaign to ensure the taxpayers file their annual return of income for tax year 2022 by due date.

The FBR sent emails to registered taxpayers to comply with the mandatory requirement under Income Tax Ordinance, 2001.

“As a responsible citizen, you need to make sure that you file your Income Tax Return every year. This is a moral duty of every Pakistani, FBR prompts you to file your Income Tax Return for Tax Year 2022 today,” according to an email sent to a taxpayer.

READ MORE: FBR promotes 56 Inland Revenue Officers to BS-17

“Filing one’s Income Tax Return is mandatory legal obligation that we must endeavor in order to serve our country better. Let’s join hands for a prosperous and self-reliant Pakistan,” the FBR added.

The FBR reminded the taxpayer that the last date for filing Income Tax Returns for Tax Year 2022 is September 30, 2022.

According to the Income Tax Ordinance, 2001, the taxpayers included salaried persons, business individuals, association of persons (AOPs) and companies other than having account year July to June are required to file the return of income.

READ MORE: FBR transfers six IRS officers of BS-19-20

The corporate entities having financial year July 01 to June 30 are required to file their income tax returns by December 31 every year.

The FBR through SRO 978(I)/2022 dated June 30, 2022 issued income tax return form for tax year 2022 giving statutory time to taxpayers for making compliance in filing of return.

Section 14 of Income Tax Ordinance, 2001, highlighted the categories of taxpayers, who are required to file their annual return of income and wealth statement.

According to Income Tax Ordinance, 2001, class of taxpayers are required to file return of income: — every company;— every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year; — any non-profit organization as defined in clause (36) of section 2; — every person whose income for the year is subject to final taxation under any provision of this Ordinance; -Any person not covered by above clauses are also required to file return of income who,—

READ MORE: FBR issues paper return form for tax year 2022

(i) has been charged to tax in respect of any of the two preceding tax years;

(ii) claims a loss carried forward under this Ordinance for a tax year;

(iii) owns immovable property with a land area of five hundred square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory;

(iv) owns immoveable property with a land area of five hundred square yards or more located in a rating area;

(v) owns a flat having covered area of two thousand square feet or more located in a rating area;

(vi) owns a motor vehicle having engine capacity above 1000 CC;

(vii) has obtained National Tax Number; or

(viii) is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds rupees five hundred thousand;

READ MORE: FBR sets up new section for dealing disciplinary cases

(ix) is a resident person registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan; or

(x) is a resident person being an individual required to file foreign income and assets statement under section 116A.

August 28, 2022
PM Shehbaz announces Rs10 bn grant for Balochistan victims

JAFFARABAD: The Prime Minister of Pakistan, Muhammad Shehbaz Sharif, Sunday announced a grant of Rs10 billion for the people of Balochistan province to cope with the situation and assist the flood victims.

During his visit to flood affected areas including Haji Allah Dino village, the prime minister said that he had never witnessed in his lifetime such massive destruction wrecked by unprecedented floods and rainfalls across the country.

READ MORE: Pakistan fixes amount of diyat for 2022/2023

He said the impacts of natural calamities could not be overcome with mere raising of slogans, making of statements and hurling of allegations.

The prime minister stressed that they would have to work hard, and shed sweat and blood to overcome the flood situation in the country, adding that different countries had devised technical mechanisms by making investments to overcome the natural catastrophes.

Shehbaz regretted that false statements by certain political figures could not mislead the nation. “I will speak the truth. For the last 73 years, Pakistan could not stand on its feet,” he regretted.

The prime minister also expressed gratitude to the Presidents of the United Arab Emirates and Turkey for expressing their grief over loss of lives in Pakistan and their concerns over the distressed Pakistanis who were facing ordeals due to floods.

READ MORE: Cellular mobile operators provide free calls in Pakistan

He said that they were thankful to the friendly countries who were extending flood relief and assistance to the flood victims, adding two planeloads of relief assistance from Turkey would land in Karachi while another from the UAE would arrive Islamabad.

“We are grateful to the friendly countries for their support and solidarity. The UK government and other countries have announced their support in this hour of distress for which we express our thankfulness,” he added.

The prime minister also appealed to the wealthy people of the country to support the millions affected people with their generous donations who had been in dire need of immediate relief and assistance.

He said in the past, the people had supported the calamity hit populace, adding that they were receiving donations in the PM Relief Fund, and cited a donation of worth Rs45 million by a group while another significant contribution by an individual.

Acting Governor Balochistan Mir Jan Muhammad Jamali, Chief Minister Abdul Quddus Bizenjo and Chief Secretary Abdul Aziz Aqeeli, NDMA and PDMA authorities were also accompanied the prime minister.

The prime minister said during his aerial view, he had witnessed huge chunks of land inundated by the flood water including Kachi, and Sobatpur, and likened the situation to an overflowing ocean. Flood water had submerged Rajanpur, Rahimyar Khan and Ghotki areas.

READ MORE: SBP issues IBAN list for donations to PM flood relief fund

He said during 2010, Pakistan faced a huge deluge, but it was restricted to Sindh river, but the recent devastation had been widespread, Sindh and Balochistan provinces were badly battered.

In Khyber Pakhtunkhwa, the heavy downpours had led to swollen rivers and water channels in Swat and Kalam, sweeping away hotels and homes within the winks of eyes, he said, adding hundreds of people lost their lives, crops were damaged while the stagnant water would create problems.

“In my political and personal life, I had never witnessed such widespread destruction caused by floods, as scores of villages were effaced, hundreds of lives were lost and millions of homes swept away,” he expressed his grief.

The prime minister said the federal government was providing Rs25,000 to each flood affected family out of allocated grant of Rs38 billion through the National Disaster Management Authority (NDMA) and the Benazir Income Support Programme (BISP), so that the deserving were not deprived of the assistance package.

In Sindh, he said, he had already announced a grant of Rs15 billion. The provincial chief ministers and their teams in assistance with the relevant departments had been making untiring efforts day and night, the prime minister said.

The prime minister also appreciated Balochistan chief minister and his team for the rescue and relief activities as the camps for the affectees were set up and their needs had been catered to.

READ MORE: SBP issues IBAN list for donations to PM flood relief fund

He stressed upon making of safe drinking water arrangements and informed that he had already directed the federal minister of energy to supervise restoration of suspended power supply in the affected areas.

The prime minister said about 50,000 stranded people, trapped in floods, had been rescued through the assistance provided by the Pakistan army and Navy helicopters.

He further informed that on Monday, they would be holding a meeting in Islamabad to review the situation and take further decisions.

Earlier, the prime minister was given a detailed briefing by Balochistan chief secretary who apprised that 20 districts in the provinces were badly affected including Killa Saifullah and Killa Abdullah and about 1.3 million population braced the wort situation.

He said a total of 65,000 houses were completed destroyed whereas Quetta-Sukkkur road link had been cut off due to collapse of bridges. A total of 25 small dams in the province were breached and 78 others had developed cracks.

A total of 450 solar tube wells were damaged while millions of acres of agriculture land had been affected. Cash assistance through BISP was generated besides, arrangements were made to provide food stuff to more than 1 million people, it was added.

The prime minister also met and interacted with the flood victims.

August 28, 2022
Pakistan fixes amount of diyat for 2022/2023

Pakistan has fixed the amount of diyat (compensation) at Rs4.32 million for the fiscal year 2022/2023 to be the value of thirty thousand six hundred and thirty (30,630) grams of silver.

The finance ministry issued a circular to declare the amount of diyat on August 26, 2022.

Diyat is the financial compensation paid to the victim or heirs of a victim. The compensation may be paid in the cases of murder, bodily harm or property damage.

READ MORE: Cellular mobile operators provide free calls in Pakistan

Pakistan Penal Code has defined “diyat” as the compensation specified in Section 323 payable to the heirs of the victim.

Section 323 of the Pakistan Penal Code notified the value of diyat as:

(1) The Court shall, subject to the Injunctions of Islam as laid down in the Holy Qur’an and Sunnah and keeping in view the financial position of the convict and the heirs of the victim, fix the value of diyat which shall not be less than the value of thirty thousand six hundred and thirty grams of silver.

(2) For the purpose of sub-section (1), the Federal Government shall, by notification in the official Gazette, declare the value of Silver, on the first day of July each year or on such date as it may deem fit, which shall be the value payable during a financial year.

Diyat is one of the modes of punishment under Section 53 of the Pakistan Penal Code.

READ MORE: SBP issues IBAN list for donations to PM flood relief fund

Section 53: The punishments to which offenders are liable under the provisions of this Code are:

Firstly, Qisas;

Secondly, Diyat;

Thirdly, Arsh;

Fourthly, Daman;

Fifthly, Ta’zir;

Sixthly, Death;

Seventhly, Imprisonment for life;

Eighthly, Imprisonment which is of two descriptions, namely:–

(i) Rigorous, i.e., with hard labour;

(ii) Simple;

Ninthly, Forfeiture of property;

Tenthly, Fine

Under Pakistan Penal Code where qisas is not enforceable then the offender is liable to pay diyat.

READ MORE: SBP issues IBAN list for donations to PM flood relief fund

Section 308. Punishment in qatl-i-amd not liable to qisas, etc.:

(1) Where an offender guilty of qatl-i-amd is not liable to qisas under Section 306 or the gisas is not enforceable under clause (c) of Section 307, he shall be liable to diyat:

Provided that, where the offender is minor or insane, diyat shall be payable either from his property or, by such person as may be determined by the Court:

Provided further that where at the time of committing qatl-i-amd the offender being a minor, had attained sufficient maturity of being insane, had a lucid interval, so as to be able to realize the consequences of his act, he may also be punished with imprisonment of either description for a term which may extend to twenty-five years as ta’zir.

READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

Provided further that, where the qisas is not enforceable under clause (c) of Section 307, the offender shall be liable to diyat only if there is any wali other than offender and if there is no wali other than the offender, he shall be punished with imprisonment of either description for a term which may extend to twenty-five years as ta’zir.

(2) Notwithstanding anything contained in sub-section (i), the Court, having regard to the facts and circumstances of the case in addition to the punishment of diyat, may punish the offender with imprisonment of either description for a term which may extend to twenty-five years, as ta’zir.

August 28, 2022
Pakistan’s sensitive price inflation surges by 45%

ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has surged by around 45 per cent by the week ended August 25, 2022, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

The PBS said that prices of essential items have recorded an increase of 44.58 per cent year on year for the week ended August 25, 2022.

The essential items which recorded increase in prices during the period are included: Tomatoes (178.10 per cent), Onions (155.14 per cent), Diesel (108.77 per cent), Petrol (94.53 per cent), Pulse Masoor (90.74 per cent), Cooking Oil 5 litre (70.61 per cent), Mustard Oil (67.58 per cent), Vegetable Ghee 2.5 Kg (64.71 per cent), Vegetable Ghee 1 Kg (63.93 per cent), Washing Soap (63.27 per cent), Electricity for Q1 (63.03 per cent), Chicken (55.76 per cent) and Pulse Gram (55.07 per cent), while a decrease observed in the prices of Chilies Powder (43.42 per cent), Sugar (16.90 per cent) and Gur (1.21 per cent).

READ MORE: Pakistan’s headline inflation may up 24% in July 2022

The PBS said that the SPI for the current week ended on August 25, 2022 recorded an increase of 1.83 per cent.

Increase is observed in the prices of food items, Tomatoes (43.09 per cent), Onions (41.13 per cent), Potatoes (6.32 per cent), Eggs (3.43 per cent), Garlic (2.23 per cent), Powdered Milk (1.53 per cent) and Pulse Mash (1.12 per cent), non-food items, Cigarettes (2.26 per cent) and LPG (1.95 per cent).

On the other hand, a decrease observed in the prices of Pulse Masoor (1.18 per cent), Vegetable Ghee 1Kg (1.00 per cent), Vegetable Ghee 2.5Kg (0.82 per cent), Bananas (0.61 per cent), Cooking Oil 5 litre (0.51 per cent), Sugar (0.28 per cent) and Mustard Oil (0.07 per cent).

READ MORE: Pakistan inflation crosses 33% on high petroleum prices

During the week, out of 51 items, prices of 23 (45.10 per cent) items increased, 07 (13.72 per cent) items decreased and 21 (41.18 per cent) items remained stable.

The bureau computes the SPI on a weekly basis to assess the price movements of essential commodities at a shorter interval of time so as to review the price situation in the country. SPI comprises 51 essential items collected from 50 markets in 17 cities of the country.

READ MORE: Petroleum prices in Pakistan push inflation 13-year high

August 26, 2022
Dollar surges to PKR 220.66 ahead IMF board meeting

KARACHI: The US dollar surged against Pakistani Rupee (PKR) to Rs220.66 on Friday ahead of the executive board meeting of the International Monetary Fund (IMF).
(more…)

August 26, 2022
Pakistan to increase petroleum prices from September 01, 2022

ISLAMABAD: Pakistan is likely to increase prices of petroleum products from September 01, 2022 due to expected imposition of sales tax and petroleum levy.

Besides, international oil prices are also seeing upward movement, sources said on Friday.

The federal government will announce the revised prices of petroleum products on August 31, 2022 for next fortnight effective from September 01, 2022.

Previously, the federal government on August 15, 2022 and revised upward the rate of petrol effective from August 16, 2022.

READ MORE: New petroleum prices in Pakistan from August 16, 2022

According to the sources the government had kept the sales tax rate at zero per cent on petroleum products. The prevailing normal sales tax rate is 17 per cent. If the government implements the normal sales tax rate then the prices of petroleum products will witness massive rise.

The finance division issued following new prices effective from August 16, 2022:

The price of petrol was increased by Rs6.72 per liter to Rs233.91 from Rs227.19.

The rate of high speed diesel (HSD) was nominally reduced by 51 paisas to Rs244.44 from Rs244.95.

The price of kerosene oil decreased by Rs1.67 to Rs199.40 from Rs201.07.

The rate of light diesel oil (LDO) was nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.

A press release issued by the finance division stated that in the wake of fluctuations in petroleum prices in the international market and exchange rate variation, the government had decided to revise the existing prices of petroleum products to pass on the impact to the consumers.

READ MORE: New petroleum prices in Pakistan from August 1, 2022

It is important to note that the government revised the prices in the wake of falling international oil prices and massive recovery in rupee value.

The sources said that the government is striving to get loans under the Extended Fund Facility (EFF) from the International Monetary Fund (IMF). Almost all the conditions have been met and the government is hoping the executive board of the IMF would release an amount of $1.17 billion through an approval at a meeting scheduled for August 29, 2022.

The sources said that the government would impose sales tax on petroleum products in order to fulfill requirements under the IMF program.

Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.

READ MORE: New petroleum prices in Pakistan from July 15, 2022

The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.

The benchmark Brent crude is about $100 dollars. Brent crude futures were at $97.40 per barrel in New York trade on August 10, 2022.

The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.

Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15 to July 31. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.

READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

August 26, 2022
Pakistan’s forex reserves fall to $13.52 billion

KARACHI: Pakistan’s foreign exchange reserves fell by $91 million to $13.522 billion by week ended August 19, 2022, State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves of the country were at $13.613 billion a week ago i.e. August 12, 2022.

READ MORE: Pakistan’s forex reserves increase by $52 million

The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.703 billion.

The official foreign exchange reserves of the State Bank witnessed a decline of $87 million to $7.81 billion by week ended August 19, 2022 as against $7.897 billion a week ago.

READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 billion

The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.336 billion.

The country is hoping to receive a $1.17 billion tranche under Extended Fund Facility (EFF) from the International Monetary Fund (IMF). This will help Pakistan to boost its foreign exchange reserves.

READ MORE: Pakistan’s foreign reserves dip to $14.21 billion

A meeting of IMF executive board is scheduled on August 29, 2022 to approve the tranche for the country.

The foreign exchange reserves held by commercial banks also slipped by $4 million to $5.712 billion by week ended August 19, 2022 when compared with $5.716 billion a week ago.

READ MORE: Pakistan forex reserves deplete to $14.42 billion

August 25, 2022