Karachi, November 4, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed dismay at the State Bank of Pakistan’s (SBP) recent decision to reduce the policy rate by only 2.5%, calling it insufficient for the economic needs of the country. Businesses had hoped for a more substantial cut, at least 500 basis points, given the sharp decline in inflation.
(more…)Category: Trade & Industry
This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.
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FPCCI Proposes Essential Amendments to Petroleum Act 1934
Karachi, November 4, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed essential amendments to the Petroleum Act of 1934, emphasizing the need for modernization to address the evolving demands of the petrochemical industry.
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KCCI Criticizes SBP’s 2.5% Policy Rate Cut as Inadequate
Karachi, November 4, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) expressed strong dissatisfaction on Monday with the State Bank of Pakistan’s (SBP) decision to reduce the benchmark policy rate by 2.5%, deeming the measure insufficient to address the needs of Pakistan’s business community.
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FPCCI Calls for Aggressive Rate Cut in Upcoming Monetary Policy
Karachi, November 1, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the State Bank of Pakistan (SBP) to implement a substantial interest rate cut in the upcoming Monetary Policy Statement (MPS) scheduled for November 4, 2024.
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KCCI Urges SBP for Bold 500bps Rate Cut to Stimulate Economy
Karachi, November 1, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has called on the State Bank of Pakistan (SBP) to implement a substantial interest rate cut of 500 basis points, citing a marked decline in inflation and urging economic revival measures.
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FCCI Applauds FBR’s Exemption from Biometric Verification
Faisalabad, October 30, 2024 – The Faisalabad Chamber of Commerce & Industry (FCCI) welcomed the Federal Board of Revenue’s (FBR) recent decision to exempt old-age citizens and certain sales taxpayers from the requirement of biometric verification. This policy shift addresses long-standing concerns raised by the FCCI regarding the challenges some taxpayers face with biometric technology.
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Engro Corporation Reports 48% Drop in 9MCY24 Profit
Engro Corporation Limited (ENGRO) announced a significant decline in its financial performance for the nine months ending September 2024 (9MCY24), reporting a consolidated profit after tax of PKR 11,983 million, or PKR 22.33 per share. This reflects a steep 48% drop year-on-year, as challenging market dynamics, higher costs, and reduced demand affected its key business sectors.
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Traders Present Proposals to Overcome Pak-Afghan Trade Hurdles
In a bid to ease longstanding challenges in Pak-Afghan bilateral and transit trade, a delegation of traders, led by Fazal Moqeem Khan, President of the Sarhad Chamber of Commerce and Industry (SCCI), met with Chief Collector Customs, Khyber Pakhtunkhwa, Jamil Nasir, at the Model Customs House in Peshawar.
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APTMA Demands Significant Interest Rate Cut of at Least 4%
Islamabad, October 25, 2024 – The All Pakistan Textile Mills Association (APTMA) has made a strong appeal for a substantial reduction in interest rates, calling for a 4% cut to help stimulate economic recovery, create fiscal space for public expenditures, and support the survival of key industries.
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KCCI Appeals Govt to Notify Six-Day Workweek to Boost Economy
Karachi, October 24, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has urged the federal government to reintroduce a six-day working week for both federal and provincial government institutions to bolster the economy and facilitate the business sector.
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