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Petroleum prices likely to be kept steady


March 14, 2024

ISLAMABAD: The petroleum prices are estimated to generally remain stable for the next fortnight starting March 16, informed sources said. They said the premium on petrol import had increased to $12.15 per barrel from $10.45 in February but exchange rate and international product prices remained range bound. The premium on the import of high-speed diesel (HSD) has remained unchanged at …

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Mobile banking transactions surpass Rs11tr in October-December


March 14, 2024

KARACHI: The central bank has revealed a significant upswing in digital banking transactions during the second quarter (October-December) of the ongoing fiscal year, with the number of mobile app-based transactions surging 29 per cent to 280 million and internet banking transactions rising 15pc to 57m compared to the previous quarter. The value of mobile banking transactions during the three months …

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Costly energy deepens consumers’ economic pain


March 14, 2024

KARACHI: The cost of living has gone up significantly amid surging utility bills and transportation expenses as consumers witnessed a mixed trend in prices of food items over the last Ramazan. As per data from the Sensitive Price Index (SPI), the average national price of a 20kg flour bag currently stands at Rs2,500-2,960 as compared to Rs1,295-3,000 prevailing on 1st …

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Aurangzeb emphasises digitalisation of tax system


March 14, 2024

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday stressed the urgent need for digitalisation of the Federal Board of Revenue (FBR) to enhance transparency and efficiency in tax collection. During an introductory meeting with tax officials at the FBR headquarters, the minister deliberated on a range of proposals, a key one being the inclusion of retailers’ and wholesalers’ incomes in the …

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Shares at PSX reverse losses, up more than 1,000 points on hopes of rate cut


March 14, 2024

After two consecutive sessions of selling pressure, some positivity returned to the Pakistan Stock Exchange (PSX) on Thursday after it gained more than 1,000 points in intraday trade. The KSE-100 index gained by 1,015.82 points, or 1.59 per cent, to close at 65,064.26 from the previous close of 64,048.44. Yousuf M. Farooq, director of research at Chase Securities, attributed the …

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Pakistan eyes ‘larger, longer’ bailout package


March 13, 2024

ISLAMABAD: The government declared its intention on Tuesday to negotiate a “longer and larger” ec­o­­nomic bailout package with the International Mo­n­­e­tary Fund (IMF), targeting to sustain the nasc­ent macroeconomic stability. In his first formal media interaction after having a series of briefings, including on external account needs and fiscal situation, Finance Minister Auran­gzeb Khan, a professional banker, also hinted at …

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Call for deepening trade ties with US


March 13, 2024

WASHINGTON: In a pivotal testimony before the US International Trade Commission (ITC), Ambassador Masood Khan highlighted the vitality of Pakistan’s apparel sector and called for enhanced trade relations with the United States. The US remained Pakistan’s largest goods export market in 2022 at $6 billion, a 13.5 per cent increase from the previous year. One of Pakistan’s largest trading partners, …

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Market divided over possibility of rate cut on 18th


March 13, 2024

KRARCHI: The Ramazan-driven price spiral could take up the food basket inflation to its peak in March which may not allow the State Bank of Pakistan (SBP) to take any significant cut in the interest rate, said market sources. The induction of Finance Minister Muhammad Aurang­zeb, who was the CEO of Habib Bank Ltd and a regular participant in policy …

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PM Shehbaz seeks detailed roadmap to boost IT exports


March 13, 2024

ISLAMABAD: Appreciating the increase in the export volume of Information Technology (IT) services to more than $3 billion, Prime Minister Shehbaz Sharif on Tuesday sought a comprehensive roadmap to further boost IT exports. He issued these instructions while chairing a meeting to review the performance of the IT and telecom sectors. Meanwhile, newly appointed federal cabinet member, Shaza Fatima Khawaja, was given …

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Video of half-printed currency notes triggers outrage on social media


March 13, 2024

KARACHI: A video purportedly made by a bank staffer showing incomplete half-printed banknotes sparked concerns among social media users and the people, prompting the State Bank of Pakistan to announce an investigation on Tuesday. The video surfaced on social media depicts a man calling himself the manager of the Model Colony branch of the National Bank of Pakistan (NBP). He can be …

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