Business

KARACHI: The rupee is poised to break another psychological barrier of Rs280 as its bullish spell against the US dollar entered the 22nd session in a row in both interbank and open markets on Friday. The State Bank of Pak­istan (SBP) reported that the dollar lost another 93 paise to settle at Rs282.69. Currency dealers are keenly watching the developments …

LONDON: The finances of nations such as Pakistan and Egypt will be under scrutiny when policy makers and asset managers gather for the World Bank and International Monetary Fund’s (IMF) annual meetings in Marrakech next week. The meetings will also see finance ministers and central bankers from 190 countries gather in Morocco for a week of meetings about the risks …

ISLAMABAD: The European Parliament on Thursday unani­mously voted to extend the current generalised system of preferences (GSP) for another four years until 2027 for developing countries, including Pak­istan, to enjoy duty-free or minimum duty on exports to the European market. The parliament voted with 561 in favour, five against and two in abstention to extend the current rules on the …

KARACHI: The central government’s debt, both within the country and to foreign entities, surged by nearly a third in the 12 months through August, reaching close to Rs64 trillion, State Bank of Pakistan data showed on Thursday. The 29 per cent increase in debt amounted to Rs14.4tr, as the figure stood at Rs49.57tr by the end of August 2022. Of …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday notified an additional fuel cost adjustment (FCA) of Rs1.71 per unit for consumers of ex-Wapda distribution companies (Discos) with a net financial impact of Rs26.5 billion for electricity consumed in August. The “adjustment of Rs1.7141/kWh shall apply to all the consumer categories except Electric Vehicle Charging Stations (EVCS) and lifeline …

KARACHI: With citizens already braving high food prices, massive power bills, and expensive fuel, a World Bank concern that the income tax exemption threshold for salaried individuals is “suboptimally high” has rubbed salt into many already festering wounds. In Pakistan, salaried people earning Rs50,000 or below per month are currently exempt from any tax. So, if the government goes on to follow the World Bank’s …

Multinational corporations operating in Pakistan have found it difficult to repatriate their profits because of a shortage of dollars, Bloomberg reported on Thursday. It noted that firms including Nestlé, Unilever and Philip Morris had around one to two billion dollars’ worth of profits stuck in Pakistan due to an acute dollar shortage which had started earlier this year. “Between $1 billion and $2 …

ISLAMABAD: After a gap of almost one year, Pakistan on Wednesday received three bids for two additional liquefied natural gas (LNG) cargoes needed for the peak winter demand at a significantly higher premium over the prevailing spot market. Petroleum Minister Muhammad Ali later announced in the evening that the government had accepted two lowest evaluated bids to minimise winter gas …

The State Bank of Pakistan (SBP) on Thursday stated that bank deposits in the country were “perfectly safe owing to a sound banking system in Pakistan under a robust regulatory and supervisory framework”. A press release issued by the central bank said that certain sections of the media had implied as if “bank deposits above Rs500,000 in the banking system in …

LONDON: Oil prices settled down more than $5 on Wednesday as fuel demand destruction and a bleaker macroeconomic picture took centre stage in the day’s trade. Brent crude oil futures settled down 5.11, or 5.6 per cent, to $85.81 a barrel while US West Texas Intermediate crude (WTI) fell $5.01, or 5.6pc, to $84.22. At their session lows, both benchmarks …