Business

ISLAMABAD: The government on Tuesday announced a three-phased increase in uniform base power tariff, starting with Rs3.50 per unit with effect from July 26 to generate funds to the tune of at least Rs900 billion during the current fiscal year and secure a bailout from the International Monetary Fund (IMF). Speaking at a news conference with Minister of State for …

KARACHI: Finance Minister Miftah Ismail said on Tuesday the pressure on the rupee will “vanish” in a couple of weeks. In a one-on-one conversation with Mosharraf Zaidi, CEO of advisory services firm Tabadlab, Mr Ismail said the inflows of dollars into Pakistan will soon be higher than the outflow, resulting in a stable exchange rate. “Nobody is happy with surgery, …

The rupee continued to slide against the dollar on Wednesday, hitting another low of Rs237 in the interbank market. According to the Forex Association of Pakistan (FAP), the local currency fell Rs4.07 to Rs237 from yesterday’s close of Rs232.93 at 11:50am. The rupee closed at 236.02, having depreciated 1.31 per cent, according to the State Bank of Pakistan (SBP). FAP …

KARACHI: Restrictions on the opening of letters of credit for parts import amid exchange rate volatility have caused unrest in the auto sector and one assembler has hinted at a production shutdown besides refunding bookings to the customers perturbed over late delivery issues. While some assemblers have also opted for non-production days (NPDs) this month and in August because of …

KARACHI: The dollar has come under renewed pressure amid higher demand from importers. The dollar rate appreciated Rs1.51 to Rs229.88 on Monday in interbank trading while the open market rate increased Rs2.50 to Rs231.50. Bankers said the “import mafia” has practically drowned the national economy and is still insisting that more imports be allowed while the country is already on …

KARACHI: Prices of 10-gram and one-tola gold reached an all-time high of Rs127,143 and Rs148,300 in the local market on Monday, showing a jump of Rs1,714 and Rs2,000 respectively. Rates issued by the All Sindh Saraf Jewellers Association (ASSJA) mentioned a rise of only $2 per ounce to $1,730. But the domestic rates have been adjusted upwards owing to a …

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday increased for the export industry the price of imported and domestic gas by over 38 per cent and 82pc, respectively, and protected power rates at 9 cents per unit for 11 months effective Aug 1. The meeting of the ECC presided over by Finance Minister Miftah Ismail was attended …

The rupee continued to lose its value on Tuesday, closing near an all-time low of 233 against the dollar in the interbank market. The local currency, which had closed at Rs229.88 yesterday, fell Rs3.05 to close at Rs232.93 today, according to the State Bank of Pakistan (SBP). This amounts to a depreciation of 1.31 per cent. Mettis Global Director Saad …

The rupee continued to lose ground against the dollar on Monday, hitting a new low of Rs229.88 in the interbank market. According to the Forex Association of Pakistan (FAP), the rupee lost Rs3.63 against Friday’s close of Rs228.37 to reach Rs232 around 1:30pm. The dollar eventually closed at Rs229.99, with the local currency depreciating 0.66pc, according to data shared by …

The fourth wave of the global Findex survey was released last week by the World Bank to much anticipation and suspense. Unlike previous rounds which were released every third year, this fourth dataset has been unveiled after a gap of four years; an unusual delay caused by the onset of the global pandemic in 2020. For those who may not …