Business

ISLAMABAD: Insisting that the rupee was currently undervalued, the State Bank of Pakistan (SBP) on Tuesday hinted at taking additional measures to curb demand in the market and inflation. Testifying before the National Assembly’s Standing Committee on Finance and Revenue, SBP’s Deputy Governor Dr Inayat Hussain said the rupee exchange rate had depreciated by 10.3 per cent between July 1 …

KARACHI: Share prices of the independent power producers (IPPs) soared on Tuesday after the government approved the disbursement of Rs135 billion as part of the tariff renegotiation process aimed at reducing the circular debt. The approval for the final tranche of payments consisting of 60 per cent of the total outstanding dues follows the disbursement of the first instalment amounting to Rs90bn …

ISLAMABAD: Prime Minister Imran Khan will inaugurate the Track and Trace System (TTS) of the Federal Board of Revenue (FBR) on Nov 23 under which movement of sugar bags will be monitored in order to check tax evasion in the sugar industry. Last month, FBR extended the TTS to the cigarette sector to check tax evasion there. So, sugar industry …

KARACHI: The State Bank of Pakistan (SBP) has called an early meeting of its Monetary Policy Committee (MPC) to address the “recent unforeseen developments” that have changed the outlook for inflation and balance of payments. In a brief press release issued on Tuesday, the central bank said the MPC meeting would now be held on Friday (Nov 19) instead of …

KARACHI: The price of compressed natural gas (CNG) has further gone up by Rs6.89 per litre in Punjab and Rs10.30 per kg in other provinces following an increase in sales tax by the Federal Board of Revenue (FBR), stakeholders said on Tuesday. In the first week of October, CNG price in Sindh was raised by Rs15 per kg, followed by …

ISLAMABAD: Amid heating up of political climate, the government on Monday approved Rs10 billion supplementary grants for Sustainable Development Goals Achievement Programme (SAP) for utilisation on the recommendations of ruling party parliamentarians. A formal decision to this effect was taken by the Economic Coordination Committee (ECC) of the Cabinet, which also approved about Rs182bn worth of six other supplementary grants, …

KARACHI: Makers of roti, naan, sheermal and taftan have increased prices by Rs2-Rs10 per piece in the city, thus multiplying the woes of consumers, who are already depressed by soaring rates of essential food items. “Please! Do not argue.” This is a clear message pasted at a shop for the customers near Gulberg Chowrangi, Federal B. Area. The owner of the shop …

KARACHI: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has assured land developers that the federal government will extend the exemption on wealth reconciliation statement for first-time home buyers beyond Dec 31. Speaking at the groundbreaking ceremony of Naya Nazimabad Hospital on Sunday, Mr Tarin said it’s “everyone’s right to receive a tax break” when they purchase …

ISLAMABAD: Pakistan’s oil and eatable import bill recorded a sharp increase in the first four months (July-October) of 2021-22 from a year ago owing to rising prices on the international market and massive depreciation of the rupee. The total import bill inched up by 65.4pc to $25.1 billion in 4MFY22 as against $15.17bn in the corresponding period of last year. …

KARACHI: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has said that satta or speculation has “definitely” played a role in the recent volatility in the foreign exchange market. “Speculators are taking away Rs8-9,” he said while speaking at the groundbreaking ceremony of Naya Nazimabad Hospital on Sunday. He said rupee was currently undervalued against the dollar, noting that …