The imports of the petroleum group witnessed a significant decline of 17.96 per cent during the July-April period of FY23 compared to the previous year, Pakistan Bureau of Statistics data showed on Monday. This drop can be attributed to a sharp reduction in consumption, which was a direct result of a slowing economy amidst unprecedented inflationary pressures. The country also witnessed the hig
Multinationals operating in Pakistan have asked the government to increase the minimum taxable limit from Rs600,000 a year to Rs1.2 million to offset the impact of unprecedented inflation on individuals. The representative body of 200-plus multinational investors from 14 sectors called the existing salary tax structure “inconsistent with the basic principle of non-discrimination” as part of its
The rupee remained under pressure as the US dollar appreciated by another 74 paise in the interbank market on Monday. The State Bank of Pakistan said the dollar settled at Rs286.56 compared to Rs285.82 on May 19. The gap between open and bank rates further widened to Rs19. The Exchange Companies Association of Pakistan reported the closing price of the dollar at Rs305 compared to Rs301 in th
Banks’ net lending to the private sector plunged 90 per cent during the first 10 months of the current fiscal year suggesting a sharp economic slowdown. In the backdrop of unprecedented inflation and record-high interest rates, banks are not ready to take risks by extending loans to the private sector struggling to run businesses in highly unfavourable situations plagued with unending political
Stocks dipped on Thursday as political instability pushed down the benchmark index of the Pakistan Stock Exchange to an intraday low of 422.02 points. Arif Habib Ltd said the KSE-100 index opened in the green, but the momentum dissipated quickly owing to rising political temperature amid the expected arrest of former prime minister Imran Khan. Investors’ participation remained varied, with thir