The demand for Saudi riyals suddenly jumped by 30 per cent in the open market but the price remained stable, Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan said on Tuesday. “Buying of Saudi riyals usually starts before Ramazan for Umrah. Within three to four days, the buying of Saudi currency jumped 30pc, reflecting the rush for Umrah this year,” he said. Last yea
ISLAMABAD The utilisation of funds for development schemes of the former parliamentarians appeared to taper off on the eve of elections yet remained the second-largest expenditure portfolio in the Rs190 billion overall disbursements for a struggling Public Sector Development Programme (PSDP) in the first seven months of 2023-24. The latest data on development expenditure released by the Plannin
Despite unprecedented interest rates, unbearable auto financing, higher prices and political and economic instability, the combined sales of cars, jeeps, vans and pickups surged 81 per cent to 10,536 in January from 5,816 in December 2023. However, the sales in the above segment remained 5pc lower compared to 11,124 units during January 2023. According to the Pakistan Automotive Manufacturer
While approving an already allocated Rs7.5 billion subsidy package for the upcoming Ramazan, the Economic Coordination Committee (ECC) of the Cabinet could not decide how to recover Rs100bn in additional money from gas consumers in the remaining four and a half months of the current fiscal year as the commerce minister pressed for reducing cross-subsidisation burden on industry. The meeting of
The Pakistan Stock Exchange (PSX) witnessed a meltdown on Monday as post-election political instability triggered an across-the-board panic selling, which dragged the benchmark KSE 100-share index below 61,000 hitting an intraday low at 60,647.68. Arif Habib Ltd Head of Research Tahir Abbas told Dawn that the political landscape ambiguity along with lack of clarity on the circular debt resoluti