The World Bank approved on Tuesday $1.692 billion in financing for five projects to support people living in flood-affected areas of Sindh. Pakistan was lashed by unprecedented monsoon rains over the summer that put a third of the country underwater, damaged two million homes, and killed more than 1,700 people. Out of the projects announced by the World Bank today, three support rehabilitati
Domestic gold prices continued their record-breaking spree on Tuesday as one-tola and 10-gram rates hit an all-time high of 178,800 and Rs153,292 after gaining Rs3,900 and Rs3,344 respectively. According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of the yellow metal in the international market jumped to $1,808 after an increase of $12. Gold prices have risen by Rs52,800
Home remittances continue to fall. In the first five months of this fiscal year (July-November 2022), inflows of remittances totalled about $12.009 billion, down from $13.287bn in July-November 2021, according to the State Bank of Pakistan. There are several reasons for this decline of 9.6 per cent, two cyclical and one structural. Inflows through illegal channels (Hundi/Havala) and smuggling o
Defence Minister Khawaja Asif said on Tuesday that the government would approach the provinces for the implementation of a policy aimed at saving energy. The announcement comes a day after Prime Minister Shehbaz Sharif directed authorities concerned to take steps to reduce circular debt in the energy sector. “The distribution companies of Sui gas should improve the system of recovery of bill
The one-tola and 10-gram gold rates surged by Rs3,900 and Rs3,344 to hit historic highs of Rs178,800 and Rs153,292 after the yellow metal jumped by $12 to $1,808 per ounce on the world markets on Tuesday. The rates of Rs126,300 and Rs108,196 based on $1,830 prevailing on Jan 1, the domestic prices have risen by Rs52,600 per tola and Rs45,096 per 10-gram, respectively. However, the rupee depr