The State Bank of Pakistan (SBP) on Monday suspended the authorisation of two exchange companies with immediate effect. The SBP suspended the authorisation of Al-Sahara Exchange Company (Pvt) Ltd for three months on account of serious violations of the regulations and instructions. “The exchange company, its head office, branches, franchises have been debarred from undertaking any kind of bu
Despite the recent drop of the dollar to Rs290.86 in the interbank market, a Rs16.24 decrease in just 14 days, and the decline in scrap prices in the world market, steel bar manufacturers are hinting at another price increase of Rs10,000 per tonne. In the open market, the greenback is now trading at Rs293, marking a Rs40 decrease over the past two weeks. A steel bar trader recalled that manu
Despite higher taxation on almost all sectors of the economy, the government has rigorously been borrowing for budgetary support since the outset of the current fiscal year. The data released by the State Bank of Pakistan (SBP) on Monday showed that the government borrowed Rs1,600 billion in the first 70 days (July 1 to Sept 8) of this fiscal year against Rs261bn in the same period last year.
Caretaker Prime Minister Anwaarul Haq Kakar has urged British businesspersons to take benefit of the improved economy and the government’s investment-friendly policies and invest in Pakistan. Mr Kakar, who is on a trip to London, met prominent British-Pakistani investors on Monday and invited them to invest in the Special Economic Zones, according to a press release issued by the PM office.
Without disclosing the total outstanding electricity bills against the public and private sector, caretaker Minister for Power Muhammad Ali has said the electricity costs will be reduced through lengthening the repayment tenor of debt and improving energy mix to renewables and Thar coal. Speaking to reporters on Monday, the minister said the government was making up mind to give out all the 10