The amount of outstanding auto loans plunged for the 16th consecutive month to Rs264 billion at the end of October from Rs272bn in September, showing a drop of three per cent on a month-on-month basis and 23.5pc on a year-on-year basis. The State Bank of Pakistan (SBP) data showed that the total drop in the last 16 months was Rs104bn. At the end of June 2022, the auto financing stood at Rs368bn
The rupee snapped its five-day winning streak as it lost 14 paise to the US dollar in the interbank market on Thursday after the State Bank of Pakistan (SBP) reported a $217 million drop in its foreign exchange reserves on a week-on-week basis. The greenback appreciated to Rs285.27 from Rs285.13 the previous day, reported the SBP. However, the rupee lost 50 paise to close at Rs286 in the open m
Caretaker Minister for Information Technology and Telecommunications Dr Umar Saif unveiled the first IT and ITeS Export Strategy on Thursday, aiming to increase IT exports to $10 billion in the next three years. Dr Saif stated that the Pakistan Software Export Board, under the Ministry of IT and Telecommunication, collaborated with PricewaterhouseCoopers (PwC) and other international part
The Economic Coordination Committee (ECC) of the cabinet on Thursday decided to import 220,000 tonnes of urea from Azerbaijan on a government-to-government (G2G) basis, allowed Rs754 billion cash credit limits (CCL) to Punjab and Sindh for procurement of essential commodities and approved a further increase in gas price from January. The ECC meeting, presided over by caretaker Finance Minister
The National Electric Power Regulatory Authority (Nepra) on Thursday gave in to a demand of the Power Division to impose for 12 months an additional special surcharge at a flat rate of Rs1.52 per unit on all K-Electric consumers, except lifeline category with less than 100 units per month on a permanent basis. The additional surcharge will come into force from Dec 1 for up to November 2024 and