Restrictions on opening Letters of Credit (LC) to import raw materials essential for operations has put Pakistan’s leading producer of innovative home appliances in a crux with the company’s management urging the government to offer support. Dawlance Chief Executive Officer, Umar Ahsan Khan held a meeting with a Senate Finance Committee on Wednesday to highlight the adverse economic impact of t
The country’s oil industry is reportedly in serious trouble in arranging crude oil and petroleum products owing to foreign exchange constraints and prevailing product pricing, particularly following the recent currency depreciation and increase in the central bank’s policy rate. Reporting these challenges to the government, the Oil Companies Advisory Council (OCAC) – an association of more than
Ride-hailing service Careem has announced its plans to launch a new “women-driven motorbike service” catering exclusively to its female clientele. According to a press release issued by the company on Tuesday, the service will commence from Karachi before making its way to other cities. Careem said the new service would enable its large female customer base to access “affordable yet safe and
The government has raised the sales tax from 17 per cent to 25pc on 33 categories of goods covering 860 tariff lines, high-end mobile phones, imported food, decoration items, and other luxury goods. The Federal Board of Revenue (FBR) late on Wednesday night issued SRO297 of 2023 to implement the last part of the Rs170 billion tax revenue measures to unlock the IMF tranche. The government has
In a surprise, State Bank of Pakistan (SBP) Governor Jameel Ahmad told a parliamentary panel that the recent increase of 300 basis points in its policy rate was a decision of the Monetary Policy Committee (MPC) of the central bank and not done on the demand of the International Monetary Fund (IMF). Testifying before the Senate Standing Committee on Finance and Revenue, the SBP governor reporte