For ensuring the timely realisation of export proceeds, the State Bank of Pakistan (SBP) has decided to initiate necessary action in all those cases where full or partial proceeds are not realised within the prescribed period. In a circular issued on Tuesday, the central bank directed banks [authorised dealers] to adopt the following procedure at the time of conversion of export proceeds into
Despite a steep fall in sales amid plant closure, Indus Motor Company (IMC) has increased the prices of various Toyota vehicles for the second time in less than a month by Rs200,000-Rs890,000. The company said that economic uncertainties and the extremely volatile rupee have adversely impacted the cost of manufacturing, making it difficult for the company to hold the current indicative selling
Higher exchange rates attracted extensive dollar selling especially from exporters which enabled the rupee to recover Rs9.24 against the greenback during the last 11 days. The US currency peaked at an all-time high at Rs276.58 on Feb 3 against the rupee mainly due to extreme volatility in exchange rates stemming from the government’s attempt to manage the exchange parity artificially low which
The latest increase in gas prices seems to have pitched the industrialists of Punjab against those of Sindh. Newspaper ads by the All Pakistan Textile Mills Association-North demand that the government do away with different gas rates for the export-oriented industrial units of Punjab and Sindh by adopting a uniform price of $7 per million British thermal unit (mmBtu). After the latest hike,
Despite its attempt to expedite passage of fiscal measures mandated by the International Monetary Fund (IMF), the government was forced to head to parliament on Tuesday after President Arif Alvi “advised” Finance Minister Ishaq Dar to take parliament into confidence over the Rs170 billion in new taxes that are being levied. Soon after the president’s ‘refusal’, a cabinet meeting was conve