The Pakistan Customs foiled an attempt to smuggle over 15,465 mobile phones, mostly Android, worth Rs446 million from China to Pakistan through the Khunjerab Pass border crossing. The mobile phones and other goods have been seized and a smuggling case has been registered. According to the incident a report submitted to Federal Board of Revenue (FBR), the Pakistan Customs officials on the Sos
The Pakistan Stock Exchange (PSX) experienced initial pressure from investor sell-offs during the past week but rebounded as positive economic developments unfolded. The State Bank of Pakistan (SBP) made a key move by cutting its policy rate by 200 basis points, reducing it to 17.5%a level unseen since April 2020. This rate cut triggered a drop in KIBOR (Karachi Interbank Offered Rate) rates by 2
Pakistan on Thursday announced that it had amicably resolved all outstanding issues with the International Monetary Fund paving the way for the approval of the $7 billion loan this month, as it is also set to further tighten the noose around the necks of existing taxpayers after retreating against the traders. The government has prepared amendments to deny the existing filers of the income tax
The State Bank of Pakistan (SBP) has proposed performance-based incentives for banks and exchange companies to encourage higher remittance inflows through formal banking channels. Sources told The Express Tribune that during a recent Economic Coordination Committee (ECC) meeting, the deputy governor of SBP explained that the current incentives, which are transaction-based, need to be revised to
The FY24 saw net foreign direct investment (FDI) rise to $1.9 billion from $1.63 billion in FY23. FY24 also saw $1.1 billion in FDI outflows compared with $941 million in FY23. Foreign portfolio investment (FPI) registered outflows of $382.5 million during FY24 compared with $1 billion during FY23. Despite maintaining a high interest rate, the economy couldn't attract, or even hold, short-te