The State Bank of Pakistan’s (SBP) foreign exchange reserves hit an almost six-month high to $8.221 billion after an inflow of $464 million during the week ending on Dec 29, the central bank announced on Thursday. However, the inflow of $853m in the preceding week helped to increase the SBP’s reserves cumulatively by $1.31bn. Despite this massive increase in two weeks, the rupee did not show
Accepting the longstanding demand of the IT, telecom and internet service providers, the government has finally established the Telecommunication Appellate Tribunal. The gazette notification stated that the tribunal will have three members, including the chairperson, who will be a judge of a high court or an advocate with experience of up to 15 years. The tribunal was established under the Tel
The bank lending to the private sector turned positive for the first time during this fiscal year, reflecting improvement in the economic activities. The State Bank of Pakistan (SBP) on Thursday reported that the private sector borrowed Rs98.73 billion during the week ending Dec 22, 2023. This has pushed the total bank lending to the private sector to Rs9.22 trillion, taking the net borrowin
The Central Development Working Party (CDWP) has approved a Rs45.69 million educational project and referred three projects valued at Rs358.81 billion to the Executive Committee of the National Economic Council (Ecnec) for approval. The decisions were taken in a meeting presided over by Planning Commission’s Deputy Chairman Jehanzeb Khan, who heads the CDWP. The projects recommended to Ecnec co
While continuously facing a gas shortage in the system, Sui Southern Gas Company Ltd (SSGCL) on Friday announced a supply suspension for 48 hours for industries starting from Jan 6 (8:00 am) to Jan 8. SSGCL said the availability of gas has decreased, resulting in the depletion of line packs, causing low pressures in the system. All industries including their power generation units and all CN