Pakistan Railways suffered a loss of over Rs55 billion during the last fiscal year (FY23) due to incompetence, irregularities, illegalities and bad governance. According to an audit conducted by the Auditor General of Pakistan (AGP) for the fiscal year 2022-23, the performance of the department, which used to seek help from the federal government to clear pays and pensions of its employees, was
After almost a month gap, the All Pakistan Gem and Jewellers Association (APGJA) on Tuesday resumed issuance of daily gold rates. The association announced 10-gram and one-tola rates at Rs171,039 and Rs199,500 against Rs184,585 and Rs215,000 issued on Sept 12, showing a fall of Rs13,546 and Rs15,500, respectively. On Tuesday, the local rates were fixed based on the world gold rate of $1,856
The crackdown against illegal currency business has failed to substantially improve the inflow of remittances in September as was anticipated by the economic managers of the country and the State Bank of Pakistan (SBP). The central bank on Tuesday reported that remittances rose just a little over 5 per cent month-on-month in September against the expectations of a 25pc hike. However, the rem
Acknowledging Pakistan’s better-than-anticipated current account show last fiscal year, the International Monetary Fund (IMF) expects the country’s economy to perform better in the current and next fiscal years compared to other multilateral agencies’ projections despite macroeconomic challenges. The IMF’s World Economic Outlook for October, released on Tuesday, forecasts a growth of 2.5 per c
Share prices rose on the Pakistan Stock Exchange on Monday despite a selloff in the early hours of trading. Topline Securities Ltd said the KSE-100 index slid into the red zone in the early part of the session but buying interest resumed in the last hour, letting the benchmark close on the higher side. The sell-off in the initial hours could be attributed to an uptick in international oil pr