State Bank of Pakistan (SBP) Governor Jameel Ahmed chaired the first Steering Committee meeting on Wednesday to implement priority sector initiatives recommended by the Pakistan Banks’ Association (PBA). The meeting focused on enhancing support from the banking industry in three key sectors: agriculture, small and medium enterprises (SMEs) and digital technology. The meeting followed an ear
Pakistan and China have signed 32 memorandums of understanding (MoUs) to promote trade and investment between the two countries. The MoUs were signed during Prime Minister Shehbaz Sharif’s visit to China. He is leading a team of 100 businessmen to explore the potential for promoting bilateral trade and investment. An official announcement of the Commerce Ministry released on Wednesday said t
Pakistan Stock Exchange (PSX), while continuing its downward trajectory, endured a slump on Tuesday as the KSE-100 index dropped over 900 points amid uncertainty ahead of the federal budget presentation. Although the index had a promising start when it reached the intra-day high of 75,669.76 points, it was unable to maintain the momentum due to rapid selling. The downturn came due to several fa
Bears took over at the Pakistan Stock Exchange (PSX) as shares plunged more than 900 points on Tuesday, which analysts attributed to the delay in budget. The benchmark KSE-100 index plunged 834.24 points, or 1.1 per cent, to stand at 74,741.01 at 3:09pm from the previous close of 75,575.25 points. Finally, the index closed at 74,666.65, down by 908.60 points or 1.2pc, from the previous close.
The government faces a hard choice whether to abolish up to 15% additional tax on bank profits made by extending loans to the cash-starved finance ministry or tighten the existing law to recover about Rs60 billion more from financial institutions next year. Sources told The Express Tribune that two opposing forces were working to influence the budget – one seeking relief for banks despite the p