Amid public criticism over efficiency and regulatory standards in the power sector resulting in unbearable electricity costs, the Central Power Purchasing Agency (CPPA) on Wednesday slightly lowered its demand for additional fuel cost adjustment (FCA) to Rs1.58 per unit — instead of Rs2.07 —for electricity consumed in July. At a public hearing organised by the National Electric Power Regulatory
ISLAMABAD: In a reality check following almost week-long consultations, caretaker Finance Minister Dr Shamshad Akhtar on Wednesday told senators and the electricity consumers to “manage (their) expectations” raised by caretaker Prime Minister Anwaarul Haq Kakar for relief in excessive power bills, saying the country’s fiscal space did not permit any subsidy or relief. “Please manage your expect
The consistent devaluation of the rupee is not only causing inflation but is also compelling the central bank to raise interest rates to mitigate the repercussions of uncontrolled depreciation of the local currency, according to bankers who manage exchange rates and imports. The State Bank of Pakistan (SBP) reported that the dollar appreciated by Rs1.40 to reach Rs304.45 in the inter-bank on We
The Pakistan Stock Exchange (PSX) witnessed accelerated selling pressure on Tuesday as the benchmark KSE-100 index registered a loss of over 700 points by the end of the trading session. The market stood at 47,344.53 at 10am and slid to 46,634.48 by 1:40pm, 844.13 points below the closing rate of the previous session. It eventually settled at 46,770.41, 708.20 points or 1.49pc down from yesterd
National Bank of Pakistan reported its profit after tax (PAT) surged by almost 115 per cent to Rs26 billion for the half-year ended on June 30 from Rs12.1bn in the same period last year. The bank posted a profit before tax of Rs47.7bn for the period, about 41pc higher than the same period of last year. With a 18.5pc year-on-year growth in its assets base, the bank achieved Rs6tr milestones i