The first formal company for online and physical trading of gold will start operation in Pakistan on Tuesday, January 30, 2024, which is expected to eliminate speculation in gold trading and price manoeuvring in the market. Approved by the Securities and Exchange Commission of Pakistan and the Pakistan Mercantile Exchange, Zakaria Gold Commodities (Pvt) Limited will be engaged in online and phy
The federal government’s budget deficit widened by more than 50%, primarily due to a steep increase in interest payments that reached Rs4.2 trillion during the first half of this fiscal year, casting doubt on the effectiveness of the International Monetary Fund (IMF) programme. The Rs4.22 trillion interest payments exceeded the net income of the federal government by Rs207 billion during the Ju
Caretaker Federal Minister for Information Technology and Telecommunication Dr Umar Saif announced on Monday that 5G services would be launched in Pakistan by July-August 2024 where the government would auction 300MHz of spectrum. Before the launch of 5G, Pakistan’s optic fibre network will have to be extended. Currently, only 6,000 mobile towers are connected to optic fibre cables out of aroun
Pakistan’s central bank has opted to keep the benchmark policy rate unchanged for the fifth consecutive time over the past seven months, maintaining the record high at 22%. The State Bank of Pakistan (SBP) anticipates the average inflation reading surging to 23-25% in the current fiscal year of 2023-24. Back in July 2023, the central bank had projected a more conservative inflation reading with
Prime Minister Anwaarul Haq Kakar on Monday asked provinces to take responsibility of 75 projects to save the centre from a financial burden of Rs200 billion amid reservations expressed by the federating units about the mandate of an interim government to make such decisions. Despite the transfer of 75 schemes, the federal government will keep the ownership of 282 provincial-nature projects tha