The government raised Rs. 376 billion through a fixed-rate Pakistan Investment Bonds (PIBs) auction on Thursday, compared to a target of Rs. 100 billion.According to central bank statistics, the cut-off rates for all maturities increased by 120-145 basis points (bps) during the paper auction.The three-year PIB cut-off yield increased byRead More →
All unlawful housing societies and housing projects are barred from promoting their enterprises and projects on digital and social media platforms, according to the Pakistan Telecommunication Authority (PTA).It will also take legal action against any housing projects or societies that advertise on social media sites without the relevant regulator’s NoRead More →
Pakistan State Oil Co. Ltd. (PSO), Pakistan’s primary oil marketing business, continues to dominate the energy industry, posting the highest-ever nine-month profit after tax of Rs. 64.8 billion, up 690 percent or 6.9x over the same time previous year.In the preceding 9MFY21, it made a profit of Rs. 18.2 billion,Read More →
While deciding on an Own Motion investigation on April 28, 2022, the Federal Tax Ombudsman (FTO) authorised the Federal Bureau of Revenue (FBR) to form a high-powered inquiry committee into a flagrant and eye-opening income tax refund fraud of Rs. 123.364 million.According to the information, when examining the issuing ofRead More →
KARACHI: The high demand for US dollars weighed on the rupee, which fell to an all-time low of Rs184.09 after losing another 61 paise in the interbank market on Friday. Since August 2021, the local currency has lost more than 16% versus the US dollar. The State Bank’s foreign exchangeRead More →
CAIRO, Egypt (AP) – Saudi Arabia offered a $5 billion aid package for cash-strapped Egypt on Wednesday, where the economy is under strain due in part to the economic consequences from Russia’s conflict on Ukraine. The monies, which were placed in Egypt’s Central Bank, are part of Saudi Arabia’s “tirelessRead More →
WARSAW, Poland (AP) — Poland launched measures Wednesday to phase out all Russian oil imports by the end of 2022, as Germany issued a warning about natural gas supplies and urged users to save energy in a hint of rising economic tensions in Europe over Russia’s conflict in Ukraine. Poland’sRead More →
ISLAMABAD, Pakistan – The price of 24 carat per tola gold increased by Rs 750 and was sold for Rs 131,000 on Wednesday, up from Rs 130,450 the previous day on the local market. The price of a gramme of 24 karat gold climbed by Rs643 to Rs 112,483 fromRead More →
ISLAMABAD, Pakistan (APP) – Invoices validated by consumers who bought at outlets linked with the Federal Board of Revenue’s (FBR) Point of Sale (POS) system climbed by 62.7 percent in February 2022 compared to the previous month (January). According to the Finance Ministry’s Monthly Economic Update and Outlook for MarchRead More →
KARACHI: On Thursday, the Pakistani rupee continued to depreciate against the US dollar in the interbank market for the ninth consecutive session. According to forex dealers, the domestic currency depreciated one paisa against the greenback at the start of the session, dropping to a new low of Rs181.74. The USRead More →
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