Category: Business

ISLAMABAD, Jul 21 (APP):The International Monetary Fund (IMF) has projected that Pakistan’s exports will increase to US $ 36.7 billion in five years by the year 2023-24. The pressure of current account deficit on the country will also ease out gradually from its peak US $ 19.9 billion in 2017-18 to as low as $6.95… Continue reading Pakistan’s exports will increase up to US $ 36 bn in 5 years: IMF

ISLAMABAD, Jul 19 (APP):Chairman, Federal Board of Revenue (FBR), Shabbar Zaidi Friday said priority of the government to enhance the tax net and expend tax base to documenting the country’s economy. Taxation is the only way to forward for equitable distribution of wealth, as “we cannot have stabilized and equitable society unless we have a… Continue reading Govt to enhance tax net, for documenting country’s economy: Shabbar Zaidi

KARACHI, Jul 19 (APP):The State Bank of Pakistan (SBP) on Friday injected Rs. 465 billion into money market for seven days as reverse repo purchase through its open market operation. Eighteen bids of Rs. 571.5 billion were offered, of which 11 of Rs. 465 billion were accepted. The rate of return accepted is 13.34 percent… Continue reading SBP injects Rs.465 bln into market

ISLAMABAD, Jul 19 (APP):The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) would organize 7th Achievement Awards Ceremony for the year 2019 on July 25 in recognition of the outstanding contributions in development of different sectors of national economy. The award ceremony is likely to be held at Aiwan-e-Sadr, while President Dr Arif Alvi… Continue reading Seventh FPCCI achievement awards ceremony to be held on July 25

KARACHI, Jul 19 (APP):Following are the selling/buying rates of major currencies issued by the National Bank of Pakistan (NBP), here on Friday. CURRENCY BUYING SELLING USD 161.85 158.15 GBP 203.11 198.43 EUR 182.33 178.15 JPY 1.5051 1.4705 SAR 43.20 42.11 AED 44.08 43.04

ISLAMABAD, Jul 18 (APP):Prime Minister’s Spokesman on Trade for UK and Europe Sahibzada Amir Jahangir on Thursday said that Pakistani diaspora in UK was keen to invest in Pakistan which would help in promoting trade and exports. Addressing the local business community during his visit to Islamabad Chamber of Commerce and Industry, he said that… Continue reading Pakistani diaspora in UK, EU keen for investing in Pakistan: Amir Jahangir

ISLAMABAD, Jul 18 (APP):Federal Minister for Economic Affairs, Hammad Azhar Thursday urged the Asia Development Bank (ADB) to scale up its lending to Pakistan including programme lending and project financing. He was talking to ADB Country Director, Ms. Xiaohong Yang who called on the minister here, according to press statement issued by the Ministry. The… Continue reading ADB urged to scale up lending for Pakistan

ISLAMABAD, Jul 18 (APP):The State Bank of Pakistan (SBP) on Thursday announced the designation of Domestic Systemically Important Banks (D-SIBs) for the year 2019 under the Framework for Domestic Systemically Important Banks (D-SIBs) that was introduced in April 2018. The framework introduced by State Bank is consistent with the international standards and practices and takes… Continue reading SBP designates Domestic Systemically Important Banks

ISLAMABAD, Jul 18 (APP):Developing Asia will maintain strong but moderating growth over 2019 and 2020, as supportive domestic demand counteracts an environment of global trade tensions, according to a new Asian Development Bank (ADB) report released on Thursday. In a supplement to its Asian Development Outlook (ADO), ADB maintains growth forecasts for developing Asia at… Continue reading Asia Pacific growth steady amid global trade tensions: ADB

ISLAMABAD, Jul 18 (APP):The Securities and Exchange Commission of Pakistan here on Thursday said that no crackdown was being planned or under consideration of the commission. In a press release, the SECP strongly refutes news appearing in a section of the press and electronic media attributing any purported action against companies. It said that being… Continue reading SECP refutes media reports regarding crackdown against companies

ISLAMABAD, Jul 17 (APP):The Economic Coordination Committee (ECC) of the Cabinet Wednesday imposed ban on export of wheat and wheat flour; and directed for convening the meeting of National Price Monitoring Committee (NPMC) to suggest measures for controlling price-hike trend of ‘Roti’ (bread) and wheat products in the local market with the cooperation of the… Continue reading ECC bans wheat export, calls NPMC meeting to control ‘Roti’ prices

ISLAMABAD, Jul 17 (APP):Vice President of Huawei Group Mark Xueman Wednesday said his company would set up a regional headquarters in Islamabad at a cost of $55 million, which would create job opportunities for local young engineers. The leading Chinese mobile phone company would invest total $100 million in Pakistan during the current year, he… Continue reading Huawie to set up regional headquarters in Pakistan

ISLAMABAD, Jul 17 (APP):Adviser to the Prime Minister on Commerce, Textile, Industries and Investment Abdul Razak Dawood on Wednesday appreciated the role of European Union (EU) in the economic and social development of Pakistan by providing market access through Generalized Scheme of Preferences (GSP-Plus). He was talking to European Union (EU) Ambassador in Pakistan, Jean… Continue reading Razak hails EU role in Pakistan’s socio-economic development

ISLAMABAD, Jul 17 (APP):Owing to higher rates offered on different instruments, the net receipts of National Saving Schemes (NSS) witnessed considerable growth during the fiscal year 2018-19 compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported. “The net receipts of National Saving Schemes (NSS) surged to Rs225.3 billion, compared to… Continue reading Higher rates boost NSS receipts volume in FY 2018-19: SBP

KARACHI, Jul 17 (APP):Treasury Management Division of National Bank of Pakistan (NBP) on Wednesday issued the following exchange rates. CURRENCY SYMBOL TT Selling TT Buying U.S DOLLAR USD 160.20 159.70 EURO EUR 179.68 179.07 JAPANESE YEN JPY 1.4812 1.4764 BRITISH POUND GBP 198.90 198.25 SWISS FRANC CHF 162.28 161.75 CANADIAN DOLLAR CAD 122.51 122.11 AUSTRALIAN… Continue reading NBP Exchange Rates

ISLAMABAD, Jul 16 (APP):Adviser to the Prime Minister on Commerce, Textile, Industries and Investment, Abdul Razak Dawood on Tuesday assured to provide relief to farmers by ensuring availability of agriculture inputs including fertilizers on affordable prices in order to boost the production of the agri crops. Abdul Razak Dawood chaired a meeting of the Fertilizer… Continue reading Razak assures provision of agriculture inputs, fertilizers to farmers on affordable rates

KARACHI, Jul 16 (APP):The State Bank of Pakistan (SBP) on Tuesday announced to increase its policy (interest) rate by 100 basic points (1%) to 13.25 percent; effective from July 17, 2019. SBP’s Monetary Policy Committee, in its meeting here on July 16, took this decision taking into account upside inflationary pressures from exchange rate depreciation… Continue reading SBP increases policy rate by 100bps to 13.25%

ISLAMABAD, July 16 (APP):The Regassified Liquefied Natural Gas (RLNG) is playing vital role in bridging the gap between demand and supply of natural gas, which is increasing gradually due to depletion of existing hydrocarbon reserves and non-discovery of any major gas deposit since long. Currently, around 1200 Million Cubic Feet per Day (MMCFD) RLNG is… Continue reading Around 1200 MMCFD RLNG being added in distribution network

KARACHI, Jul 16 (APP):Treasury Management Division of National Bank of Pakistan (NBP) on Tuesday issued the following exchange rates. CURRENCY SYMBOL TT Selling TT Buying U.S DOLLAR USD 160.75 160.25 EURO EUR 181.03 180.45 JAPANESE YEN JPY 1.4888 1.4840 BRITISH POUND GBP 201.21 200.54 SWISS FRANC CHF 163.21 162.68 CANADIAN DOLLAR CAD 123.19 122.76 AUSTRALIAN… Continue reading NBP Exchange Rates