Business

Govt’s focus on reducing external imbalances bearing fruit: PM Khan

ISLAMABAD: Prime Minister Imran Khan on Wednesday praised his government's efforts to improve Pakistan's economy, saying their economic policies were beginning to bear fruit. The premier said this hours after State Bank of Pakistan announced that Pakistan's current account deficit had fallen by a massive 73 per cent to $579 million in July, the first month of this fiscal year,...

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Govt’s focus on reducing external imbalances bearing fruit: PM Khan

ISLAMABAD: Prime Minister Imran Khan on Wednesday praised his government's efforts to improve Pakistan's economy, saying their economic policies were beginning to bear fruit. The premier said this hours after State Bank of Pakistan announced that Pakistan's current account deficit had fallen by a massive 73 per cent to $579 million in July, the first month of this fiscal year,...

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Current Account Deficit shrinks to massive 73 percent: SBP

The State Bank of Pakistan on Tuesday said that Pakistan’s current account deficit (CAD) contracted by a massive 73 per cent in the first month of this fiscal year. The CAD shrank to $579 million in July (the first month of this fiscal year), as compared to $2.13 billion in the same period of last year. The whopping 72.81 percent...

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Inflation hits double digits after six years

ISLAMABAD: Inflation has entered double digits in the first month of the new fiscal year, the biggest increase in five years and nine months. Inflation, measured by the Consumer Price Index (CPI), rose to 10.34 per cent in July this year from 8.9pc the preceding month, the Pakistan Bureau of Statistics said on Thursday. During the same month last year,...

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Petrol price increases by RS 5.15 as PM Imran gives approval

ISLAMABAD: Prime Minister Imran Khan late Wednesday approved a summary of the Oil and Gas Development Authority's (OGRA) recommendation to hike the price of petrol by Rs5.15. Per-litre prices of all petroleum products were jacked up, with petrol, diesel, kerosene oil, and light diesel now costlier by Rs5.15, Rs5.65, Rs5.38, and Rs8.90, respectively. The new prices for a litre of...

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Inflation to peak over next four months before falling down: Asad Umar

ISLAMABAD: National Assembly’s Standing Committee on Finance Chairman Asad Umar said that the rate of inflation will remain high over the next two to four months before it begins to decline. Speaking in a private news channel interview, the ex-finance minister said that during his tenure as the finance minister, he advised Prime Minister Imran Khan about the options, including...

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OGRA proposes Rs5.15 per litre increase in petrol price

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Tuesday proposed the Petroleum Division to increase petrol price by Rs5.15 per litre. According to sources, Ogra has also purposed to increase prices of high-speed diesel and kerosene oil by Rs5.65 per litre and Rs5.38 per litre. An increase of Rs8.90 per litre in price of light diesel has also been...

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FBR to send notices to 100,000 non-filers: Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said on Sunday that the board will send notices to around 100,000 non-filers who own a house bigger than 500 yards or an above 1000cc vehicle, according to a Radio Pakistan report. Speaking to media here at the federal capital, FBR head said the non-filers will be brought to the tax...

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Apple will face tariffs on components imported from China: Donald Trump

President Donald Trump warned Friday that he would snub Apple's requests for tariff exemptions on device components imported from China, as he put pressure on the tech company to shift production to the United States. "Apple will not be given Tariff wavers, or relief, for Mac Pro parts that are made in China. Make them in the USA, no Tariffs!"...

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Female buyers given option to share CNIC of male relatives: FBR

Female customers who do not want to share their identity card number, or do not have an independent source of income, can give the identity card of their male relatives when making purchases, said the new rule of the Federal Board of Revenue (FBR). On Monday, a new sales tax notification to explain amendments being made to the Sales Tax...

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Banks requested to submit lists of ‘Benami Accounts’ within 15 days: FBR Head

ISLAMABAD: Chairman FBR Shabbar Zaidi has sought the cooperation of banks in identifying the benami accounts. In a statement today, he said we want the banks to seek details of benami accounts of their account holders. He said the FBR does not want to directly contact the account holders in order to keep intact the confidence of the people on...

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Pakistanis will have to embrace tax culture: Shabbar Zaidi

Web Desk - (Syed Ahad Hussain) ISLAMABAD: Federal Board of Revenue (FBR) chairman Shabbar Zaidi said on Friday Pakistanis will have to embrace the tax culture as steps are being taken to include the middle class in the tax system. Talking to media here at the federal capital, the FBR head vowed to generate tax from income instead of commodities...

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IMF to begin search for new leader as Christine Lagarde resigns as of Sept 12

WASHINGTON: Christine Lagarde will resign from the International Monetary Fund on September 12 as she awaits final word on her nomination to the presidency of the European Central Bank, she announced Tuesday. Her departure allows the IMF board to begin the search for her replacement. "With greater clarity now on the process for my nomination as ECB President and the...

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To curtail “Dollarisation” and inflationary pressure SBP hikes interest rate

ISLAMABAD: The State Bank of Pakistan on Tuesday has announced its monetary policy, raising the interest rate by 100 basis pointst-- to 13.5 percent. The move follows the agreement with the International Monetary Fund over a $6 billion loan package that comes with tough conditions aimed at cutting Pakistan's substantial fiscal and current account deficits and bolstering its shrinking currency...

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FM Qureshi urges citizens to pay taxes so Pakistan can prosper

ISLAMABAD: Pakistan’s Foreign Minister Shah Mehmood Qureshi on Tuesday tweeted about the country’s drive to increase its tax base. FM Qureshi said in the post, “no nation can prosper under the burden of debt. The only way out is by increasing our tax base and documenting the economy.” The foreign minister urged every Pakistani to play their part, pay taxes...

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IMF estimates FBR’s revenue to surge to Rs0.5 TN by 2023-24

ISLAMABAD: The International Monetary Fund (IMF) has projected that revenues of the Federal Board of Revenue (FBR) would increase to Rs 0.5 trillion by the year 2023-24. In it's recently published staff report on Pakistan, the IMF projected that the FBR is likely to collect around Rs5.5 trillion during the current fiscal year which would increase to Rs7.001 trillion in...

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US Dollar upsurges again by Rs1.11 in interbank market

KARACHI: The US dollar upsurges by Rs1.21 against the Pakistani rupee in the interbank market on Monday. After rise, the US Dollar was being sold at Rs160 in the interbank market. The US dollar also saw an raise of Rs0.75 in the open market where it was being sold at Rs160.50. Last week, Pakistan received the first tranche of a...

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