Business

Monetary Policy: SBP increases interest rate by 12.25 per cent

KARACHI: The State Bank of Pakistan announced the monetary policy on Monday increasing the interest rate by 12.25 per cent. The interest rate was increased 150 basis points and previously stood at 10.75 per cent. SBP said the current account deficit between July-March 2019 was decreased by 29 per cent. The current account deficit of first nine months of the...

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Monetary Policy: SBP increases interest rate by 12.25 per cent

KARACHI: The State Bank of Pakistan announced the monetary policy on Monday increasing the interest rate by 12.25 per cent. The interest rate was increased 150 basis points and previously stood at 10.75 per cent. SBP said the current account deficit between July-March 2019 was decreased by 29 per cent. The current account deficit of first nine months of the...

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Pakistan Stock Exchange misery enhances as bench mark index falls by 800 points

Ahead of the State Bank's Monetary Policy, the benchmark index fell nearly 800 points by 11am on Monday to reach 32,408 ─ roughly the lowest in three years. Moreover, the rupee-dollar exchange rate in the interbank market rose by a single rupee to Rs149.25. The index has been suffering heavy losses since the start of last week, when investors were...

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PayPal not extending its market to Pakistan

KARACHI: Pakistan’s freelancer community, which is said to be the fourth largest in the world, has expressed disappointment over reports of PayPal not extending its services to the country. PayPal operates a worldwide online payment system that supports online money transfers refused to introduce its services in the country. The company operates in 190 markets across the world. There has...

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Karachi Stock Exchange falls by 804.50 points following increase in Dollars

KARACHI: The benchmark KSE-100 of the Pakistan Stock Exchange on Friday was on a bearish trajectory after the dollar increased in the market. The KSE-100 fell 804.50 points with the index at 33,166.62 points following which trading was suspended for the day. The US dollar touched a new record high of Rs149 in the interbank market and RS150 in the...

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Foremost priority of budget to relieve common man: Shaikh

KARACHI: Adviser to Prime Minister on Finance, Revenue, and Economic Affairs Dr Abdul Hafeez Shaikh said on Thursday the foremost priority of the budget is to provide relief to the common man. Speaking during a meeting with the business community in Karachi, Shaikh said the government has agreed on low-interest rates for the $6 billion bailout package from the International...

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K-Electric to be provided 150 MW electricity from national grid

ISLAMABAD: On Tuesday, the Power Division sources said K-Electric will be provided 150 megawatts electricity from the national grid for a period of two years. The move was approved in a Economic Coordination Committee (ECC) session presided by the adviser to Prime Minister on finance, revenue, and economic affairs Dr Abdul Hafeez Shaikh, with an aim to provide relief to...

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President Alvi signs ordinance approving tax amnesty scheme

ISLAMABAD: President Arif Alvi on Wednesday signed off on the ordinance confirming the extension in the tax amnesty scheme. A day earlier, the amnesty scheme was approved in a session of the federal cabinet chaired by Prime Minister Imran Khan in Islamabad. The tax amnesty scheme allows citizens to declare previously undisclosed assets in a bid to identify high earners...

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Asad Umar appointed Chairman Standing Committee of Finance

ISLAMABAD: Federal Government on Monday appointed former finance minister Asad Umar chairman for the National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs. Asad Umar will replace Pakistan Tehreek-e-Insaf (PTI) MNA Faiz Ullah as the chair for the committee as Umar's name was suggested by the committee member Syed Naved Qamar, seconded by Nasr Ullah Khan Dareshak. Fellow committee...

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Pakistan stock fall by 900 points as uncertainty rises

After the announcement of the deal between Pakistan and International Monetary Fund (IMF), the Pakistan Stock Exchange (PSX) suffered a huge blow by falling more than Nine-Hundred points with the benchmark KSE-100 Shares Index shedding 937 points — a loss of estimated more than 2.7 per cent — during intra-day trading. Interestingly, the trading opened at 34,716 points and showed...

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Culture of harassing tax payers will end now: Shabbar Zaidi

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi said on Friday the culture of harassing tax payers will end from now on and the non-tax payers will be informed 24 hours prior to the freezing of their accounts Speaking to media after arriving at the ministry of finance office in federal capital, Zaidi said authority in the FBR will...

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Shabbar Zaidi officially appointed as FBR Chairman on 2yr honorary basis

ISLAMABAD: The federal government on Wednesday officially announced the appointment of Shabbar Zaidi as the new chairman of the Federal Board of Revenue (FBR) in a notification issued today. The notification added that Zaidi has been appointed as the head of FBR on a two-year honorary basis. Prime Minister Imran Khan on Monday announced the appointment of prominent economist and...

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PSX close on a negative 423.69 point low

KARACHI: The Pakistan Stock Exchange (PSX) closed below red on Wednesday, with the benchmark KSE-100 Shares Index was down with 18,739.49 points. With 19,304.72 high and 18,529.45 low, total volume dealt remained 113,235,730 shares. Out of 328 companies traded, 38 were positive, 281 were negative and 9 were unaffected. Power generation and distribution, with a total trade volume of 21,502,500...

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IMF chief says US-China tensions ‘threat’ to world economy

PARIS: The head of the International Monetary Fund (IMF) said Tuesday that fresh trade tensions between the United States and China were the main threat to the world economy. "Clearly the tensions between the United States and China are the threat for the world economy," Christine Lagarde told journalists at a conference in Paris, adding that recent "rumours and tweets"...

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People had lost trust in tax collection system: Shabbar Zaidi

ISLAMABAD: Pakistan’s new chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi said that people had lost trust in the tax collection system. Speaking on a local Tv show,  Zaidi said Prime Minister Imran Khan had entrusted him with a major responsibility. “People have a trust deficit with the FBR and the tax collection system. People don’t trust their credibility....

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Assure implementation of FATF action plan: Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue, and Economic Affairs Dr. Abdul Hafeez Shaikh said on Tuesday to assure the implementation of the Financial Action Task Force (FATF) action plan. Shaikh, chairing a meeting to review the progress of the FATF action plan, gave a briefing on the plan's execution so far and instructed all stakeholders to act on...

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PM asked to provide public more relief during Ramzan: Awan

ISLAMABAD: Special Assistant to PM (SAPM) on Information and Broadcasting Dr Firdous Aashiq Awan said on Monday the Prime Minister Imran Khan has asked to provide more relief to the public during the Holy month of Ramzan and issued instructions to overcome inflation during the month as well. Speaking in a press conference, Dr Awan said the Utility Stores has...

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