Business

State Bank keeps benchmark interest rate at 13.25 per cent

KARACHI: The State Bank of Pakistan (SBP) held its main policy rate at 13.25 per cent on Monday, taking a pause from a series of hikes as data pointed to a stabilising inflation rate. The bank last lifted rates in July by 100 basis points, its ninth cut since the start of 2018, as it faced rising inflation, a substantial...

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State Bank keeps benchmark interest rate at 13.25 per cent

KARACHI: The State Bank of Pakistan (SBP) held its main policy rate at 13.25 per cent on Monday, taking a pause from a series of hikes as data pointed to a stabilising inflation rate. The bank last lifted rates in July by 100 basis points, its ninth cut since the start of 2018, as it faced rising inflation, a substantial...

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Economic team working tirelessly in pursuit of a sustainable economy: Sheikh

ISLAMABAD: Advisor to the Prime Minister on economy and finance, Abdul Hafeez Sheikh said on Wednesday the economic team tasked with bringing the country out of the despair of the financial crisis is working tirelessly and relentlessly for the pursuit of a sustainable and viable economy for Pakistan. Addressing a press conference here at the federal capital, PM's financial adviser...

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PM Khan withdraws GIDC ordinance, orders AG to move SC for urgent hearing

ISLAMABAD: Prime Minister Imran Khan withdrew on Wednesday the Ordinance related to the amnesty in Gas Infrastructure Development Cess (GIDC), according to a statement released from the PM’s Office. The statement read that the premier made the move in the interest of transparency and good governance. The premier has also directed the Attorney General to move an application for an...

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Govt reduces petroleum prices upon OGRA’s suggestion

ISLAMABAD: The government has reduced the price of petrol by Rs 4.59 from Rs 117.83 to Rs 113.24 for the month of September 2019. According to a notification issued by ministry of finance on Saturday, the price of high speed diesel has also been cut by Rs 5.33 and the new price would be Rs 127.14 per liter to be...

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Govt likely to reduce petroleum products prices by Rs 7.67

The government is likely to reduce the prices of petroleum products by up to Rs7.67 per litre from September 1st, it was learnt on Friday. Sources in the Oil and Gas Regulatory Authority (OGRA) informed Profit that the authority, in its working paper regarding oil prices in September, has proposed Rs7.67 per litre cut in the per litre price of...

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Two mega projects worth Rs95 BN approved for Karachi: Sheikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Sheikh said on Thursday that two mega projects worth Rs 95 billion have been approved for Karachi. Speaking to media after attending a seminar, Dr Sheikh said that one of the big projects is regarding the construction of redline transport plan from Malir to Numaish area of Karachi. An...

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Govt working hard to ease business for investors: Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Thursday said the government was working hard to improve ease of doing business in the country by providing maximum facilities to local as well as international investors. "We are working hard on ease of doing business and the numbers of businesses are gradually improving," he said this...

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Pakistan budget deficit rises to highest in three decades

According to the Finance Ministery,  ahead of the International Monetary Fund's first quarterly review of a bailout program, Pakistan’s budget deficit rose to the highest in almost three decades. The deficit increased to 8.9% of the nation’s gross domestic product in the year ended June compared with 6.6% a year earlier, according to provisional numbers released by the Finance Ministry....

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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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