FBR record revenue collection of Rs.2,748 Billion in July-October 2023
FBR has collected Rs.2,748 Billion (2022: 2,159 Billion) against assigned target of Rs.2,682 Billion, thereby exceeding it by Rs.66 Billion. FBR has put in tremendous efforts to achieve revenue target for the month of October, 2023.
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Pakistan’s economic growth gain momentum: Economic Outlook Report
The economic indicators of first quarter of the current fiscal year (2023-24) show Pakistan’s economy had set the growth momentum and was yielding positive results owing to government’s stabilization measures, according to the finance ministry.
Adil Aziz
Pakistan export’s to US, UK decline, and surge of China
The United States remained the top export destination of Pakistani products during the first three months of the current financial year 2023-24, followed by China and the United Kingdom (UK).
ECC approved raise gas tariff from November
The Economic Coordination Committee of the Cabinet approved revision of the natural gas sale pricing for different categories of consumers for the fiscal year 2023-24, with effective from November 1st, 2023.
Mobilink Bank to provide financial services to HRSG
Mobilink Bank signed a Memorandum of Understanding (MoU) with HRSG, a globally renowned service provider. This collaborative agreement strives to extend financial services to HRSG employees, showcasing the Bank’s dedication to improving the economic well-being of these individuals and supporting their financial aspirations.
PTCL Group adopts Red Hat hybrid cloud solutions
PTCL Group (PTCL & Ufone 4G) announced today that it is leveraging Red Hat OpenShift, the industry’s leading hybrid cloud application platform powered by Kubernetes and Red Hat Application Foundations. These are a comprehensive set of components for developing and modernizing software to strengthen the Group’s digitalization ambitions.
State Bank decided to maintain the policy rate at 22%
Monetary Policy Committee decided to maintain the policy rate at 22 Percent. The Committee noted that headline inflation rose in September 2023 as expected. However, it is projected to decline in October and then maintain a downward trajectory, especially in the second half of the fiscal year.
Automobile Sector: Rise in Tractor production of 6.71% growth from July-August
Local tractor assembling during the July and August of the current financial year, grew by 6.71 percent. During the period under review, the local assembling of jeeps and cars decreased by 53.91 percent as about 14,328 jeeps and cars assembled as against the assembling of 31,085 jeeps and cars.
State Bank to announce Monetary Policy today
The State Bank of Pakistan will announce a new monetary policy for the next two months on Monday (Oct 30). According to the SBP sources, the Monetary Policy Committee (MPC) would convene in Karachi to assess economic statistics before deciding whether to raise or lower interest rates.
SECP initiates consultation on voluntary ESG Disclosure Guidelines
The Securities and Exchange Commission of Pakistan issued draft guidelines on ESG disclosures for consultation as part of its Environmental, Social and Governance (ESG) Regulatory Road map issued in June 2022. The guidelines have been prepared to encourage listed companies to enhance their ESG disclosures in a fair and transparent manner on voluntary basis. Since the guidelines are non-mandatory in nature, non-listed companies may also seek guidance from the draft guidelines for embarking on their journey towards adoption of ESG standards.