IMF agreement inevitable for Pakistan: ICCI
Islamabad Chamber of Commerce and Industry (ICCI) President Ahsan Zafar Bakhtawari Islamabad Chamber of Commerce and Industry (ICCI) President Ahsan Zafar Bakhtawari said the International Monetary Funds (IMF) agreement was inevitable for a sustainable economic base in Pakistan. However, the government would have to take decisions keeping in view the country’s economic recovery, he said…
Adil Aziz
Rupee gains 71 paisas against US Dollar in interbank
Pakistani Rupee gained 71 paisas against the US Dollar (USD) in the interbank trading as it closed at Rs285.99 against the previous day’s closing of Rs 286.70. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market stood at Rs 287.5 and Rs 290 respectively….
US, China, UK remained top three destinations of Pakistani exports
The United States (US) remained the top export destination of Pakistani products during the eleven months of the current fiscal year (2022-23), followed by China and the United Kingdom (UK). Total exports to the US during July-May (2022-23) were recorded at US$ 5481.385 million as opposed the exports of US$ 6162.991 million during July- May…
European Union to set out legal underpinnings for a digital euro
THE European Union (EU) is due on Wednesday (Jun 28) to publish draft rules that give legal underpinnings for a digital euro, if the European Central Bank (ECB) decided to issue one in coming years. Central banks across the world, from China and Japan to Brazil, Britain and Canada are looking into digital versions of…
National Savings to launch four Shariah-compliant investment and saving scheme
Minister for Finance and Revenue Senator Mohammad Ishaq Dar reiterated firm resolve of the government to implement Shariah Compliant financial system to promote and encourage interest-free Islamic banking and finance in the country. Addressing the launching ceremony of the Shariah Compliant products by the Central Directorate of National Saving (CDNS), the minister said the directorate…
ECC approves exports by mills in Sindh, allows them remaining 32,000 MT in 60 days
The meeting of the Economic Coordination Committee (ECC) approved the Summary of the Ministry of Commerce regarding the extension of the period for the export of Sugar quota by sugar mills in Sindh and allowed them to export the remaining sugar quota of 32,000 MT within 60 days with effect from 12th June onwards in…
IsDB’s partnership to help flood-hit people rebuild lives: PM Shehbaz Sharif
Prime Minister Shehbaz Sharif said that the Islamic Development Bank’s beneficial partnership with Pakistan would go a long way in helping the flood-hit people of the country to rebuild their lives and livelihoods. The prime minister, in a meeting with IsDB President Dr. Muhammad Al Jasser٫ on the sidelines of New Global Financial Pact Summit…
Edible oil, ghee output grew 4.97pc and 16.72pc
The production of edible oil and vegetable in the country during 10 months of the current financial year grew by 4.97 percent and 16.72 percent respectively as compared to the production of the same period last year. During the period from July 2022 to April 2023, about 458,231 metric tons of cooking oil were manufactured…
SBP issues revised Regulations for Electronic Money Institutions
State Bank of Pakistan has issued revised Regulations for Electronic Money Institutions (EMIs) with the aim to enhance outreach and scope of these innovative fintech-enabled payment companies. The updated regulations now allow EMIs to offer their customers, including minors and freelancers, increased monthly wallet limits, offer new payment services such as Payments Aggregation, Bill/Invoice Aggregation,…
FPCCI & Ishaq Dar agree in principle to remove anomalies
In a high-profile meeting with FPCCI, Mr. Ishaq Dar, federal minister for finance & revenue, has agreed in principle to remove some of the major anomalies in the finance bill to accommodate the grievances, issues and apprehensions of the business, industry and trade community. The meeting was also attended by Mr. Tariq Bajwa, SAPM on…