Business

After UAE and Qatar, Saudi Arabia on Thursday publicized to invest $1 billion in Pakistan to support the country’s economy, the official Saudi Press Agency (SPA) reported. In addition to debating the strong Saudi-Pakistani relations and ways to boost them, the two leaders also deliberated regional and international issues of common interest.Although recalling fraternal bilateral ties amongst the two countries, FM Bilawal greeted Saudi Arabia’s commitment of $1 billion investment in Pakistan.

KARACHI: The rupee’s slide after weeks of recovery beside US dollar sustained on Friday with greenback selling at Rs230 in open market. “During the week ended on August 19, 2022, SBP’s reserves decreased by $87 million to $7,809.9 million,” the SBP said in a declaration. Total liquid foreign reserves held by the country stood at $13.52 billion, said the SBP on Thursday. Net foreign reserves held by commercial banks amounted to $5.71 billion. The SBP cited the failure in reserves due to “external debt and other payments”.

KARACHI: The rupee’s slide beside US dollar sustained in the interbank on Wednesday with the greenback trading at Rs218. On Wednesday, the State Bank of Pakistan said the greenback traded at Rs218.38 in interbank subsequently a hike in value by Rs0.72 although the banks sold it at Rs219. In open market, the US dollar traded amongst Rs225 and Rs227.

US dollar regained losses against rupee and gained value in the interbank despite the country shuffling...

ISLAMABAD: Electricity is probably to become more expensive as the Central Power Purchasing Agency (CPPA) has filed an application with NEPRA looking for power tariff upsurge by Rs4.69 paisa’s per unit. Last week, the Central Power Purchasing Agency (CPPA) had also wanted increase of Rs1.85 per unit on account of market operation fees.

As per the Federal Government decision an Rs. 36 billion new tax on cigarettes and tobacco Minister of Finance and Revenue, Miftah Ismail confirmed during a press conference. Miftah revealed that the tax on tobacco would prove as a helping hand in normalizing the tobacco industry putting an end to the unlawful production of cigarettes.

The federal government has allowed with penalty surcharge of 100 percent of assessed to release of imported items that have reached the ports after 30th June. In May, the government exposed an emergency economic plan and banned the imports of dozens of non-essential luxury items.

Government has appointed Jameel Ahmad as a new Governor State Bank of Pakistan. According to sources,...

Finance Minister Miftah Ismail said Thursday although talking a press conference in Islamabad that the government was lifting the ban on all imports. He specified that the government was also imposing duty on non-essential goods, adding that customs duty would also be imposed on imported vehicles and cell phones.

Govt decided to start increasing levy on petrol and diesel on a monthly basis from September, on Wednesday. Much to the humiliation of ordinary people, the federal government, on (Monday, August 15, 2022) increased the price of petrol by Rs6.72 per liter subsequent which it reached Rs233.91 per liter.