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SBP challenges Shariat Court’s order to abolish interest on loans in SC

ISLAMABAD: The State Bank of Pakistan (SBP) on Saturday, challenged the verdict of the Federal Shariah Court (FSC) for the abolishment of interest in the Supreme Court (SC). According to the details, the petition filed by the SBP requested that

Budget of Azad Kashmir for financial year 2022-23 to be presented today

MUZAFFARABAD: The budget of Azad Jammu and Kashmir for the financial year 23-2022 will be presented today. According to details, Finance Minister Abdul Majid Khan will present the budget for the new financial year of Azad Kashmir. A cabinet meeting

Sindh govt reduces business hours across province to save energy

KARACHI: Sindh government on Friday issued a notification to reduce business hours across the province to save energy. The Sindh Home Department further added in the new notification that the restrictions will not apply on Saturdays. However, from Sunday to

PSX: KSE-100 recovers slightly after 2055 points’ fall

KARACHI: KSE-100 index on Friday closed 1,665.18 points lower after the Pakistan Stock Exchange (PSX) witnessed a bloodbath at midday due to Prime Minister Shehbaz Sharif’s announcement about super tax. The benchmark index plummeted 2,055 points in less than 20

Pakistan receives $2.3bn loan from China, confirms Finance Minister

ISLAMABAD: Finance Minister Miftah Ismail Friday announced that a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into the State Bank of Pakistan’s (SBP) account, increasing Pakistan’s foreign exchange reserves. “We thank the Chinese government

US crypto frim Harmony hit by $100 million heist

WASHINGTON: US crypto firm Harmony said on Friday that thieves stole around $100 million worth of digital coins from one of its key products, the latest in a string of cyber heists on a sector long targeted by hackers. Harmony

Bloodbath at PSX as KSE-100 index plunges 2,055 points

KARACHI: The Pakistan Stock Exchange (PSX) Friday witnessed a bloodbath immediately after Prime Minister Shehbaz Sharif announced “tough decisions” taken by the government in the federal budget for the upcoming fiscal year 2022-23. The benchmark KSE-100 index opened in the

SBP-held foreign exchange reserves plummet to $8.24bn

KARACHI: The State Bank of Pakistan (SBP) foreign exchange reserves recorded a declination of $748 million. SBP’s foreign exchange reserves fall by $748 million to $8.2 billion, while the bank’s foreign exchange reserves reached their lowest level since October 25,

Bulls return to PSX as KSE-100 gains 258.83 points

KARACHI: Pakistan Stock Exchange (PSX) on Thursday witnessed a bullish trend throughout the day and the KSE-100 index closed at 42,716.97 with a gain of 258.83 points. The benchmark index climbed 0.61% while the volume and value of shares traded

Gold price plunges by Rs.4600 per tola in Pakistan

KARACHI: The prices of gold in Pakistan plunged by Rs.4600 per tola and Rs. Rs3,940 per 10 grams on Thursday. After depreciation, the yellow metal prices settled at Rs140,700 per tola and Rs120,628, per 10gram. The decline was in line

Rupee appreciates against dollar by Rs.4.7 in interbank

KARACHI: The Pakistani rupee on Thursday appreciated against the dollar by Rs4.7 in the interbank market. According to the State Bank of Pakistan, the US dollar closed at Rs207.23 in the interbank market. The previous day’s close was Rs211.93 against

Punjab Assembly passes budget 2022-23

LAHORE: The provincial government passed, amid the absence of the Opposition, its budget of Rs3.226 trillion for the financial year 2022-23 in the Punjab Assembly. Punjab Finance Minister Awais Laghari moved the Punjab Finance Bill 2021 which later the government passed

Worldwide oil-refining crunch contributing to high prices

LONDON: Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation and industrial production. Prices were already elevated before Russia invaded Ukraine on Feb. 24. But since

PSX witnesses volatile session as KSE-100 drops 67 points

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday witnessed a volatile session as the KSE-100 climbed in the morning but dipped in the final hours of the day to lose 67.81 and closed 0.16% down.   By the end of

China agrees to provide $2.3 bn loan: Miftah

ISLAMABAD: Minister for Finance and Revenue Miftah Ismail Wednesday said that the Chinese consortium of banks has signed the RMB 15 billion ($2.3 billion) loan facility agreement after it was signed by the Pakistani side on Tuesday. In a tweet,

Duty imposed on import of edible oil leading to possible hike in price

ISLAMABAD: The government has imposed regulatory duty on the import of edible oil, adding that prices of cooking oil and ghee are likely to rise further. The federal government has imposed regulatory duty on the import of edible oil from

Pakistan’s exports to China up nearly 6 percent in Jan-May : GACC

BEIJING: Pakistan’s export to China crossed $1.605 billion in the first five months of 2022, up 5.42 percent year on year, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC). Badar uz

SBP denies rumors its foreign exchange reserves dried up

KARACHI: The State Bank of Pakistan (SBP) has rejected rumors claiming its foreign exchange reserves had “dried up. In a tweet SBP clarified its liquid foreign exchange reserves of $8.9 billion are “fully usable.” The central bank’s response came after

Roshan Digital Account hits highest-ever daily Inflows of $57m

KARACHI: State Bank of Pakistan disclosed a record $57 million daily inflows in the Roshan Digital Account (RDA). The central bank announced in a tweet that Roshan Digital Account registered inflows of $57 million, which is the highest ever figure

Balochistan govt presents Rs.612 billion budget for FY2022-23

QUETTA: Sardar Abdul Rehman Khetran, Balochistan Finance Minister on Tuesday presented the province’s budget for the fiscal year 2022-23, with a total outlay of more than Rs612 billion. The budget session was presided over by acting speaker Babar Moosakhel. The

PSX: KSE-100 gains 748 points over hope of IMF program revival

KARACHI: Bulls ruled the Pakistan Stock Exchange (PSX) on Tuesday as The KSE-100 Index shot up nearly 750 points at the conclusion of the trading session amid reports that the International Monetary Fund (IMF) deal is likely to be announced

US dollar hits all-time high of Rs212 in interbank trade

KARACHI:  The Pakistani rupee has depreciated further in the interbank market, the dollar rose by Rs 2.40 paise in the interbank market, from which one dollar is trading at the highest level of Rs 212. On the other hand, the

People’s Bus Service to be launched in Karachi today

KARACHI: Sindh government is all set to launch the luxury People’s Bus Service in Karachi and Larkana from today (Tuesday) to provide better commuting facilities to the residents. Foreign Minister and Pakistan People’s Party chairman Bilawal Bhutto Zardari will inaugurate the bus

Tanker owners threaten to stop oil supply if fares not increased by 100%

KARACHI: The oil tankers owners have demanded a 100% increase in their fares for transporting petroleum products across the country. The Oil Tankers and Contractor Association (OTCA), the body representing oil tanker owners, said on Monday and also issued a

Bears rule PSX as KSE-100 drops 363 points

KARACHI: The Pakistan Stock Exchange (PSX) on Monday witnessed a bearish trend as investors resort to profit-taking, pushing the KSE-100 Index lower in the first trading session of the week. The trading session commenced on a positive note, with the

Gold price jumps by Rs1,450 per tola in Pakistan

KARACHI: Gold prices on Monday soared by Rs1,450 per tola and Rs1,243 per 10 grams as reached an all-time high of Rs147,250 and Rs126,243 amid continuous depreciation of the rupee against the US dollar. In the international market, the price

Pakistani rupee continues to drop against US dollar in interbank market

Karachi: The Pakistani rupee continued its downward slide against the US dollar by depreciating continuously. According to the details, at the beginning of the business day today, the US dollar soared in the interbank market, the US dollar became expensive

20 shopkeepers arrested for violating govt’s order in Karachi

KARACHI: At least 20 shopkeepers have been arrested for violating the Sindh government’s order to close business centers soon, to deal with the energy crisis Numerous shops and showrooms of Pratap Road, Saddar, DHA were sealed for violation of working

Govt retracts decision to import 600,000 tonnes of sugar

ISLAMABAD: The federal government has decided to retract its decision to import 6,00,000 tons of sugar, claiming it will be more expensive than domestically produced sugar. According or Ministry of Trade sources, the government has decided to not import sugar

Balochistan budget 2022-23 to be unveiled today

QUETTA: The Balochistan government will unveil the Balochistan Budget today (Monday) for the fiscal year 2022-23 with a total outlay of more that Rs 585 billion, with Rs 200 billion Annual Development Programme (ADP). According to details, the budget session