Business News
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Rupee hits fresh record low at 211.93 | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its downward streak on Wednesday, but the drop was lower than the ones recorded for most of the days in the past three months. The rupee trimmed 0.21% (or Rs0.45) of its value to a new all-time low at Rs211.93 against the US dollar in the inter-bank market compared to…
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Mobile operators’ revenue contracts sharply | The Express Tribune
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[ad_1] ISLAMABAD: user (ARPU), a key tool for gauging the financial health of cellular mobile operators (CMOs), has declined sharply, setting off alarm bells for the telecom companies in Pakistan. The ARPU per month has dropped from $9 in 2003 to around $1 at present. At the same time, the cost of doing business has…
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ECC increases K-Electric tariff | The Express Tribune
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[ad_1] ISLAMABAD: The government on Wednesday agreed to increase electricity tariff for K-Electric consumers and also approved supplementary grants of Rs139 billion, including Rs113 billion for power plants to keep running them and avoid default on payments for fuel supplies. Headed by Finance Minister Miftah Ismail, the Economic Coordination Committee (ECC) of the cabinet cleared…
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20 banks in race for digital licence | The Express Tribune
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[ad_1] KARACHI: (SBP) has so far received 20 applications for digital banking, of which five licences will be awarded to the successful institutions soon, as banks are on the cusp of second digital revolution in the country. “Due diligence (of banks and financial institutions which applied for the digital banking licence) is underway and we…
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Rate of return edges down in PIB auction | The Express Tribune
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[ad_1] KARACHI: The rate of return for commercial banks on Wednesday dipped slightly in the range of one to three basis points on long-term financing for three to 10 years for the government, but the rates remained largely around the recent three-year highs. The government raised Rs155 billion at interest rates in the range of…
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PM steps in to stave off closure of refineries | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif has stressed that the government will take all-out measures to save the oil refineries from the looming shutdown due to the difficulty in opening Letters of Credit (LCs) and assured the industry of payments for oil import. The Petroleum Division took up the matter with PM Sharif, pointing out…
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Turnover tax on traders ‘unbearable’ | The Express Tribune
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[ad_1] KARACHI: A turnover tax of 1.25% on traders, distributors and dealers is unbearable as profit margins are barely 2% on market sales and the tax will continue to discourage the SMEs from getting registered under the sales tax regime, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) acting President Shabbir Mansha. “Taxes…
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Pakistan signs $2.3b loan facility agreement with China: Miftah Ismail
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[ad_1] Finance Minister Miftah Ismail speaks during the launch ceremony of ´Economy Survey 2021-22´ in Islamabad on June 9, 2022. — AFP ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail Wednesday said Pakistan signed a RMB 15 billion ($2.3 billion) loan facility agreement with a Chinese consortium of banks. Taking to his Twitter handle,…
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China agrees to provide $2.3 billion loan amid economic crisis | The Express Tribune
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[ad_1] ISLAMABAD: Minister for Finance and Revenue Miftah Ismail on Wednesday announced the good news that the Chinese consortium of banks had signed the RMB 15 billion ($2.3 billion) loan facility agreement after it was signed by the Pakistani side a day earlier. “The Chinese consortium of banks has today signed the RMB 15 billion…
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$2.3b loan deal inked with China | The Express Tribune
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[ad_1] ISLAMABAD: China has signed a $2.3 billion commercial loan deal with Pakistan to boost its sliding foreign exchange reserves, as the government waits for the rollover of three more maturing loans totalling $2 billion. “The Chinese consortium of banks has today signed the RMB 15 billion ($2.3 billion) loan facility agreement after it was…
