Business News
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ECB to tighten access to loans | The Express Tribune
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[ad_1] FRANKFURT: The European Central Bank will tighten banks’ access to its liquidity from July by phasing out exceptionally easy collateral rules introduced at the onset of the coronavirus pandemic, the ECB said on Thursday. The move marks another step towards ending the extraordinary support measures the bank deployed to cushion the economic impact of…
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Rupee unchanged against dollar | The Express Tribune
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[ad_1] KARACHI: The rupee remained unchanged against the US dollar at Rs181.73 in the inter-bank market on Thursday compared with Tuesday’s close of Rs181.73, according to the State Bank of Pakistan (SBP). It was an all-time low value for the local currency as demand for the dollar stood higher compared to its supply in the…
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Pakistan, Saudi Arabia to invest in diverse fields | The Express Tribune
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[ad_1] ISLAMABAD: There is a need for increasing investment by Pakistan and Saudi Arabia in diverse fields, remarked Saudi Arabian Minister for Investment Khalid Al-Falih. In a meeting with Minister of State and Board of Investment (BOI) Chairman Muhammad Azfar Ahsan in Tashkent on Thursday, he proposed the creation of a joint team comprising officials…
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SBP reserves drop $869m to $14.96b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 5.49% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On March 18, the foreign currency reserves held by the SBP were recorded at $14,962.4 million, down $869 million compared with $15,831.6 million onMarch 11.…
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REER appreciates slightly to 97.91 in Feb | The Express Tribune
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[ad_1] KARACHI: Pakistan’s real effective exchange rate (REER) – the country’s currency value against a basket of currencies of trading partners – has slightly appreciated, but still it remains close to its fair value which means that exports have remained competitive and imports slightly expensive. “The REER index was recorded at 97.91 in February 2022…
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IMF proposes high income tax | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has proposed to tax the upper middle and rich income groups, who earn in the range of Rs104,000 to Rs1 million a month, at a single rate of 30%. The proposal indicates inequity in taxation as a majority of the salaried Pakistanis will be worse off amid double-digit…
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FTO promises to resolve traders’ grievances | The Express Tribune
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[ad_1] ISLAMABAD: The Federal Tax Ombudsman (FTO) attaches immense importance to the business community particularly the tax payers hence no injustice will be tolerated at any cost against any tax payer in Pakistan, said Federal Tax Ombudsman, Dr Asif Mahmood Jah. Speaking to a delegation of businessmen on Thursday, he said that his office was…
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Sino-Pak dairy cooperation to result in industrial upgrade | The Express Tribune
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[ad_1] BEIJING: “We have learnt that Pakistan is the most important exporter and producer of dairy products in South Asia,” Bright Dairy and Food Company Limited Overseas Business Manager Li Yunjie told China Economic Net. “I think Pakistan’s high-quality dairy products will be of great strategic significance to us and we are willing to explore…
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Business leader for exploiting GSP Plus | The Express Tribune
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[ad_1] ISLAMABAD: Exporters should reap maximum benefits of the GSP plus status as it is playing a key role in pushing Pakistan towards a bright future, said UK-Pakistan Business Council Chairman Mian Kashif Ashfaq. Speaking to a delegation of women exporters on Thursday, he said that GSP plus status had strengthened Pakistan’s commitment to further…
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Refineries seek Rs23b in tax refunds | The Express Tribune
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[ad_1] ISLAMABAD: Cash-strapped oil refineries have sought the Petroleum Division’s help for the release of Rs23 billion worth of refunds stuck with the Federal Board of Revenue (FBR). In a letter to Ministry of Energy (Petroleum Division) Secretary Ali Raza Bhutta, the Oil Companies Advisory Council (OCAC) underlined that refineries were already facing problems in…
