oreign investments in treasury bills (T-bills) sharply fell as outflows were four times higher than the inflows in the first week of November. Data released by the State Bank of Pakistan (SBP) on Thursday showed that foreign investors had lost their interest in domestic bonds as withdrawals surged to $46 million against an inflow of $10.5m during the first week of this month. The government
Prime Minister Shehbaz Sharif directed the relevant authorities on Thursday to ensure third-party validation and quality insurance in all government procurements. Presiding over a meeting to review good governance and public procurements, the prime minister also directed the authorities to bring reforms in the Public Procurement Regulatory Authority (PPRA) and purge the authority of any influen
As part of the Federal Board of Revenue’s (FBR) transformation plan, Prime Minister Shehbaz Sharif on Thursday announced a cash reward of Rs5 million in recognition of an officer’s efforts to pre-empt a fraud. An FBR team, led by its Chairman Rashid Mahmood Langrial, briefed the premier on the performance of tax officials who uncovered sales tax fraud. As part of the drive, the government ha
In a bid to avoid a government levied tax, commercial banks have imposed a fee on deposits higher than their designated threshold, and set lower deposit targets in the range of Rs1 billion to Rs5bn. All major commercial banks, including Bank Alfalah, MCB, Meezan, HBL and Standard Chartered have sent notices to clients who have large deposits ranging from Rs1bn to Rs5bn, with each bank setting i
Pakistan Stock Exchange (PSX) on Wednesday saw volatile trading as the benchmark KSE-100 index initially surged on strong buying interest but ultimately closed lower by more than 300 points due to profit-taking and political uncertainty. Additionally, the bourse felt pressure from above-average foreign corporate selling, which pushed the index into the red zone. After commencing proceedings