State Bank of Pakistan (SBP) Governor Jameel Ahmad has stated that there are no import restrictions as foreign exchange reserves have substantially risen. In his message for the 77th Independence Day celebrations at the SBP, Mr Ahmad mentioned that the situation regarding foreign reserves has improved, with reserves rising to $9.3 billion despite ongoing debt repayments. “There have been no
The top 28 sectors contributed around 65 per cent of the total income tax collected in FY24, indicating a concentration of tax collection in existing industrial and service sectors. This highlights the narrow base of the income tax collection with the share of all other products and services accounting for 35.23pc in FY24, according to Federal Board of Revenue data. In FY24, a significant po
The rupee has appreciated significantly against the dollar over the past year, marking a rare shift as the US currency typically dominates. Official data showed that the rupee gained around Rs9 per dollar in the interbank market between August 11 and August 13. The open market saw even greater appreciation, with the rupee strengthening by Rs15 per dollar during the same period. On August 11
In the wake of the resurgence of the grey market, the Special Investment Facilitation Council (SIFC) has urged the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) to enhance the flow of foreign exchange through official channels and secure remittances from overseas Pakistanis. The top civil-military forum, created to promote investment, has also asked FBR to devise a milestone-b
Extending Independence Day felicitations to the nation, Prime Minister Shehbaz Sharif on Wednesday promised a “significant cut” in electricity tariffs in next few days. Currently, he noted, electricity bills are the biggest concern of everybody and without reducing the electricity tariffs, Pakistan’s industry, agriculture, and exports could not grow. Addressing a ceremony held in connectio