The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by a meagre $19 million to $9.423 billion during the week ended July 12. The SBP reserves have been increasing for several weeks, which has ensured currency stability. The exchange rate largely depends on the central bank’s ability to pay foreign debts promptly. Experts say the country will have to pay a large amount at t
The Large-Scale Manufacturing (LSM) sector grew for the sixth consecutive month, with a 7.33 per cent increase in May, according to data released by the Pakistan Bureau of Statistics on Thursday. The quantum index of LSM industries was 113.90 points in May compared to 106.12 in the same month last year. However, it surged from April’s 105.94 points. For the outgoing fiscal year’s first 11 mo
Textile and clothing exports posted a modest growth of 0.93 per cent in FY24, indicating that the sector may not be able to compete with regional rivals due to the implementation of harsh taxation measures in the current fiscal year. The impact of the highest-ever energy cost is evident in the export results for June, which fell 3.91pc from the previous year, according to Pakistan Bureau of Sta
Prime Minister Shehbaz Sharif directed authorities on Thursday to increase the number of Appellate Tribunals from 50 to 100, to expedite the resolution of pending tax cases while asking the Federal Board of Revenue (FBR) to bring affluent individuals under the tax net. The premier held a follow-up meeting with top FBR officials to review the performance of several tax projects that have been de
The National Assembly’s Standing Committee on Energy (Petroleum Division) was informed on Thursday that no company was interested in offshore oil and gas exploration in the country after Kekra-1, an exploratory well, remained dry in 2019. The session was chaired by Syed Mustafa Mehmood, the committee’s chairman. The members enquired about reasons for the lack of interest being shown by interna