The country’s oil industry is reportedly in serious trouble in arranging crude oil and petroleum products owing to foreign exchange constraints and prevailing product pricing, particularly following the recent currency depreciation and increase in the central bank’s policy rate. Reporting these challenges to the government, the Oil Companies Advisory Council (OCAC) – an association of more than
Ride-hailing service Careem has announced its plans to launch a new “women-driven motorbike service” catering exclusively to its female clientele. According to a press release issued by the company on Tuesday, the service will commence from Karachi before making its way to other cities. Careem said the new service would enable its large female customer base to access “affordable yet safe and
The government has raised the sales tax from 17 per cent to 25pc on 33 categories of goods covering 860 tariff lines, high-end mobile phones, imported food, decoration items, and other luxury goods. The Federal Board of Revenue (FBR) late on Wednesday night issued SRO297 of 2023 to implement the last part of the Rs170 billion tax revenue measures to unlock the IMF tranche. The government has
In a surprise, State Bank of Pakistan (SBP) Governor Jameel Ahmad told a parliamentary panel that the recent increase of 300 basis points in its policy rate was a decision of the Monetary Policy Committee (MPC) of the central bank and not done on the demand of the International Monetary Fund (IMF). Testifying before the Senate Standing Committee on Finance and Revenue, the SBP governor reporte
Amidst a lack of fresh triggers, the capital market on Tuesday remained range bound which led the benchmark KSE100 index to lose 99.64 points to conclude the session at 41,334.69. The investors opted 'wait and see' approach as additional conditions pertaining to the balance of payment put forth by the IMF, according to news reports. The Index traded in a range of 194.44 points or 0.47 perce