Earnings of commercial banks are expected to drop by 4-11 per cent for 2022 if the government imposes a new tax on their foreign exchange income. Finance Minister Ishaq Dar said in a recent press conference that the government was planning to ramp up its tax revenues by levying an additional tax on banks, which have made “excessive gains” on the back of a high volatility in the currency market.
State Bank of Pakistan’s (SBP) foreign exchange reserves hit an eight-year low at $5.576 billion during the week ended on Dec 30, 2022. Despite fast dwindling SBP reserves, Finance Minister Ishaq Dar is still hopeful about reverting the situation with expected financial help promised by the friendly countries, but nothing has been realised so far. During the week the SBP foreign exchange re
Oil prices rose as much as $1 on Friday, extending gains from the previous trading session on hopes of a China demand boost and after data showed lower fuel inventories in the United States following a winter storm that hit during the year-end. Brent crude futures were 94 cents, or 1.2 per cent, higher at $79.63 a barrel at 0345 GMT, after settling 85 cents stronger at $78.69 on Thursday. US
With rising prices of wheat flour and chicken already hitting most household budgets, two more staples — ghee and cooking oil — are also going to be short in supply as well as costlier ahead of the holy month of Ramazan if corrective measures are not taken immediately, it emerged on Thursday. Producers are fast running out of palm oil, soybean oil and sunflower following banks’ reluctance in op
Share prices moved both ways on Wednesday before settling on the lower side as a result of uncertain macroeconomic conditions. Arif Habib Ltd said the volume for mainboard stocks dropped while third-tier companies continued their dominance on the trading counter. A lack of positive triggers on the market kept investors away from participation, said JS Global. According to analyst Ahsan Meha