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 Murtaza Syed appointed as deputy governor SBP

ISLAMABAD: The federal government appointed another man, who served at the International Monetary Fund (IMF), as the deputy governor of the State Bank of Pakistan (SBP). Murtaza Syed is currently the second such appointment at the top hierarchy of the SBP after the incumbent state bank’s Governor Reza Baqir had also served for the international financial body. A notification for ... Read More »

State Bank to announce monetary policy on Jan 28

KARACHI: The State Bank of Pakistan will announce monetary policy on January 28, 2020. SBP Governor Dr Reza Baqir will announce the policy at a press conference on that day. It is pertinent to mention here that the central bank has left the rate unchanged in the past two meetings.       Read More »

Exports increase 25pc to Rs1805b in 1H of FY2020

ISLAMABAD: The exports from the country, in rupee term, increased by 24.82 percent during the first half of the current fiscal year compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The exports from the country during July-December (2019-20) were recorded at Rs1,805,074 million against the exports of Rs1,446,166 million during July-December (2018-19), showing growth ... Read More »

CDNS achieves collection target of Rs116b by Jan 10

ISLAMABAD : The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs116 billion by January, 10 of fiscal year 2019-20. The CDNS has set Rs352 billion annual collection target for the year 2019-20 as compared to Rs324 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country, senior official of ... Read More »

NAB distributes Rs14.4m among 56 affectees of Lake Vista Residentia Hosuing Scheme  

ISLAMABAD: National Accountability Bureau (NAB), Rawalpindi has distributed Rs 14.4 millions among 56 affectees cheated by the owners of a fake housing society Lake Vista Residencia located at Mouza Abdullah, Adayala Road Rawalpindi. Director General NAB Rawalpindi Irfan Naeem Mangi said the bureau was making all out efforts to recover the looted money from the swindlers. The accused Malik Muhammad ... Read More »

Fertilizers production grew in first five months of FY2019-20

ISLAMABAD: Fertilizers production in the country during first five months of current financial year increased by 8.18 percent as compared the output of the corresponding period of last year. During the period from July-November, 2019-20, nitrogen fertilizers grew by 8.18 per cent as over 1.364 million tons of fertilizers produced as against the production of 1.261 million tons of the ... Read More »

Int’l conference on LNG to be held on Jan 31

ISLAMABAD: A daylong international conference titled “LNG for Pakistan” is scheduled to be held here on January 31 with a special focus on prevailing countrywide gas supply situation amid severe spell of cold weather. The seminar, organized by Energy Update – a trade magazine, is aimed at addressing the issues related to Pakistan’s energy requirements and determining the role of ... Read More »

Oil import bill falls by 20pc in 1H of current FY

ISLAMABAD: Pakistan’s oil import bill and local production of petroleum products declined by almost 20 per cent and 12pc, respectively, during first half of the current fiscal year, a clear sign of economic slowdown. According to data released by the Federal Bureau of Statistics (PBS), the oil import bill during the first six months (July-December 2019) fell by 19.87pc in ... Read More »

Stockists increase price of sugar by Rs2.5 per kg

LAHORE: After a flour and wheat crises, profiteers and stockists raised sugar prices by Rs2.5 per kg. According to media, price of sugar in Lahore wholesale market was increased by Rs2.5 per kg. Sugar Traders Association said that hundred kilogram sugar bag’s price increased from Rs7,300 to Rs7,500. The official price of sugar in Lahore is Rs60 per kg and ... Read More »

CPEC to help Pakistan in tapping its full potential in various fields: President

ISLAMABAD: President Dr Arif Alvi has expressed optimism that the China-Pakistan Economic Corridor (CPEC) will help Pakistan to tap its full potential in the domains of energy, industry, and infrastructure. He was talking to Ambassador of China Yao Jing who called on him in Islamabad. The President emphasized that the China-Pakistan Economic Corridor is a flagship project of Belt and ... Read More »

Finance division settles 42,444 complaints via Pakistan Citizen’s Portal

ISLAMABAD: The Finance, Revenue and Economic Affairs Divisions have resolved around 42,444 complaints or 94.7 percent of the total grievances received through Pakistan Citizen’s Portal (PCP) regarding the matters concerning these divisions. As many as 44,554 complaints were received by these divisions through Pakistan Citizen’s Portal (PCP), official data revealed, showing that only 5.2 percent complaints were unresolved and those ... Read More »

Power tariff likely to go up by 98 paisa per unit

ISLAMABAD: Power tariff is expected to go up as the Central Power Purchasing Agency (CPPA) has requested the National Electric Power Regulatory Authority (NEPRA) to increase electricity rates by 98 paisa per unit on account of fuel price adjustment. If granted, the increase in power rates will be for a month on account of fuel price adjustment for electricity consumed ... Read More »

Hike in flour prices: PM Imran orders crackdown on hoarders, profiteers   

ISLAMABAD: Taking notice of reports regarding an illegal rise in prices of wheat flour, Prime Minister Imran Khan on Saturday ordered a country-wide crackdown on hoarder and profiteers. According to sources, PM Imran Khan has directed the concerned authorities to take strict and indiscriminate action against the elements involved in illegal price hike. He directed the officials to take effective ... Read More »

Govt urged to peruse Indonesian govt for approval of quota for Pakistani Kinows

KARACHI: All Pakistan Fruits and Vegetable Association urged the government to peruse Indonesian government for immediate approval of quota for importing Pakistani kinows to accelerate exports of the commodity. The Association wrote a letter to Advisor to commerce, industry and Trade Razak Dawood to immediately intervene in the matter. The letter said that Indonesia follows a quota system for import ... Read More »

Wheat prices skyrocket across the country

LAHORE: Flour prices across the country have skyrocketed across the country, selling for Rs62/kg across the stores. According to Retailers Association, the price of the flour has increased by five rupees in just the last week due to a shortage of wheat supply. “Fine flour is available for Rs62/kg while the price of mill flour has been increased by five ... Read More »

NAB approves filing references against Nawaz Sharif, Zardari & Yousaf Raza Gillani

ISLAMABAD: The National Accoutability Bureau (NAB) on Thursday has approved the filing of references against Nawaz Sharif, Asilf Ali Zardari and Yousaf Raza Gillani over allegations of distributing Toshakhana’s luxury cars among themselves. According to the details, NAB chairman Justice Javed Iqbal presided over a meeting of the executive board which discussed the matter pertaining to the misuse of Toshakhana ... Read More »

5G technology at the doorstep of Pakistan

ISLAMABAD: Federal Minister for Science and Technology Fawad Chaudhry said Thursday that 5G technology is at the doorstep of Pakistan and it would become a big revolution, ARY News reported. Fawad Chaudhry, in his media statement, said 5G technology is slated to be introduced around the world which would a big revolution, whereas, the people will also witness major developments ... Read More »

Hyundai-Nishat begins production of ‘Make in Pakistan’ truck

FAISALABAD: Hyundai Nishat Motor (Private) Limited has announced its mass production at the assembly plant in FIEDMC, M3 Industrial Estate. The plant has an annual production capacity of up to 15,000 units per annum in its initial phase, Hyundai’s manufacturing plant is now fully operational. The Start of Production takes place two years after the ground breaking in December 2017. ... Read More »

NHA, NBP sign MoU to plant olive trees alongside highways of Pakistan

ISLAMABAD: A Memorandum of Understanding has been signed between National Highway Authority and National Bank of Pakistan for Olive Tree Plantation along the Highways in the country. Addressing the signing ceremony in Islamabad today, Minister of State for Climate Change Zartaj Gul said the government is taking concrete measures to address challenges arising out of Climate change in the country. ... Read More »

Zong introduces unlimited calls to China under CPEC initiatives

ISLAMABAD: Telecom company Zong 4G has introduced unlimited calls to China under its China-Pakistan Economic Corridor (CPEC) initiatives, a press release issued by the company said on Wednesday. The company said it has launched two call bundles in order to make international direct dialling to China more convenient. The bundles introduced by China Mobile Pakistan (CMPak, popularly known as Zong) ... Read More »