ISLAMABAD, AUGUST 19: Deposits in the banking sector have increased steadily since the year began, with a 19.1% year-over-year increase in July 2024. Deposits in the banking sector rose to Rs. 30.6 trillion in July 2024 from Rs. 25.7 trillion during the same period the previous year, according to the State Bank of Pakistan (SBP). Month over month, deposits are down 1.7% from the Rs. 31.1 trillion recorded in June 2024. Bank investments increased by 41.8 percent year-over-year to Rs. 30.4 trillion in July 2024 from Rs. 21.4 trillion during the same time the previous year. From Rs. 11.89 trillion…
Author: Mawadat Fatima
ISLAMABAD, AUGUST 19: The Asian Development Bank (ADB) has recommended that the Pakistani government remove the tax breaks granted to the real estate industry in order to “improve revenue collection.” The “Pakistan National Urban Assessment” study, released by the bank, exposes mismanagement across multiple industries. The study states that the ADB recommended imposing property development tax and “ending” the tax exemption on open plots after six years. The bank noted that the drop in investment in the manufacturing and agricultural sectors is caused by the tax exemption on real estate development. Investment in manufacturing and agriculture is lacking, which inhibits…
ISLAMABAD, AUGUST 19: The arrival of Alexandra Berg von Linde, the recently appointed ambassador to Pakistan, was announced by the Swedish Embassy on Monday. On August 15th, Alexandra Berg von Linde formally assumed the position of Swedish Ambassador to Pakistan. Alexandra Berg had worked at the Swedish embassies in Kabul and New Delhi in addition to her role as Sweden’s ambassador to Bangladesh. She has worked in a number of capacities at the Stockholm Ministry of Foreign Affairs. Among these positions are those of Chief of Staff to two Ministers of International Development Cooperation and Deputy Head of the Minister’s…
ISLAMABAD, AUGUST 19: There was no break in the severe monsoon rains that continued to batter different parts of the nation. Nearby low-lying areas were submerged when the 290 millimeters of rain in Sukkur smashed a record that had stood for 77 years. Likewise, unceasing precipitation in Larkana, Qaziabad, and Jacobabad overswept several settlements, causing devastation in diverse regions. Rainfall caused problems for Karachiites as they had to fend for themselves during extended downpours that lasted for hours. Gilgit Baltistan Twenty houses were wrecked by landslides in Gojal, Hunza, Astore, and Ghizer, leaving numerous tourists stranded. As a result of…
ISLAMABAD, AUGUST 19: CURRENCY SELLING BUYING USD 281.74 275.67 GBP 364.99 357.09 EUR 311.04 304.87 JPY 1.9229 1.8813 SAR 75.08 73.45 AED 76.71 75.56 LIBOR LIBOR…
ISLAMABAD, AUGUST 19: In July 2024, the nation’s power generation increased by 0.3 percent year over year to 14,880 gigawatt hours (GWh), and by 11 percent month over month to 13,461 GWh. In July 2024, the average cost of fuel for power generation increased by 7% YoY to Rs. 9. Fuel costs decreased by 6% to Rs. 8.8 per unit in FY24. RLNG (20%), Nuclear (13.4%), and Hydel (35.9%) were the top three contributors as of June 2024. In July 2024, the amount of power generated using hydrogen (hydel) dropped by 3% YoY to 5,341 GWh from 5,518 GWh the…
ISLAMABAD, AUGUST 19: Only a few days before Pakistan’s first Test match against Bangladesh, scheduled to start on August 21, the pitch at Rawalpindi Cricket Stadium gives a green top. Thoughts of fast bowlers dominating early in the match have been aroused by the green top, but seasoned watchers warn that appearances may be misleading in Pakistan. Pitch conditions in Pakistan historically tend to flatten out during a game, giving the batsmen more support and the bowlers less. The forthcoming series has great importance as Pakistan aims to gain ground in their domestic Test campaign. At initially, just the first…
ISLAMABAD, AUGUST 19: In order to support the expansion of Fri-Chicks’ franchise network, U Microfinance Bank, a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL), and the fast-food chain, which is expanding quickly in Pakistan, have partnered to provide working capital term loans and cash collection and management services for its current locations. With the support of U Bank, Fri-Chicks, which currently has 50 locations around the country, plans to open 100 new franchises in the upcoming year. Through this partnership, U Bank is demonstrating its dedication to supporting economic expansion in Pakistan by enabling small and medium-sized businesses…
Chief Minister Syed Murad Ali Shah has prohibited single-use plastic water bottles in all government buildings, beginning at the CM House, marking a major step toward environmental responsibility. According to the CM, this program, which aims to promote sustainability and reduce plastic waste, was put into action right away after being notified on August 16. ISLAMABAD, AUGUST 19: Shah gave his staff the order to switch out all plastic water bottles at meetings at the CM House with glass jugs in order to further this aim. This change was seen on camera on Sunday, when glass jugs and tumblers…
ISLAMABAD, AUGUST 19: For both business and residential gas users, the federal government has chosen to implement a fuel price adjustment method. The recommendation of a committee established to tackle the problems in Pakistan’s petroleum industry is to include fuel price adjustments in gas bills. Deputy Prime Minister Ishaq Dar chaired the meeting when this decision was taken. Additionally, the committee has directed the Petroleum Division to suggest any changes that need be made to the OGRA Ordinance in order to establish a mechanism for monthly or quarterly adjustments to gas prices. The committee also asked the Interior Division to…