The Senate Standing Committee on Finance expressed dissatisfaction with the State Bank of Pakistan (SBP) for providing inadequate details regarding the over Rs70 billion trade-based money laundering involving the import of solar panels. The committee directed the immediate disbursement of pending salaries to teachers from the beginning of the current fiscal year.
The International Monetary Fund (IMF) has adjusted Pakistan’s foreign loan needs for the current fiscal year to $25 billion, marking a decrease of $3.4 billion. Additionally, the IMF has downgraded the economic growth projection to a mere 2%, rejecting the government’s external and macroeconomic forecasts.
Anticipated on November 15, a drop of Rs8 to Rs10 per litre in petrol and high-speed diesel prices is imminent for the next two weeks. This reduction is primarily attributed to the recent decline in international market prices. Despite this, the rupee’s depreciation against the dollar has somewhat offset the consumer advantage from lower global prices.
On Monday, AIRLINK, a prominent mobile phone manufacturer and distributor in Pakistan, revealed its collaboration with Xiaomi to manufacture smart TVs at its Lahore facility. This venture expands their existing partnership for locally producing Xiaomi smartphones.
Federal government is considering hefty increase in gas tariffs for industries, domestic and commercial users. The Ministry of Energy has suggested 136% increase in gas tariff for commercial customers, 71% for the export industry, 117% for industrial users, 25% for bulk consumers and 193% for the cement industry.
Mr. Zahid Latif Khan, (L) Chairman of ISE Tower REIT Management Company Limited, formerly known as Islamabad Stock Exchange Limited, presented the book “100 Best Performing CEOs of Companies of Pakistan” to Shafaat Yar Khan, CEO of Coverpage. This comprehensive book features interviews, success stories, and case studies of CEOs, business leaders, influential managers, entrepreneurs, and notable women, highlighting their remarkable contributions. In the photo, Mr. Sardar Rais Munir Ahmed, (R) former Federal Minister for Sports, Culture, Youth Affairs & Minorities, can also be seen participating in this occasion.
On Wednesday, the Ministry of Energy confirmed that Islamabad was in the process of verifying details following a tweet from Russia’s embassy in Pakistan. The embassy, via its social media platform, X (formerly Twitter), announced on Tuesday that Russia had completed its inaugural Liquefied Petroleum Gas (LPG) delivery to Pakistan, with 100,000 tons arriving through Iran’s Sarakhs Special Economic Zone. Discussions regarding a potential second shipment were also reported to be underway. (Photo: Russian Embassy)
The Reserve Bank of India (RBI) has extended the deadline for accepting Rs 2,000 banknotes at bank branches until October 7, 2023. Following this, they can be deposited at 19 RBI Issue Offices until further notice. As of September 29, 2023, 96% of the Rs 3.56 trillion worth of Rs 2,000 notes in circulation as of May 19 has been returned, leaving only Rs 14,000 crore still in circulation.