Monetary Policy Statement September 12, 2024
1. At its meeting today, the Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 17.5 percent, effective from September 13, 2024. Both headline and…
2 percent cut in interest rate not in line with declining trend in inflation: Altaf Ghaffar
KARACHI: Acting President Karachi Chamber of Commerce & Industry (KCCI) Altaf A. Ghaffar, while commenting State Bank’s decision to reduce the interest rate by 2 percent to 17.5 percent, stated…
SCCI moves PHC against IPPs agreements
Bureau Report PESHAWAR: Sarhad Chamber of Commerce and Industry on Wednesday filed a writ petition in Peshawar High Court against Independent Power Producers agreements. In the writ petition, the SCCI…
Mastercard and UPaisa launch a new debit card to transform the Pakistan payments landscape
The new co-branded physical and virtual card will enable UPaisa wallet users to perform e-commerce, POS, and ATM cash withdrawal transactions securely in Pakistan: Islamabad, Pakistan: Mastercard and UPaisa –…
CCP, British Council partner to strengthen industry’s understanding of competition law
ISLAMABAD: The Competition Commission of Pakistan (CCP), in collaboration with the British Council, conducted an interactive session on Competition Law for UK Alumni based in Karachi. The session attracted a…
SHC seeks comments from Special Judge Customs within a week
KARACHI: Sindh High Court (SHC) issued a letter to Mr Sohail Jabbar Malik, Special Judge, Customs, Taxation & Anti-Smuggling, Court I, Karachi seeking his comments in a complaint made by…
FIR lodged against importer, clearing agent for trying to import luxury vehicle on fake documents
KARACHI: MCC Appraisement West has lodged an FIR against an importer and clearing agent for submitting fake export certificates for clearing an imported vehicle. Information was received through Collector Appraisement…
BF Biosciences Plans to Raise Rs1.38 bn to 1.93 bn in Sept. 2024 through IPO
Karachi: BF Biosciences Limited looks to raise 1.38 bn to 1.93 bn through issuing 28.3% new shares through an Initial Public Offering (IPO) on September 25-26. Speaking at the pre-IPO…
CCP Enforces Competition Law: PKR 27 Million in Penalties Recovered
ISLAMABAD: The Competition Commission of Pakistan (CCP) has successfully recovered PKR 27 million in penalties from Reliance Paints and Pakistan Steel Mills (PSM) by exercising its authority under Section 40(2)(a)…
SHC issue notice to Deputy Attorney General for 26.9.2024 in Criminal Acquittal Appeals
KARACHI: Hearing six Special Criminal Acquittal Appeals, an appellate bench of High Court of Sindh ordered issuance of notice to the Deputy Attorney General for 26.9.2024 as he was called…
Current account surplus likely – can Pakistani currency appreciate?
After experiencing significant depreciation in FY23, the local currency has regained ground over the last four quarters, supported by the IMF Stand-by agreement, contained current account deficit and reduced political…
Monetary Policy Announcement
The Monetary Policy Committee (MPC) of SBP will meet on Thursday, September 12, 2024 to decide about the Monetary Policy. Later on, SBP will issue the Monetary Policy Statement through…
Pak-Qatar Family Takaful and Meezan Bank Sign Agreement to Launch Instant Withdrawals facility
Karachi: Pak-Qatar Family Takaful Limited (PQFTL), Pakistan’s Pioneer and leading Family Takaful Company and Meezan Bank, Pakistan’s leading Islamic bank, have announced a strategic partnership aimed at revolutionizing the financial…
Sindh’s Energy Ministry supports IEEEP Fair: Nasir Hussain
Karachi: Minister of Energy, Government of Sindh, Syed Nasir Hussain Shah has said that his department stands fully committed to support the IEEEP Fair. “We will work closely along with…
SECP and U.S. CFTC commence 2nd Training Session on Commodities Futures Market
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) in collaboration with the U.S. Commodity Futures Trading Commission (CFTC) commenced the second training session on the development of the Commodity…
Pakistan’s monthly trade based money laundering transactions increase by 398%
Pakistan’s monthly TBML-related suspicious transactions volume increased by an average of 398% after the Asian Development Bank (ADB) in collaboration with the United Nations Office on Drugs and Crime implemented…
Custom Appellate Tribunal allows appeal by DIT Multan
KARACHI: A two member custom appellate tribunal at Karachi allowed an appeal filed by Director, Directorate of Intelligence & Investigations, Multan through Advocate Sardar Zafar Hussain. The appeal pertains to…
EFP, ILO, and Govt Unite to Eliminate Forced Labor
KARACHI: The Employers Federation of Pakistan (EFP), in collaboration with the International Labour Organization (ILO), under the BRIDGE Project funded by the U.S. Department of Labor (USDOL), hosted a National…
Press Release of Workers’ Remittances in August 2024
• Workers’ remittances recorded an inflow of US$ 2.9 billion during August 2024. • In terms of growth, remittances increased by 40.5 percent on y/y basis. • Cumulatively, with inflow…
CCP approves acquisition of shares in Sindh Engro Coal Mining Company
ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for the acquisition of 11.9% of the paid-up ordinary share capital of M/s. Sindh Engro Coal Mining Company (SECMC) Limited…