Economy

The US dollar maintained its upward momentum in the interbank market on Thursday, increasing by eight paisas and bringing its value to Rs278.60. This rise follows a similar increase on Wednesday when the dollar gained 11 paisas, reaching Rs278.45. The recent surge in the dollar’s value is attributed to the continued delay in the approval of Pakistan’s much-anticipated $7 billion …

SBP to Replace All Currency Notes with Polymer by Year-End The State Bank of Pakistan (SBP) is set to introduce a significant change in the nation’s currency landscape. Governor Jameel Ahmad has announced that all currency notes will be replaced with new ones made from polymer paper by the end of this year. This announcement was made during a briefing …

In response to the growing global concerns about the spread of the monkeypox virus, the government of Pakistan has issued new guidelines to airports across the country, following the directives of Prime Minister Shehbaz Sharif. These measures aim to strengthen screening and preventive protocols at all entry points to safeguard public health. Strengthened Screening Measures at Entry Points According to …

ACCORDING TO SAMAA, The Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-Ur-Rehman, addressed the ongoing controversy surrounding the installation of a firewall system during a session of the Standing Committee of the National Assembly on Information Technology. In a carefully worded statement, he clarified that the system in question is not a new firewall but an upgraded …

On Wednesday, State Bank Governor Jameel Ahmed announced that the design of Pakistan’s currency notes would be revamped by December. This announcement was made during a session of the Senate Standing Committee on Finance, chaired by Senator Salim Mandviwala. The revamped notes will feature enhanced security elements, addressing the need for modernized and secure currency in Pakistan. Revamping the Currency …

The Pakistani government announced on Tuesday its need for Rs32 trillion in loans for the fiscal year 2024-25, relying heavily on rollovers from foreign banks and bilateral lenders. The success of this borrowing plan is contingent on the timely approval of the International Monetary Fund (IMF) programme and continued financial support from China. Key Aspects of the Borrowing Plan The …

Suspension of Trading in Mughal Iron & Steel Industries Limited Sukuk [MUGHALSC] In a recent update from the Pakistan Stock Exchange (PSX), trading in the Sukuk of Mughal Iron & Steel Industries Limited, identified by the symbol [MUGHALSC], will be suspended due to the company’s book closure dates. Key Dates and Suspension Details Mughal Iron & Steel Industries Limited has …

A New Benchmark in Pakistan’s Renewable Energy K-Electric (KE) has set a new standard in Pakistan’s renewable energy sector with its 150-megawatt solar energy projects in Balochistan, achieving the country’s lowest-ever tariff bid. This milestone marks a significant shift in the nation’s energy generation approach, highlighting the growing trust in private sector-led initiatives, even in challenging economic times. Record-Low Tariff …

In a growing digital economy like Pakistan’s, reliable internet connectivity is not just a luxury—it’s a necessity. Unfortunately, continuous slow internet speeds have become a significant concern for the country’s IT experts and the Pakistan Freelancers Association (PAFLA). They warn that these disruptions pose a severe threat to Pakistan’s digital economy, impacting a wide array of individuals and businesses. The …

Federal Minister for Energy, Awais Leghari, recently acknowledged that Pakistan currently has the highest electricity costs in the region. Speaking at the National Youth Convention in Islamabad, the minister assured that the government is actively working towards resolving issues related to Independent Power Producers (IPPs) and is hopeful that positive news will soon emerge. Addressing IPP Challenges During his speech, …