Economy

Cement Sales Plummet by 27.54% in August Due to Tax Increases and Monsoon Slowdown The local cement industry experienced a sharp decline in sales in August 2024, with local cement sales plunging by 27.54% year-on-year to 2.752 million tonnes. The decrease was driven by a combination of tax-driven price increases and a slowdown in construction activities during the monsoon season. …

SBP Foreign Exchange Reserves Rise by $33 Million, Reaching $9.44 Billion The State Bank of Pakistan (SBP) witnessed a modest increase in its foreign exchange reserves, which rose by $33 million on a weekly basis, bringing the total reserves to $9.44 billion as of August 30, 2024. This marks the second consecutive week of growth in the country’s forex reserves, …

Pakistan Seeks $1.75 Billion in Loans from International Financial Institutions Pakistan is seeking $1.75 billion in loans from three major international financial institutions as part of its broader strategy to meet essential financing needs. According to top sources, the Finance Ministry has applied for loans from the Islamic Trade Finance Corporation (ITFC), the Islamic Development Bank (IDB), and Standard Chartered …

Multan District Administration Lowers Transport Fares Amidst Fuel Price Cut In response to a recent decrease in petroleum prices, the district administration of Multan has announced a 2% reduction in commercial fares for both passenger and goods transport services. This initiative aims to provide financial relief to citizens amid fluctuating fuel costs. Regional Transport Authority (RTA) Secretary Mohsin Nisar stated, …

Merchandise Exports Show Strong Growth in August Pakistan’s merchandise exports increased nearly 16% to $2.74 billion in August 2024, compared to $2.36 billion in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. The growth momentum picked up in August due to improved international orders and exchange rate stability. On a …

Market Overview: Positive Close Amid Volatility The Pakistan Stock Exchange (PSX) managed to close in the green on Tuesday, overcoming a volatile trading session. The positive close was primarily driven by expectations of a third consecutive interest rate cut by the State Bank of Pakistan (SBP) in its upcoming Monetary Policy Committee meeting scheduled for September 12. Ahsan Mehanti, an …

KCCI Calls for Urgent NEPRA Hearing on K-Electric Issues The Karachi Chamber of Commerce and Industry (KCCI) has called on the National Electric Power Regulatory Authority (NEPRA) to urgently convene a hearing with all relevant stakeholders to address pressing issues related to K-Electric (KE) that are significantly impacting both industrial and domestic consumers in Karachi. In a letter addressed to …

Pakistan’s Trade Deficit Shrinks to $3.6 Billion in Early FY25 Pakistan’s trade deficit has shown a slight improvement, narrowing to $3.6 billion during the first two months of the fiscal year 2024-25 (2MFY25), according to recent data from the Pakistan Bureau of Statistics (PBS). This decrease is largely attributed to a significant boost in exports. Trade Balance Overview The trade …

Introduction of the Contributory Pension Fund Scheme The federal government has launched a new Contributory Pension Fund Scheme aimed at all civil employees, including those paid from Defence Estimates, who are appointed on a regular basis starting from July 1, 2024. This significant policy shift is designed to enhance the financial security of federal employees in their retirement years. Applicability …

Lahore’s Traffic Congestion: A Major Factor in Worsening Smog The Punjab Traffic Impact and Pollution Authority (TIPA) has identified 65 critical traffic choke points in Lahore that are significantly contributing to the city’s smog problem. The report highlights how traffic congestion in these areas is leading to increased air pollution, exacerbating Lahore’s environmental crisis. Key Areas of Concern: Nasir Bagh …