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 …
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1LINK Reassures Customers Amid Reports of ATM and Mobile Banking Disruptions Recent media reports have highlighted concerns regarding potential disruptions in ATM services and mobile banking across Pakistan. Addressing these concerns, 1LINK, a leading payment system in Pakistan, has assured customers and stakeholders that its services are fully operational, offering uninterrupted access 24/7. Official Statement from 1LINK In an official …
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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 …
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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 …
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Apple to Exclusively Use OLED Displays Starting in 2025 According to Nikkei, Apple plans to transition entirely to organic light-emitting diode (OLED) displays for all iPhone models starting in 2025, moving away from liquid crystal displays (LCDs). Consequently, this shift will mark a significant change in the iPhone lineup and will exclude Japanese companies Sharp Corp and Japan Display from …
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US Dollar Gains Against Pakistani Rupee in Interbank Market On Tuesday, the US dollar appreciated by six paisas against the Pakistani rupee, reaching Rs278.70 in interbank trading. This marginal gain reflects ongoing volatility in the currency market as Pakistan navigates a complex economic landscape. Improved Economic Indicators Highlight Positive Shift The Ministry of Finance has released its latest monthly economic …
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PTA Receives Proposals for 5G Spectrum Auction Despite Industry Concerns Five international consultants have submitted proposals to the Pakistan Telecommunication Authority (PTA) to oversee the 5G spectrum auction, anticipated to be completed within the ongoing fiscal year. However, there are concerns within the industry about whether this is the right time to roll out 5G technology in the country. In …
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IMF Imposes New Conditions Following Punjab’s “Fiscally Reckless” Electricity Subsidy The International Monetary Fund (IMF) has imposed several new conditions on Pakistan’s provincial governments concerning energy subsidies and budget management. This move follows Punjab’s controversial decision to provide Rs45 to Rs90 billion in electricity subsidies over two months, which the IMF has labeled as “fiscally reckless.” Government sources revealed that …
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FBR Misses August Tax Collection Target by Rs102 Billion The Federal Board of Revenue (FBR) fell short of its August 2024 tax collection target by Rs102 billion, despite taking advances from major cities. The FBR blamed import compression for the shortfall, increasing the likelihood of a mini-budget. The government had set a collection target of Rs898 billion for August, but …
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Pakistan’s Inflation Rate Hits 34-Month Low Pakistan’s Consumer Price Index (CPI) rose by 9.6% year-on-year (YoY) in August 2024, marking the lowest inflation rate in 34 months. Notably, according to the Pakistan Bureau of Statistics (PBS), this represents a significant drop from the 11.1% recorded in July 2024 and, moreover, a dramatic decline from the 27.4% inflation rate in August …
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