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Pakistan’s Forex Reserves Reach $11 Billion After 30-Month Gap Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), rose to over $11 billion as of October 11, 2024. This marks an increase of $215 million in a week and a significant milestone after 30 months. The reserves have grown for 12 consecutive weeks, reflecting an overall increase …

Chinese Firm Pledges $1 Billion for PRL Upgradation A Chinese investment corporation has agreed to invest $1 billion in Pakistan Refinery Limited (PRL) to support its upgradation project. This move will significantly enhance the refinery’s production capacity, boosting it from 50,000 barrels per day to 100,000 barrels per day. However, the Chinese firm has placed a strict condition on the …

LHC Blocks Retroactive Income Tax on Property Transactions The Lahore High Court (LHC) has ruled that the Federal Board of Revenue (FBR) cannot impose newly introduced income tax rates for late filers on past property transactions. The decision came after the Defence Housing Authority (DHA) filed a petition, challenging the FBR’s application of higher tax rates on deals closed in …