Month: November 2020

The ‘Migration and Develop­ment Brief’ released on Friday says that the negative impact of the Covid-19-induced global economic slowdown has been somewhat countered by the diversion of remittances from informal to formal channels due to the difficulty of carrying money by hand under travel restrictions as well as the incentives to transfer remittances. Citing example, the report titled ‘Phase-II Covid-19 Crisis through a Migration Lens’ says Pakistan has introduced a tax incentive in July 2020, whereby withholding tax was exempted from cash withdrawals or the issuance of banking instruments or…

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Foreign investors have divested $430.4 million from debt assets in Pakistan and invested $150 million in the government papers during the first four months of the current fiscal year of 2020/21, it was learnt on Saturday. The country saw a huge equity and debt outflows of $279 million toward the end of October, according to the central bank’s data. Foreign investors sold $251 million worth of treasury bills and $41 million worth of equities after a four percent currency gain and apprehensive of potential margin calls in other major stock…

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The government on Saturday reduced petrol price by Rs1.57/litre and diesel by Re0.84/litre, while kerosene and light diesel oil prices have been kept unchanged for the next fortnight. After the latest decision, the petrol price will come down from the earlier Rs103.97/liter to Rs102.40/ liter. Diesel price was also reduced from Rs104.06/litre to Rs103.22 per liter. Kerosene and LDO prices have been kept unchanged at Rs65.29 and Rs62.86/litre respectively. The government is charging 17 percent general sales tax (GST) on all petroleum products. The government is also collecting petroleum levy…

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The State Bank of Pakistan (SBP) returns to profitability after incurring loss in the preceding year (FY19). It earned highest-ever profit of Rs 1.16 trillion for the year ended June 30, 2020 (FY20), mainly due to stability in exchange rate and significant increase in interest income. The Board of Directors of the State Bank of Pakistan on October 26, 2020 approved the Annual Performance Review on the working of the Bank and its subsidiaries and the financial statements for the year ended June 30, 2020. According to annual performance review,…

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KARACHI: Cement sales and exports are expected to post double-digit growth in October over the corresponding month a year earlier as the government’s incentives to real estate sector are boosting the construction activities, a brokerage said on Thursday. Sales and exports are likely to increase 15 percent year-on-year and 10 percent month-on-month to 5.7 million tons, according to Topline Securities. Local sales are likely to clock in at 4.8 million tons, up 15 percent year-on-year and 18 percent month-on-month due to initiation of construction work on dams and injection of…

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