Year: 2021

SBP takes measures to curb undesirable foreign currency outflow State Bank of Pakistan has introduced following regulatory measures: Persons travelling to Afghanistan will be allowed to carry only USD1,000/- per person per visit Maximum annual limit of USD6,000. Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to USD500/- and above and outward remittances needs biometric verification. This requirement will be applicable with effect from October 20, 2021. Exchange Companies will sell the cash foreign currency and make outward remittances, equivalent to USD10,000/-…

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In an ambitious turn, Pakistan and China have agreed to develop the Karachi coast, possibly shifting away from Gwadar as the center stage of the Belt and Road project in Pakistan, following ongoing problems at the southwestern province of Balochistan. A memorandum of understanding was signed for the Karachi Coastal Comprehensive Development Zone project during the recently held 10th Joint Cooperation Committee meeting of the China-Pakistan Economic Corridor, or CPEC, after a gap of almost two years. Based on details shared by Pakistan, China will invest $3.5 billion, separately confirmed by…

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ISTANBUL, 6 October 2021: A ‘Naming Ceremony’ was organized at SANMAR Shipyards, Istanbul today to commemorate cooperation between SANMAR Shipyards, Turkey and Port Qasim Authority (PQA), Pakistan. Under an agreement, PQA has bought 4 ASD LNG Compatible Tugs and 2 Pilot Boats from SANMAR Shipyards. This project is yet another manifestation of the growing ties between Pakistan and Turkey in the maritime domain. The ceremony was attended by President SANMAR Shipyards, Mr. Cem Seven, Chairman Port Qasim Authority, Rear Admiral (R) Syed Hasan Nasir Shah, the Ambassador of Pakistan to…

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Bulk consumers of electricity will have the option to buy electricity on a competitive basis from any power producer of their choice from July 2022 onwards, said Tabish Gauhar, who recently stepped down as Special Assistant to the Prime Minister (SAPM) on Power and Petroleum. Addressing the members of CFA Society Pakistan on Wednesday, Mr Gauhar said the first phase of the Competitive Trading Bilateral Contract Market will be operational by the end of the current fiscal year. “One of the reasons why the power sector is in the (current)…

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