Pakistan’s Real Effective Exchange Rate (REER) fell by 3.62 percentage points to 100.67 in May 2024. According to the latest monthly data released by the State Bank of Pakistan (SBP), the trend indicates a significant decrease from 104.4 recorded in April 2024. It is pertinent to mention here that April 2024’s REER was the highest after September 2018 (5 years, and 8 months). A REER above 100 indicates a loss in trade competitiveness with exports becoming more expensive and imports getting cheaper, while a REER below 100 means the country’s exports are competitive. The post Pakistan’s REER Index Falls to…
Category: Tech and Telecom
Pakistan’s Current Account Turns Red With Deficit of $270 Million in May
Pakistan’s current account balance posted a deficit of $270 million in May 2024, according to data released by the State Bank of Pakistan (SBP) on Friday. The current account balance posted a surplus of $499 million in the previous month i.e. April 2024 while the current account balance posted a surplus of $155 million in the same month of the previous fiscal year i.e. May 2023. During the eleven months of the current fiscal year (11MFY24), the current account balance posted a deficit of $464 million, a significant improvement on the current account deficit of $3.7 billion posted during the…
Over 6 Million Hides Worth Rs 6 Billion Collected During Eid-ul-Adha
The Pakistan Tanners Association has reported the collection of approximately 6.2 million hides and skins, valued at over Rs 6 billion, during the three days of Eid-ul-Adha. The breakdown includes: Cow hides: 2,860,000 hides at around Rs 1,500 each, totaling approximately Rs 4.29 billion. Buffalo hides: 165,000 hides at about Rs 1,600 each, totaling Rs 264 million. Goat skins: 3,300,000 skins at around Rs 425 each, totaling approximately Rs 1.4 billion. Sheep skins: 385,000 skins valued at Rs 45 each, totaling about Rs 17.3 million. Camel hides: 98,700 hides at approximately Rs 550 each, totaling about Rs 54.3 million. Charities,…
Azhar Ali Believes Ahmed Shehzad and Umar Akmal Were Done Dirty by PCB
In a recent interview on a local channel, former Pakistani cricketer Azhar Ali made a bold statement regarding his former teammates Ahmed Shehzad and Umar Akmal. According to the former Pakistan skipper, Umar Akmal and Ahmed Shehzad who have not represented Pakistan since 2019, were among the most talented players of their generation. Despite their potential, they failed to achieve the success expected of them on the international stage. “Umar Akmal and Ahmed Shehzad were more talented than the rest of us,” Ali remarked. “They just could not flourish in international cricket like they should have.” Ali went on to…
Rupee Again Ends Week At 278 Against US Dollar
The Pakistani rupee (PKR) ended the US Dollar with gains today after opening trade at 278 in the interbank market. It was stable all day and closed in green against the greenback. It posted gains against most of the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today. The PKR appreciated by 0.03 percent and closed at 278.51 after gaining nine paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so…
Pakistan’s Exports to Afghanistan Surge by Over 65% in May 2024
Pakistan’s exports to Afghanistan surged by over 65 percent during May 2024. According to sources, the country’s exports to Afghanistan also rose by 9.1 percent during the first 11 months (July-May) of the current fiscal year 2023-24 (FY24). During May 2024, Pakistan’s exports to Afghanistan stood at $118 million compared to $71.3 million. Similarly, during 11MFY24, exports to Afghanistan stood at $989 million compared to $906 million reported in 11MFY23. Moreover, imports from Afghanistan fell by 38 percent during 11MFY24. During 11MFY24 imports stood at $516 million compared to imports of $831 million during 11MFY23. The post Pakistan’s Exports to…
FTO Detects Serious Flaws in FBR’s Withholding Tax Deduction on Purchase/Lease of Vehicles
Federal Tax Ombudsman (FTO) has detected serious flaws in withholding tax deductions on the purchase/lease of vehicles by individuals/businesses, depriving the buyers to claim tax credits of advance tax paid by them on registration/sales of such vehicles. This is an own motion investigation initiated by the FTO to investigate lack of symmetry committed by the FBR filed formations in the management of credit of withholding taxes under section 231B of the Income Tax Ordinance, 2001 in respect of leased vehicles. FTO’s order revealed that the record of withholding statements filed by car manufacturers, tax credit u/s 231-B claimed by various…
Karachi to Experience the Longest Day of the Year
Today, Karachi will experience the longest day and shortest night of the year, marking the summer solstice. Chief Meteorologist Sardar Sarfaraz shared insights into this annual phenomenon, highlighting its significance and the variations across different regions in Pakistan. In Karachi, daylight will extend for 13 hours and 41 minutes, leaving the night to last only 10 hours and 19 minutes. This marks a pivotal point in the year, where residents can enjoy the maximum amount of daylight before the gradual decrease begins. Sardar Sarfaraz detailed that in Islamabad, the day’s length will be even longer, spanning 14 hours and 32…
HUBCO Subsidiary Partners With China’s BYD to Launch Electric Vehicles in Pakistan
The Hub Power Company Limited (PSX: HUBC) through its associated company, Mega Motor Company (Private) Limited, is entering into a new line of business in electric vehicles, with BYD Auto Industry Company Limited, in Pakistan. According to a stock filing issued here on Friday, the consummation of this new venture will include the execution of definitive agreements and the purchase of assets and is subject to corporate and regulatory approvals and consents. China’s largest electric vehicle company BYD along with its local partner Mega Conglomerate Private Limited in April had expressed interest in investing in Pakistan to manufacture advanced electric…
Weekly Inflation Clocks In At Above 23% for Second Straight Week
The Sensitive Price Index-based inflation for the week ended June 20, 2024, increased by 0.94 percent, says the Pakistan Bureau of Statistics (PBS). During the week, out of 51 items, prices of 25 (49.02 percent) items increased, 5 (9.80 percent) items decreased and 21 (41.18 percent) items remained stable. Some of the items, prices of which, increased during the period under review include tomatoes (65.84 percent), potatoes (5.61 percent), onions (3.78 percent), bananas (3.29 percent), LPG (2.44 percent), pulse moong (1.53 percent), garlic (1.29 percent), milk fresh (0.95 percent), eggs (0.83 percent), pulse gram (0.74 percent), salt powdered (0.47 percent),…
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