Current Final

Category: Business

  • Govt sets ‘targets’ to reduce cost of living and boost employment

    Govt sets ‘targets’ to reduce cost of living and boost employment

    Dr Musadik Masood Malik, the Minister for Petroleum Division, affirmed on Saturday that the government is focusing on controlling inflation and creating employment opportunities as its primary objectives.

    During a press conference, Dr Malik stated that, under the directives of the Prime Minister, efforts are being made to provide maximum relief to the populace, resulting in a gradual decrease in inflation across the country.

    He mentioned that the Prime Minister has set specific targets for all ministers to alleviate the public’s burden by controlling inflation and enhancing job creation.

    Dr Malik highlighted several external factors, such as floods, natural disasters, and conflicts in Ukraine and the Middle East, which have disrupted the commodity cycle.

    Despite these challenges, the government’s measures have led to a significant reduction in the Consumer Price Index (CPI) from 37 per cent to 17 per cent. Similarly, food inflation has dropped from 40 per cent to 11.5 per cent, indicating a move towards economic stability.

    He also noted that the prices of petroleum products have been reduced, providing around Rs25-26 per litre relief on petrol within a month. Dr Malik expressed optimism that inflation will continue to decline in the coming days.

    The minister reported a 50 per cent increase in tractor purchases and a 17 per cent rise in urea production over the past year, reflecting positive economic trends.

    He assured that the forthcoming budget would be balanced and geared towards providing relief, with a projected 30 per cent increase in tax collection. Additionally, the country has seen a rise in exports and a decline in imports.

    Dr Malik concluded by stating that the budget would include more incentives for small businesses and the IT sector, aiming to foster growth and stability in these critical areas.

  • FBR surpasses May revenue target with Rs760 billion collection

    FBR surpasses May revenue target with Rs760 billion collection

    The Federal Board of Revenue (FBR) has exceeded its revenue target for May in the fiscal year 2023-24 by collecting Rs760 billion in tax revenues, surpassing the target of Rs745 billion.

    This achievement, announced in a statement by the FBR today, signifies a remarkable 33 per cent growth compared to May 2023.

    In addition to the overall revenue increase, domestic taxes also experienced a significant 33 per cent growth during May.

    “The FBR is poised to achieve the assigned target for the final month of the current financial year, June 2024,” the statement added.

    This positive trend has contributed to an overall revenue growth of 31 per cent for the first eleven months of the current fiscal year, compared to the same period last year.

  • Gold price declines by Rs1,400 to Rs240,300 per tola

    Gold price declines by Rs1,400 to Rs240,300 per tola

    Gold prices in Pakistan fell on Saturday, reflecting a decrease in the international market rate. The local market saw the price of gold per tola drop to Rs240,300, a decline of Rs1,400 in just one day.

    The price for 10 grammes of gold also decreased, standing at Rs206,019 after a reduction of Rs1,200, according to the latest figures from the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    This decline followed a brief increase on Friday, when the price of gold per tola rose by Rs500.

    Internationally, the gold rate saw a downward trend on Saturday. The APGJSA reported that the price per ounce was set at $2,326, including a premium of $20, after a $16 drop during the day.

    In addition to gold, silver prices also fell, with rates decreasing by Rs80 to settle at Rs2,820 per tola.

    It’s noteworthy that just last month, gold reached an all-time high in the local market, hitting Rs252,200 per tola.

  • Clarification issued: Petrol price reduced by Rs4.74 per litre, not Rs15.39

    Clarification issued: Petrol price reduced by Rs4.74 per litre, not Rs15.39

    The Ministry of Finance has announced a reduction in fuel prices, decreasing petrol by Rs4.74 per litre and high-speed diesel (HSD) by Rs3.86 per litre. This announcement followed initial confusion regarding the extent of the cuts.

    The confusion arose after PTV reported that Prime Minister Shehbaz Sharif had directed a more substantial reduction of Rs15.4 per litre for petrol and Rs7.9 per litre for diesel for the upcoming fortnight.

    This premature report was posted on PTV’s official X account but was later retracted.

    The Prime Minister’s Office soon issued a clarification, stating that the figures reported by PTV were outdated and pertained to the previous month’s adjustments. Following this clarification, the Finance Ministry released its fortnightly notification confirming the new, more modest reductions.

    PTV had claimed that the government’s “people-friendly policies” had brought economic stability and achieved a noticeable reduction in inflation.

    Initially, it was expected that the prices of petrol and HSD would decrease by approximately Rs6.5 to Rs7.5 per litre on May 31, despite a slight exchange rate loss due to a bearish trend in the international market.

  • Tomato and onion price hikes push weekly inflation up

    Tomato and onion price hikes push weekly inflation up

    In a significant shift, weekly inflation in Pakistan has increased after seven weeks of consecutive declines.

    The Weekly Sensitive Price Indicator (SPI) for the Combined Group saw a 0.11 per cent week-on-week rise for the week ending May 30, 2024.

    This comes as a 21.4 per cent year-on-year increase compared to the same period last year, according to the Pakistan Bureau of Statistics (PBS).

    The Combined Index stood at 308.52, slightly up from 308.19 the previous week, and significantly higher than the 254.13 recorded a year ago.

    Out of the 51 items monitored, prices for 14 items (27.45 per cent) increased, 14 items (27.45 per cent) decreased, and 23 items (45.10 per cent) remained unchanged.

    Inflation drivers

    Notable price increases during the week were observed in tomatoes (11.25 per cent), onions (3.62 per cent), pulse mash (2.00 per cent), bananas (1.78 per cent), and potatoes (1.23 per cent).

    Conversely, significant price decreases were seen in eggs (6.14 per cent), chili powder (5.73 per cent), LPG (5.40 per cent), garlic (4.02 per cent), and rice IRRI (2.93 per cent).

    The SPI percentage change by income groups revealed increases across all segments, ranging from 0.08 per cent to 0.15 per cent. The lowest income group experienced a 0.09 per cent rise, while the highest income group saw a 0.08 per cent increase.

    On an annual basis, SPI changes showed increases between 14.68 per cent and 24.67 per cent across different income segments, with the lowest income group seeing a 14.68 per cent rise and the highest income group a 19.24 per cent increase.

    The average price of Sona urea was recorded at Rs4,796 per 50 kg bag, reflecting a 0.16 per cent decrease from the previous week but a 55.19 per cent increase from last year.

    Meanwhile, the average price of cement rose to Rs1,237 per 50 kg bag, up 0.30 per cent from the previous week and 9.80 per cent higher than the previous year.

  • Gold price surges by Rs500 per tola amid global market rally

    Gold price surges by Rs500 per tola amid global market rally

    After experiencing a decline in the previous session, gold prices in Pakistan saw a significant increase on Friday, mirroring the upward trend in international markets.

    The local market price for gold per tola rose by Rs500, settling at Rs241,700, according to the latest figures released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    The price of 10 grammes of gold also climbed, increasing by Rs429 to reach Rs207,219. This comes after a notable drop on Thursday, when the price per tola had decreased by Rs1,500.

    On the international front, the gold rate saw an upward adjustment. The APGJSA reported that the international gold price was set at $2,342 per ounce, including a $20 premium, following a $7 increase during the day.

    In contrast, silver prices in the local market remained stable, with rates holding steady at Rs2,900 per tola.

    Last month, gold prices in Pakistan reached an all-time high of Rs252,200 per tola, reflecting significant volatility in the market.

  • Pakistan’s forex reserves decline by $63.3 million to $9.09 billion

    Pakistan’s forex reserves decline by $63.3 million to $9.09 billion

    The State Bank of Pakistan (SBP) has reported a marginal decline in the nation’s foreign exchange reserves, indicating a decrease of $63.3 million or 0.69 per cent week over week (WoW) to $9.09 billion, according to data released on Thursday.

    The central bank attributed this downturn primarily to debt repayments. In a statement issued by the SBP, it was highlighted that during the week ending May 24, 2024, SBP reserves experienced a $63 million decrease to reach $9.09 billion, primarily due to external debt repayments.

    Similarly, Pakistan’s overall reserves witnessed a decrease of $270 million or 1.85 per cent WoW, amounting to $14.32 billion. Furthermore, commercial banks saw a decline in reserves by $206.7 million or 3.81 per cent WoW, totaling $5.22 billion.

    Despite these fluctuations, the current fiscal year has seen a remarkable increase in SBP-held reserves, amounting to $4.63 billion or 103.6 per cent.

    This surge follows Pakistan’s attainment of the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA) of approximately $3 billion by the end of June last year.

    This arrangement not only bolstered the nation’s reserves but also facilitated access to additional multilateral and bilateral funding.

    Furthermore, the ongoing calendar year has witnessed a notable increase of $872.5 million or 10.61 per cent in reserves, reflecting continued efforts to stabilise and strengthen Pakistan’s economic position.

  • 24-karat gold price drops by Rs1,500 to Rs241,200 per tola

    24-karat gold price drops by Rs1,500 to Rs241,200 per tola

    On Thursday, gold prices in Pakistan saw a significant decline, with the cost of 24-karat gold dropping by Rs1,500 to settle at Rs241,200 per tola.

    This decrease is noteworthy as the current price is kept Rs3,000 below its actual value, reflecting reduced purchasing power among consumers.

    The Karachi Sarafa Association reported that the price of 24-karat gold per 10 grammes fell by Rs1,286 to Rs206,790. Similarly, the price of 22-karat gold decreased, now quoted at Rs189,558 per 10 grammes.

    In contrast, silver prices remained stable. The price for 24-karat silver was unchanged at Rs2,900 per tola and Rs2,486.28 per 10 grammes.

    On the international market, spot gold was trading near $2,333 an ounce, marking a 0.22 per cent decline from the previous session. This downturn is largely influenced by investor sentiments regarding the potential for U.S. interest rate cuts.

    A key inflation report due later in the week has added to the market’s cautious outlook.

    Recent minutes from the Federal Reserve’s policy meeting indicated a commitment to maintaining higher interest rates for an extended period to combat persistent inflation.

    This policy stance is seen as bearish for gold, as higher interest rates increase the opportunity cost of holding non-yielding assets like gold, reducing its appeal.

    As economic conditions remain volatile, both local and international gold markets continue to respond to shifts in monetary policy and consumer demand.

  • Govt expected to slash petrol price by over Rs5 per litre

    Govt expected to slash petrol price by over Rs5 per litre

    In a significant move to alleviate the burden of soaring inflation, the government is anticipated to reduce petrol prices by Rs5.3 per litre for the first half of June 2024.

    This expected decrease aligns with the recent decline in international petroleum prices, offering much-needed relief to the public.

    As of May 28, 2024, international price trends have shown a decrease, resulting in the ex-refinery price of petrol dropping to approximately Rs184.59 per litre from Rs189.86 per litre in the previous two weeks. This forthcoming reduction will mark the third consecutive cut in fuel prices, accumulating a total decrease of over Rs26 per litre.

    In addition to petrol, the price of high-speed diesel (HSD) is also expected to fall by around Rs4.1 per litre, reflecting a similar downward trend in its international price. This follows the recent reduction in diesel prices, where a second consecutive cut saw a drop of Rs7.88, bringing the price to Rs274.08 per litre.

    However, it is crucial to note that three more trading sessions remain before the final pricing update, meaning the ultimate prices could still be influenced by fluctuations in global markets and exchange rates.

    The government will announce the new fuel prices at midnight on May 31, 2024, which will then be effective for the first half of June. This development is poised to offer substantial financial relief to consumers, amidst one of the highest inflation rates in Asia.

  • Gold price surges by Rs2,400 per tola amid declining purchasing power

    Gold price surges by Rs2,400 per tola amid declining purchasing power

    In a notable upswing, the price of 24-karat gold in Pakistan surged by Rs2,400 on Wednesday, bringing the cost to Rs242,700 per tola.

    This increase reflects the ongoing volatility in the gold market, influenced by both domestic and international factors.

    Interestingly, the current price of gold remains Rs3,000 below its actual market value. This discrepancy is primarily attributed to a reduction in purchasing power, as reported by market analysts.

    The Karachi Sarafa Association disclosed that the price of 24-karat gold also rose to Rs208,076 per 10 grammes, marking an increase of Rs2,058.

    The price of 22-karat gold followed this upward trend, reaching Rs190,736 per 10 grammes. 

    Silver prices have also climbed, keeping pace with international trends. The price of 24-karat silver now stands at Rs2,900 per tola and Rs2,486.28 per 10 grammes, up by Rs100 per tola and Rs85.74 per 10 grammes, respectively.

    On the global stage, spot gold traded at approximately $2,345.04 per ounce, a decline of 0.66 per cent from the previous day’s closing. In contrast, spot silver maintained its strength, trading near $32 per ounce after recording a 1.36 per cent increase the previous day.