June 02, 2024 (MLN): Pakistan's currency, though not registering any gains, has successfully managed to maintain stability against the mighty Dollar for another month in light of stable economic operations. The Rupee settled May at 278.33 per USD, reflecting a meager 1 paisa drop compared to the previous month's closing rate of 278.31 per USD. The average exchange rate during this month stood at 278.27, compared to the average of 278.19 in the previous month and 286.04 per USD in the same month last year, reflecting a period of stability and improvement. The successful conclus ..read more

June 02, 2024 (MLN): After experiencing a rough patch last week, Pakistan's bullion market saw a slight revival this week as the price of its key benchmark, 24-karat gold inched up by Rs300 to settle at Rs240,300 per tola. The Karachi Sarafa Association further reported that the price of 24-karat gold also increased to Rs206,019 per 10-gram, up by Rs258 WoW. Similarly, the 22-karat gold was quoted higher at Rs188,850 per 10-gram. Silver prices also reached higher in the domestic market, with 24-karat silver being sold at Rs2,820 per tola and Rs2,417.70 ..read more

June 02, 2024 (MLN): The State Bank of Pakistan (SBP) is expected to cut its policy rate by 100 basis points (bps) on June 10 as price gains ease, while concerns over low economic growth continue to crawl. The central bank has kept borrowing costs at a record 22% since June 2023. The reduction would be the first in almost four years after what has been the most aggressive fight against soaring inflation. Consumer price gains in May are likely to have slowed far more than what economists earlier forecasted, prompting traders to ramp up bets that SBP will shift away from its “higher-for-longer ..read more

June 01, 2024 (MLN): Atif R. Bokhari has tendered his resignation as President and Chief Executive Officer (CEO) of Askari Bank Limited (PSX: AKBL). In a notice to the Pakistan Stock Exchange (PSX) on Friday, AKBL said, “Atif R. Bokhari, President and CEO of Askari Bank Limited has resigned and accordingly ceased to be the President and CEO of the bank w.e.f. May 31, 2024." Saleem Anwar has been appointed as Acting President and CEO of the bank, the notice further reads. Anwar was the Chief Financial Officer (CFO) at AKBL. To note, Atif R. Bokhari was appointed President and CEO of AKBL ..read more

June 01, 2024 (MLN): Federal Minister for Board of Investment, Privatization, and Communications Abdul Aleem Khan, while presiding over a special meeting on Ease of Doing Business, has directed the Board of Investment to simplify the registration process for new businesses. He added that it is vital to clarify the features of the Pakistan Business Portal which will soon be presented to the Prime Minister. Federal Minister Abdul Aleem Khan further said that FBR and Security Exchange Commission should ensure online facilities at one window so that all relevant departments can facilitate bu ..read more

June 01, 2024 (MLN): The Competition Appellate Tribunal (CAT) has dismissed the appeal filed by Options International (SMC-Pvt.) Limited, a Pakistani company penalized by the Competition Commission of Pakistan (CCP) for the fraudulent use of the international coffee chain STARBUCKS' branding in its restaurants. In its decision, the CAT increased the penalty from the originally imposed Rs5 million to Rs6m. STARBUCKS lodged a formal complaint that the Lahore-based restaurant, Options International, was selling “Starbuck Coffee” while fraudulently using “STARBUCKS MARKS,” in their branding ..read more

June 01, 2024 (MLN): The Minister of State for IT and Telecommunication Shaza Fatima Khawaja on Friday assured the Resident Representative of the International Monetary Fund (IMF) to Pakistan, Esther Perez Ruiz that the government is committed to transforming Pakistan into a digital economy under the National Digitalization Plan. During the meeting, detailed views were exchanged on the digitalization process in Pakistan and the IT and Telecommunication sector. While talking to the IMF Representative, Shaza Fatima said that steps are on for digital transformation in the country ..read more

June 01, 2024 (MLN): Pakistan has set a GDP growth target of 3.6% for fiscal year 2024-25, according to data released by the Annual Plan Coordination Committee (APCC). That compares with a 2.38% provisional growth witnessed in the current fiscal year. The APCC reviewed proposed annual plan for fiscal year 2024-25, noting that economic outlook for the next year was positive. The growth prospects, however, hinges upon political stability, exchange rate, macroeconomic stabilization under International Monetary Fund’s (IMF) program, and expected fall in global oil and commodity prices. Accor ..read more

June 01, 2024 (MLN): The Oil and Gas Regulatory Authority (OGRA) has decided to reduce the the price of petrol by Rs4.74 to Rs268.36 per litre, according to its website. Earlier, Prime Minister Shehbaz Sharif had directed OGRA to cut the price by Rs15.4 per litre. The decline is third in a row, taking the cumulative relief to Rs25.6 per litre. Moreover, according to a notification issued by the Finance Division, the price of High-Speed Diesel (HSD) has been slashed by Rs3.86 to Rs270.22 per litre. The new prices will remain in effect for the first half of June 2024, and are on the r ..read more

May 31, 2024 (MLN): The Oil and Gas Regulatory Authority (OGRA) has reduced the price of Liquefied Petroleum Gas (LPG) by Rs3.87 per kg for June. Accordingly, the consumer LPG price has now been reduced to Rs234.6 per Kg, against Rs238.46 per Kg for the previous month. Likewise, producer LPG price has been reduced by the same margin to Rs193.3 per Kg for June. For the 11.8 kg LPG cylinder, the cost for consumers has been revised to Rs 2,768.23, representing a decrease of Rs45.62 per cylinder from the previous price of Rs 2,813.85. Moreover, producer LPG price was slashed by OGRA to ..read more