Asad Umar announces to cut diesel, petrol prices by Rs2 per litre

Asad Umar announces to cut diesel, petrol prices by Rs2 per litre

Government has  decided to cut prices of  diesel and petrol  by Rs2  per litre, said Finance Minister Asad Umar on Friday. Addressing a press conference , he said the government wants to  pass on less burden to the people and  as much relief as possible. He said the prices of...

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US dollar hits all-time high of Rs142 in interbank market

US dollar hits all-time high of Rs142 in interbank market

The US dollar hit an all-time high of Rs142 in the interbank market on Friday. The rise in dollar comes owing to the widening current account deficit. On November 23, the US dollar rose to a record high against the rupee as it reached Rs135.30 in the open market. The...

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Remove vulnerabilities to cybersecurity, SBP directs banks

Remove vulnerabilities to cybersecurity, SBP directs banks

The State Bank of Pakistan (SBP) has directed all the banks to immediately conduct self and a third-party audit of their cyber security and remove vulnerabilities. “Failure to comply with the…instructions will lead to penal action by SBP including but not limited to the suspension of non-compliant digital payment products...

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ECC meeting: Majority of members oppose approaching IMF

ECC meeting: Majority of members oppose approaching IMF

The majority of the members of Economic Coordination Committee have on Sunday voted against approaching International Monetary Fund (IMF) for bailout package. According to sources Finance Minister Asad Umar briefed attendants on conditions tabled by the international monetary body. While terming IMF’s conditions ‘harsh’, the attendants warned that economic woes...

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ECC gives approval to pay dues to families of deceased steel mills employees

ECC gives approval to pay dues to families of deceased steel mills employees

The Economic Coordination Committee (ECC) gave approval for giving dues to the families of deceased employees of Pakistan Steel Mills . The ECC session headed by Finance Minister Asad  Umar decided that approximately Rs6.60 billion will be paid to the families of the deceased employees. This amount will be given...

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Mobile phones import rises by 6.2%

Mobile phones import rises by 6.2%

The import of mobile phones into the country during first four months (Jul-Oct) of current fiscal year increased by 6.2 percent as compared to the import during same period of previous year. During the period under review the import of mobile phones remained at $260.41 million against the import worth...

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Private investment should be encouraged: IMF report

Private investment should be encouraged: IMF report

The International Monetary Fund (IMF) in a recent report has said private investment should be encouraged in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP). With millions of young people entering the workforce each year, fiscal resources severely constrained, and economic risks on the rise, countries in the Middle...

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Exports of petroleum products up by 94.14 percent:Pakistan Bureau of Statistics

Exports of petroleum products up by 94.14 percent:Pakistan Bureau of Statistics

The exports of petroleum products during first four months of current financial year 2018-19 has increased by 94.14 percent against the exports during same period of previous year. According to Pakistan Bureau of Statistics, the export of petroleum and coal rise to 187.55 million dollars in July-October 2018-19 against the...

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Pakistan to face toughest conditions of the history by IMF

Pakistan to face toughest conditions of the history by IMF

Pakistan is facing toughest conditions of the history by the International Monetary Fund (IMF) for bailout package. Sources said that the IMF demanded the government to increase General Sales Tax (GST) to 18 percent and also asked the government to withdraw subsidy in phases. The Mission also demanded the PTI...

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Why is it wrong to print money?

Why is it wrong to print money?

 “Why is it wrong to print money?” From defining capitalism to explaining how exchange rates are calculated, 6 questions about basic economics. 1. What exactly is capitalism? Copyright of the GETTY IMAGES imageImage caption That system that after the fall of the Iron Curtain seemed triumphant. “The simplest way to explain it,” said...

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