【Daily】23 Aug. Brief of Pak BizNews
KSE 100 42,827 ▼1.03%
KMI 30 70,769 ▼0.76%
KASB Tech Index 426 ▼1.62%
KASB Market View
Policy rate kept unchanged at 15pc
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to maintain the policy rate unchanged at 15 percent due to some positive developments on the domestic and external front.
Export-oriented sectors: Govt backs out of subsidised power decision
In a major U-turn, the Federal Government has reportedly backed out from its decision to supply electricity to five export-oriented sectors (erstwhile zero rated sectors) at cents 9 per unit for the entire current fiscal year (CFY 2022-23) after a summary approved by the Prime Minister was sent by the Finance Division in “violation” of rules of business 1974, well informed sources in Commerce Ministry told Business Recorder.
Pakistan to get $2bn from Qatar: SBP
Pakistan will receive $2 billion from Qatar in bilateral support to help ease the South Asian nation’s funding crunch and the consequent risk of a default, the central bank said on Monday.
11,300MW to be added to national grid: Wapda
The newly-appointed chairman of the Water and Power Development Authority (Wapda) on Monday linked the economic stability and social uplift of the country with the completion of 10 hydel power projects.
Auto financing falls in July
The meteoric rise in vehicle prices, soaring interest rate and the State Bank of Pakistan’s (SBP) strict rules have resulted in a slight drop of two per cent month-on-month (MoM) in auto financing to Rs361 billion in July.
Rs36bn tax on cigarettes imposed
To fetch additional Rs38 billion in taxes, the government has promulgated an ordinance to slap an additional Rs36 billion tax on cigarettes, Rs2 billion on tobacco processing and reduced levies on transport vehicles.
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