The rupee strengthened against the US dollar at Rs175.75 in the inter-bank market on Monday compared with Friday’s close of Rs175.86, according to the State Bank of Pakistan (SBP). On December 29, 2021 the rupee hit an all-time low of Rs178.24 against the greenback as demand for the dollar stood higher compared to its supply in the wake of an expanding current account deficit, swelling imports, ri
Large steel producers of the nation have said that smuggled steel from Afghanistan and Iran was destroying the domestic industry. In a letter written to the Federal Board of Revenue Member Customs Operations Syed Muhammad Tariq Huda, Pakistan Association of Large Steel Producers (PALSP) General Secretary Syed Wajid Bukhari stated that contraband steel was denting the earnings of local steel pro
Pakistan’s telecom sector is witnessing a paradigm shift and as a result the country is on its way to become a net exporter of handsets from being an importer at present. Foreign shipments of mobile phones, which began last year, are contributing to the economy in terms of foreign exchange earnings, employment generation and transfer of technology. The pace of cellphone exports has gradually
The fast moving consumer goods (FMCG) companies in Pakistan have stated that smuggled or illegally imported products from Iran were posing significant threat to their profits and sales. They highlighted that such goods cost half as much as locally available ones and their availability was increasing on the back of climbing inflation reading. To highlight the issue, the Pakistan Dairy Associa
The government has approved a tax incentive package for the active pharmaceutical ingredient (API) industry to give a boost to its growth and ensure it is on a par with the industries in India, China and Bangladesh. Earlier, the Prime Minister’s Office told the ministries and divisions concerned that PM Imran Khan desired to increase self-reliance in the API industry through concrete steps and