Author: Faiza Liaquat
The State Bank of Pakistan (SBP) reported a modest increase in its foreign exchange reserves, which rose by $75 million or 0.83% week-on-week, reaching $9.1 billion as of July 26, 2024. This positive shift follows a period of stable fluctuations in the country’s foreign reserves. Meanwhile, Pakistan’s total reserves saw a slight increase of $56.3 million or 0.39%, bringing the cumulative figure to $14.39 billion. However, commercial banks experienced a decline in reserves, with a decrease of $18.7 million or 0.35%, resulting in a total of $5.29 billion. For the current fiscal year, SBP reserves have decreased by $287.3 million…
On Thursday, ride-hailing service Careem announced the launch of flexible pricing options for its services in Karachi. According to a press release, the new “Flexi Ride” feature allows customers and Careem drivers to negotiate and choose their preferred prices for rides. The Flexi Ride option offers four categories: Flexi GO, Flexi GO Mini, Flexi Bikes, and Flexi Riksha. The existing GO Premium category will continue with its variable fare model. During booking, customers will see a suggested fare that they can adjust. The selected fare is then sent to multiple drivers, who can either accept the ride or propose a…
Pakistan Railways has announced a significant fare reduction for all classes of passenger trains, effective from Saturday, August 3. This initiative is aimed at benefiting travelers across the country. The new fare structure includes a decrease in AC class tickets ranging from Rs100 to Rs150, providing substantial savings for higher-class passengers. Economy class fares have been reduced by Rs50, making train travel more affordable for a broader segment of the population. This fare reduction applies to all passenger trains operating nationwide, encouraging more people to use railway services and easing the financial burden on regular commuters. A spokesperson for Pakistan…
Pakistan’s batting maestro Babar Azam has returned to the third spot in the latest ICC rankings, recovering from his previous drop to fourth place after the England-West Indies series. In the recent rankings update, Pakistan’s Babar Azam and New Zealand’s Daryl Mitchell are now tied for third place with 768 points. This update has pushed Babar Azam and Mohammad Rizwan down to fifth and sixth places, respectively. England’s Joe Root has reclaimed the top position in the ICC Men’s Test Player Rankings following an impressive series against the West Indies. Australia’s Steve Smith and India’s Rohit Sharma are now ranked…
The Pakistan U18 volleyball team continued their winning streak, defeating Chinese Taipei 3-1 in the first Super Eight match of the Asia U18 Volleyball Championship 2024 on Thursday. This victory significantly boosts Pakistan’s chances of reaching the semifinals. After a flawless group stage performance, where they won all three matches, Pakistan entered a challenging Super Eight group alongside Japan, Chinese Taipei, and Korea. In a thrilling match to kick off the Super Eight stage, Pakistan displayed exceptional skill and composure, winning with set scores of 25-20, 24-26, 25-18, and 25-23. Standout performances came from Mehd Ali Shah, Abu Bakar, Muhammad…
On Wednesday, Prime Minister Shehbaz Sharif announced a 10-day extension for electricity bill payments, providing much-needed relief to consumers facing economic challenges. The Power Division issued a notification, instructing all electricity distribution companies to implement this extension. This decision aims to ease the burden on consumers who have been struggling with rising costs and economic pressures. The extension applies to the due dates for electricity bills in July and August 2024, giving consumers additional time to manage their payments.
Prime Minister Shehbaz Sharif announced a significant reduction in fuel prices, cutting petrol by Rs6.17 per litre and high-speed diesel (HSD) by Rs10.86 per litre for the next two weeks. According to PTV, the new prices are Rs269.43 for petrol and Rs272.77 for HSD. Kerosene oil is now Rs177.39 after a Rs6.32 reduction, and light diesel oil is Rs160.53 following a Rs5.72 decrease. These cuts surpass initial estimates, which predicted a decrease of Rs3 for petrol and Rs8.50 for HSD. The reductions are attributed to lower international market prices and decreased import premiums. Over the past fortnight, international petrol and…
Light to heavy monsoon rains brought relief to Karachi on Tuesday night, transforming the weather after a period of sweltering heat. The sporadic showers, accompanied by lightning and thunder, affected almost all parts of the metropolis, with Gadap, Orangi Town, Surjani Town, and North Karachi receiving the heaviest rainfall. According to the Met Office, Gadap near Baqai Hospital recorded 42.4mm of rain, while Orangi Town, Surjani Town, and North Karachi received 29.4mm, 24.1mm, and 24mm, respectively. Other areas experiencing rain included II Chundrigar Road, Saddar, Shahrea Faisal, Old City Area, Gulshan-e-Iqbal, Gulistan-e-Johar, Tariq Road, Malir, Korangi, Quaidabad, and Scheme 33.…
The eighth budget meeting for the fiscal year 2024-25 was held at the District Council Hall, chaired by Chairman Syed Kamal Haider Shah. Council members presented various proposals, which were approved by a majority vote. Notable approvals included a grant of Rs 20 million for free medical treatment for underprivileged patients at Sukkur Blood Bank Hospital and Rs 5 million for constructing an additional emergency ward at Sukkur Civil Hospital. The meeting also approved new taxes on industrial establishments, cold storage facilities, fueling stations, LPG outlets, poultry farms, and other commercial ventures in Sukkur. Additionally, revisions to the existing tax…
The Capital Development Authority (CDA) has unveiled plans to create an international-standard safari park in Islamabad, aiming to enhance the city’s recreational and tourism infrastructure. Chairman CDA, Muhammad Ali Randhawa, led a meeting on Tuesday with CDA Board members, FCDO representatives, and other officials to discuss the project. The envisioned safari park will provide a unique experience for residents and visitors, positioning Islamabad as a premier tourist destination. The Foreign Commonwealth and Development Office (FCDO) will offer technical assistance to ensure the park meets global standards. The meeting also included a decision to study international-standard safari parks as models for…