Tag: LCs
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Pak Suzuki follows Atlas Honda’s lead, raises motorcycle prices amid economic crisis
In the midst of Pakistan’s economic crisis, the country’s automobile industry is struggling to stay afloat. One of the major players in the two-wheeler market, Pak Suzuki Motors, has recently increased the prices of its motorcycles due to the continuous devaluation of the rupee. This comes as no surprise since Pakistan’s auto industry heavily depends…
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Honda City 1.2 manual now costs more than Rs4.3 million after latest price hike
Honda Atlas Cars Limited (HACL) has once again raised its car prices for the second time in two weeks. The company attributed the increase to rising inflation and a depreciating local currency. Below are the new prices for all Honda cars: Car Old Price (Rs) New Price (Rs) Hike (Rs) City 1.2 M/T 4,069,000 4,329,000…
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SBP asks banks to prioritise import of certain essential items to help businesses
In order to help businesses, the State Bank of Pakistan (SBP) on Monday removed the necessity for prior import approval and asked banks to give priority to the importation of certain necessities, including food, medicine, and energy. The business community, including various trade bodies and chambers of commerce, has drawn attention to the fact that…
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Pakistan has ample fuel stocks available: PSO denies reports of petrol, diesel shortage
Pakistan State Oil (PSO) on Friday denied all the rumours about the shortage of fuel reserves and said that there is ample stock of petroleum products in the country. The Ministry of Energy and Oil & Gas Regulatory Authority (OGRA), according to the PSO spokesman, is keeping an eye on the general situation regarding product…
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‘We are unable to serve new customers’: Pak Suzuki announces booking suspension for all motorcycles
Pak Suzuki Motor Company (PSMC) stated on Thursday that it had halted taking reservations for motorbikes until further notice due to issues with manufacturing and procurement following the consecutive closures of its automobile assembling factories caused by an ongoing inventory crisis.
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Export industry is one of the highest priorities of govt: Ishaq Dar
Federal Minister for Finance and Revenue Ishaq Dar on Monday said that the government will make it easier for all exporters to import the raw materials, components, and accessories they need to meet their demands, including five previously zero-rated export-oriented sectors. “Export industry is one of the highest priority of our government,” the minister wrote…
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Diamond Industries suspends manufacturing operations due to unavailability of raw materials
A major manufacturer of foam products in Pakistan, Diamond Industries Limited has announced to suspend its manufacturing operations from today owing to a shortage of imported raw material.
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SBP to lift import restrictions next week
The government has lifted import restrictions on commodities intended for vehicle manufacturing, mobile production, solar power equipment, and nuclear reactors for power generation projects commencing in 2023, despite Pakistan’s limited foreign exchange reserves.
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Pakistan’s GDP growth expected to remain below 3–4% in FY23: SBP
In its annual economic health report released on Wednesday, the State Bank of Pakistan (SBP) slashed its predicted GDP growth from the previously disclosed range of 3–4 per cent for the current fiscal year, citing flood-induced destruction and the stabilisation policy as important contributors.
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LC payments up to $50,000 to be released by SBP
Federal Finance Minister Ishaq Dar said that $50,000 in letters of credit (LC) payments that are overdue will be settled this week. According to Geo, the decision was made following a discussion with the Governor State Bank of Pakistan (SBP) Jameel Ahmed Dar said that the SBP chief will convey these instructions to clear LCs…