Tag: Payments
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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…
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YouTube introduces Creator Music, a music store for content creators
YouTube will now enable the monetization of licensed music for content producers. The company unveiled a platform called Creator Music earlier this week, allowing YouTubers to use a library of well-known songs in their videos without risking demonetization. With the rules of the music rights laid out plainly so that producers may understand the charges,…
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Pakistan gets temporary relief of $3.68 billion from G-20 countries
The Ministry of Economic Affairs stated that the Government of Pakistan and the French Republic on Monday signed an agreement as part of the G20 Debt Service Suspension Initiative (DSSI). The government signed a DSSI, which amounted to the suspension of loans totaling $107 million under the G20 DSSI framework, according to a statement made…
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SBP hikes interest rate by 150 basis points to control inflation
The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) approved a 150 basis point increase in the benchmark interest rate, pushing it to 13.75 per cent to control inflation. It is worth noting that this is the maximum level of interest rate since 2011 when it was 14 per cent. The central bank mentioned in…
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Car sales up by 53.7 per cent in 2022, despite repeated price hikes
The latest data provided by the Pakistan Automotive Manufacturing Association (PAMA) shows that overall car sales climbed by 53.78 per cent during the first nine months of the current fiscal year 2021-22 (July-March) compared to the same period in the past financial year. Keeping in view the recent figures, 172,612 vehicles were delivered in the…
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FBR records 29.1% growth during July 2021 to March 2022, despite providing ‘massive tax relief’
The provisional revenue collection data for the months of July 2021 to March 2022 of the current financial year 2021-22 have been announced by the Federal Board of Revenue (FBR). The net collection was Rs575 billion for the month of March 2022, up 20.5 per cent from Rs477 billion in March 2021. Conversely, the gross…
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James Faulkner leaves PSL prematurely, accuses PCB of not honouring agreed payments, PCB denies
Australian cricketer James Faulkner has left the Pakistan Super League (PSL) prematurely over a payment dispute, saying the Pakistan Cricket Board (PCB) hasn’t honoured the contractually agreed payments and has instead “continued to lie” to him. Faulkner, who has not played Quetta Gladiators’ last three games, was understood to have grown increasingly agitated over the…