Economy

Remittances down and imports curbed in Pakistan

In December 2022 total inflow of remittances through the official channels stood at $2 billion, which is 19 percent decline from last month. This is due to the disparity between the official price of US Dollar (the interbank rate) and the price in open market. As in open market you can trade your dollars in much more money, people are adopting to use the unofficial channels more to send in their remittances. This not only take away the government’s opportunity to charge tax on money sent in but also the inflow is not properly added to foreign exchange available to state bank and other government owned bodies. The disparity between the official interbank rate and the open market is due […]

Automobile

Pak Suzuki extends plant closure for third week

For the third consecutive week Pak Suzuki Motor Company (PSMC) have wrote letter to Pakistan Stock Exchange (PSX) that they will keep the production of cars closed. In the letter last week and again this week, PSMC mentioned that the production of two wheelers (Motorcycles) will remain operational. This time, Pak Suzuki have announced that their vehicle production plant will remain closed for another week, starting from Jan 16, 2023 to Jan 20, 2023. However, letter does not mention anything about the resumption of production afterwards. Jan 21 & 22, 2023 are weekend days, so if Pak Suzuki (PSMC) decides to resume the production, it will be on Jan 23, 2023. The reason mentioned by PSMC for this closure is […]

Automobile

Toyota Increased Prices of its Cars in Jan 2023

Toyota Pakistan has recently announced a price increase in price of its cars officially launched in Pakistan. The price increase will be applicable on bookings from Jan 12, 2023. The reason for this price hike was the ongoing inflation and the difficulties which Pakistan’s Auto Industry is facing, in importing the cars from outside Pakistan. Increase in price of different Toyota vehicles is as follows. Increase in Toyota Yaris Prices Make/Model/Trim New Price Old Price Toyota Yaris GLI MT 1.3 3,819,000 3,539,000 Toyota Yaris GLI CVT 1.3 4,069,000 3,769,000 Toyota Yaris ATIV MT 1.3 4,039,000 3,729,000 Toyota Yaris ATIV CVT 1.3 4,239,000 3,929,000 Toyota Yaris ATIV X MT 1.5 4,339,000 4,009,000 Toyota Yaris ATIV X CVT 1.5 4,609,000 4,259,000 Increase […]

Sports

New Zealand wins third ODI and the series against Pakistan

Today New Zealand played the last match of their tour of Pakistan 2022-23. They were here in Pakistan, for two test match series and three ODI match series. The test match series was leveled between New Zealand and Pakistan nil to nil. In ODI series, first match was won by New Zealand, second by Pakistan, so by winning today’s match by two wickets, New Zealand not only won the third ODI but also the ODI series 2 to 1. Pakistan Innings Pakistan won the toss and elected to bat first. Pakistan’s opener Fakhar Zaman was the top scorer as he scored 101 runs. Pakistan also faced two early dismissals, which was Shan Masood going for a duck and Babar Azam […]

Automobile

Pak Suzuki plant closure continues

Pak Suzuki had earlier announced that they are facing the inventory issues in Pakistan in their cars and bike manufacturing plants and government had restrictions imposed on inventory import directly or indirectly. As Pak Suzuki was not being able to open the Letter of Credit (LC) to import the Completely Knocked Down (CKD) kits of cars, which they produce. So they had announced to keep the Pak Suzuki Vehicles and Bikes plants closed from 2 Jan, 2023 to 6 Jan, 2023. And then it had to open back on Jan 9, 2023 after weekend on Monday. However, Pak Suzuki have extended this closure. Pak Suzuki vehicles Manufacturing plant will now keep close for one more week officially until Jan 13, […]