Business

ISLAMABAD — On Saturday, there was a slight drop in the local gold market, with 24-karat gold per tola declining by Rs43. The new rate, as reported by the All Pakistan Sarafa Gems and Jewellers Association, stands at Rs437,993. Influence of Market Fluctuations The decline in gold prices results from routine market fluctuations. These shifts mirror global trends affecting local market conditions. The association updates pricing frequently to inform the public about any changes in value. Effects on Investment Decisions Price changes in gold are closely monitored by both investors and consumers. Gold continues to be a favored safe-haven asset, particularly during unstable economic times. Understanding these trends is essential for investors aiming to make well-informed decisions in a volatile economy.

FAISALABAD — The Faisalabad Chamber of Commerce & Industry (FCCI) has commended the government for the reduction in petroleum prices. FCCI President Farooq Yousaf Sheikh described the decision as a timely and constructive move for industry, trade, and the general public. Impact on Business Costs On Saturday, Sheikh highlighted that the lowering of petroleum prices will lead to reduced business operational costs. This measure aims to alleviate financial pressures on companies. As a result, consumers are expected to benefit as businesses pass down these savings. Economic Benefits The price reduction has been well-received across various sectors. Stakeholders are forecasting a positive economic impact at both local and national levels. This decision is anticipated to boost trade and industry by decreasing production expenses and enhancing revenue potential.

ISLAMABAD — Pakistan and the Asian Development Bank (ADB) have signed a significant $700 million policy-based loan agreement. This agreement targets comprehensive reforms in the insurance sector. Details of the Insurance Transformation Program The loan is part of the Insurance Transformation Program, Sub-Program 1. It includes $250 million on concessional terms, showcasing ADB’s commitment to supporting Pakistan. Concessional Loan Terms The concessional terms aim to make the financial burden manageable, aiding Pakistan’s reform initiatives effectively. Asian Development Bank’s Support Muhammad Humair Karim Kidwai, Secretary of the Economic Affairs Division, expressed profound gratitude for ADB’s continuous support. ADB is acknowledged as a reliable development partner for Pakistan. Objectives of the Insurance Reforms The reforms concentrate on improving the regulatory environment of the insurance industry. These changes are designed to stimulate growth and ensure financial stability within Pakistan’s economy. Impact on Pakistan’s Economy Enhancement of regulatory frameworks Promotion of economic growth Bolstering of financial stability This agreement is a vital step toward achieving sustained economic development in Pakistan.

ISLAMABAD — Members of the National Assembly are urging the government to incorporate Senate proposals into the Finance Bill. These measures aim to combat inflation effectively and offer public relief. Call for Finance Bill Amendments During a recent budget debate, lawmakers emphasized the urgent need for action. The Senate’s recommendations are seen as crucial in easing economic burdens on citizens. Importance of Senate Proposals Legislators highlighted that adopting these proposals could significantly reduce the financial pressure on households. This approach is vital amidst growing economic challenges. Government Efforts to Tackle Inflation Current discussions underscore ongoing governmental efforts to address the rise in inflation. The debate reflects the urgent necessity to modify the Finance Bill to align with national economic priorities.

ISLAMABAD — The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has convened its Central Standing Committee-2026 on Import, Export, and Investment. The committee’s objective is to develop a strategic roadmap to boost trade and investment sectors in Pakistan. This initiative intends to enhance the country’s economic landscape through specific, targeted measures. Focus on Trade and Investment Sectors The committee explored various opportunities to enhance import and export activities. A significant emphasis was placed on attracting increased foreign direct investment. Discussions highlighted establishing a favorable environment that supports economic growth and sustainability. Strategic Implementation Commitment FPCCI officials pledged their commitment to implementing the strategies developed. Key focus areas include executing policy reforms and facilitating new trade agreements. Such efforts are crucial for elevating Pakistan’s position in the global market.

KARACHI — The National Bank of Pakistan (NBP) has released the latest currency exchange rates. These rates detail the buying and selling prices for several key foreign currencies. USD and British Pound Exchange Rates The US dollar is currently available for sale at Rs280.04, while the purchase rate is Rs277.04. In terms of the British pound, it is sold at Rs372.86 and bought at Rs368.46. Euro and Japanese Yen Exchange Rates The euro’s selling price stands at Rs322.65, with a buying price of Rs318.85. Meanwhile, the Japanese yen is available at Rs1.7440 for selling and Rs1.7234 for buying. UAE Dirham and Saudi Riyal Exchange Rates The UAE dirham can be sold for Rs74.62 and purchased for Rs73.74. The Saudi riyal’s rates are Rs76.25 for selling and Rs75.35 for buying.

ISLAMABAD — On Friday, energy experts, economists, and climate policy specialists gathered to advocate for extensive reforms in Pakistan’s energy sector. They emphasized the importance of prioritizing grid modernization, energy storage, and governance reforms in upcoming budget plans. Key Reform Areas During the post-budget dialogue, participants highlighted the significance of transport electrification. They stressed the necessity for climate finance protection measures to ensure strategic and efficient allocation of resources. Engagement with Civil Society The event assembled representatives from civil society who concentrated on critical areas needing attention in Pakistan’s energy policy. This in-depth discussion aimed to initiate the essential changes required. Enhancing Energy Efficiency The gathering underscored the implementation of these recommendations to dramatically improve the efficiency and sustainability of the energy sector. Tackling climate change challenges is a priority in formulating future fiscal policies. These reforms are vital for progressing Pakistan’s energy landscape.

HYDERABAD — Shaheed Allah Buksh (SABS) University of Art, Design, and Heritages, located in Jamshoro, has announced a significant budget of Rs715 million for the 2026-27 financial year. The announcement emerged during the university’s ninth Finance and Planning Committee meeting, held on Friday. Overview of Budget Presentation During the meeting, Director Finance Imran Noor presented the detailed budget estimates. He highlighted the university’s financial affairs and outlined specific expenditure plans to the attending committee members. Strategic Fund Allocation The meeting focused on the strategic allocation of funds to support ongoing programs and future initiatives. The plan includes major investments aimed at enhancing the university’s infrastructure and services. Dedication to Educational Growth The substantial budget reflects SABS University’s commitment to fostering educational growth. By improving its infrastructure, the university seeks to better serve its academic community, maintaining its dedication to quality education.

PESHAWAR — Sikandar Hayat Khan Sherpao, the Provincial Chairman of the Qaumi Watan Party (QWP), has criticized the Pakistan Tehreek-e-Insaf (PTI) government. He claims that the administration lacks concrete plans for the development of Khyber Pakhtunkhwa. His statement was issued from Watan Kor on Friday. Criticism of Economic Strategy Sherpao expressed concerns about the government’s economic strategy, pointing out a projected budget deficit of Rs48 billion. This substantial fiscal gap, he argues, raises doubts about the development prospects for Khyber Pakhtunkhwa under the current leadership. Challenges in Resource Allocation The QWP leader’s remarks highlight ongoing concerns about resource allocation across the region. Developmental priorities continue to be a significant issue as Khyber Pakhtunkhwa confronts numerous socioeconomic challenges.

PESHAWAR — Khyber Pakhtunkhwa Chief Minister Sohail Afridi announced that the province will cover a Rs 48 billion budget shortfall using savings, thereby avoiding the imposition of new taxes. This announcement took place during the 2026-27 financial year budget presentation titled “Khushal Khyber Pakhtunkhwa,” delivered to the Provincial Assembly on Friday. Commitment to Fiscal Discipline Chief Minister Afridi emphasized the government’s dedication to addressing the fiscal deficit with prudent financial measures. Instead of adding new taxes, the focus remains on maintaining economic stability throughout the province. Focus on Economic Growth The strategy seeks to stimulate growth and development within the region. The government’s approach demonstrates a commitment to sustainable and responsible fiscal management, crucial for long-term prosperity. Strategic Resource Allocation The proposed budget outlines a strategic allocation of resources designed to enhance economic prosperity in Khyber Pakhtunkhwa. This plan ensures that resource management is thoroughly aligned with the province’s overarching growth objectives.