Business

PESHAWAR — The Khyber Pakhtunkhwa Revenue Authority (KPRA) hosted its fourth Consumer Rewards Scheme draw on Thursday. Event Details Director General Irum Naz led the event, ensuring a transparent digital selection process was used to pick the 50 winners. The scheme’s aim is to incentivize tax compliance and encourage broader economic participation in the region. Key Officials and Attendees The event was attended by notable officials such as Muhammad Abbas Khan, the Collector Sales Tax on Services, and Naimatullah, Director Legal, Tax Policy and Reforms. Their presence underscored the significance of this initiative for the province’s economic development. Scheme Objectives The primary goal of the Consumer Rewards Scheme is to inspire tax compliance among citizens. By offering rewards, the initiative seeks to raise awareness and foster greater engagement in the formal economy.

ISLAMABAD — Finance Minister Senator Muhammad Aurangzeb confirmed that Pakistan’s GDP growth has increased to 3.7 percent in the outgoing fiscal year, up from last year’s 3.1 percent. This development signifies Pakistan entering a sustainable growth phase. Focus on Economic Stability During the session concluding the Federal Budget 2026-27 debate, Aurangzeb highlighted the importance of achieving macroeconomic stability. He described this achievement as crucial for ensuring Pakistan’s long-term economic stability. Future Economic Policies The government remains committed to sustaining and enhancing this positive economic momentum. Moving forward, it will implement policies focused on continued growth and stability. These initiatives are part of a broader strategy to achieve further economic successes in the coming years.

QUETTA — Balochistan Chief Minister Mir Sarfraz Bugti has directed the Quetta Electric Supply Company (QESCO) to ensure a continuous and stable electricity supply across the province. This directive was issued during a meeting with a QESCO delegation led by Abdul. Commitment to Stable Electricity The Chief Minister emphasized the need to utilize all available resources to maintain uninterrupted power for residents. The meeting underscores the provincial government’s determination to address public concerns over power shortages. Immediate Action Required QESCO officials were urged to swiftly implement measures to stabilize the electricity distribution system. This includes addressing existing challenges and ensuring a consistent power supply. Improving Infrastructure and Coordination Discussions also centered on improving infrastructure and enhancing coordination among stakeholders. These efforts aim to boost the operational efficiency of the power distribution network.

KARACHI — The Treasury Management Division of the National Bank of Pakistan (NBP) has released the updated foreign exchange rates applicable for Thursday. The updates include telegraphic transfer (TT) selling and buying prices for various major currencies. Key Currency Rates The US Dollar has a selling price of 278.65 and a buying price of 278.15. The Euro is set at a TT selling rate of 321.04 and a buying rate of 320.46. The British Pound is quoted with a selling rate of 371.00 and a buying rate of 370.33. The Japanese Yen is available for sale at 1.7353 and purchase at 1.7322. Other Significant Currencies Several other currencies have notable updates in their rates: Swiss Franc: 348.88 selling, 348.25 buying Canadian Dollar: 197.62 selling, 197.26 buying Australian Dollar: 196.10 selling, 195.75 buying Singapore Dollar: 216.56 selling, 216.17 buying Additional Currency Rates The NBP has also revised rates for other currencies, which include: Swedish Krona Norwegian Krone Danish Krone New Zealand Dollar Hong Kong Dollar Korean Won Chinese Yuan Malaysian Ringgit Thai Baht UAE Dirham These comprehensive exchange rates mirror the latest adjustments by the NBP in the dynamic foreign currency market.

KARACHI — The National Bank of Pakistan (NBP) has released the latest currency exchange rates, providing key insights into the buying and selling values of various currencies in the market. Major Currency Rates As of Thursday, the US dollar is being sold at 280.04 and purchased at 277.04. The British pound is available for selling at 372.86 and buying at 368.46. Meanwhile, the euro has a selling rate of 322.65 and a buying rate of 318.85. Regional Currency Rates Japanese Yen and UAE Dirham The Japanese yen is available for selling at 1.7440 and buying at 1.7234. Furthermore, the United Arab Emirates dirham is pegged at 74.62 for selling and 73.74 for buying. Saudi Riyal The exchange rate for the Saudi riyal is 76.25 for selling and 75.35 for buying.

ISLAMABAD — The Asian Development Bank (ADB) has sanctioned a $700 million policy-based loan to propel reforms in Pakistan’s insurance sector. Loan Objectives The primary goal of this initiative is to broaden insurance coverage and address protection gaps across the country. Encouraging Private Sector Investment An ADB press release highlights that the loan aims to encourage private sector investment in the insurance industry, promoting sustainable economic growth. Economic Growth and Stability This financial support plays a crucial role in enhancing Pakistan’s financial sector. It promotes economic stability and advances financial inclusion for citizens.

ISLAMABAD — Pakistan’s government has reaffirmed its commitment to supporting electric vehicle manufacturing and localization. This initiative is a part of the strategic goal to establish Pakistan as a regional hub for new energy vehicles. Government’s Strategic Initiative Finance Minister Senator Muhammad Aurangzeb announced the initiative on Thursday during a meeting with a delegation from BYD Group and Mega Motor Company (MMC). The venture aims to promote a sustainable transportation network across the nation. Partnerships for Sustainable Growth Minister Aurangzeb emphasized the importance of partnering with international companies. These collaborations are projected to benefit the local economy and environment significantly. The government is focused on encouraging electric vehicle adoption and developing the required infrastructure. Boosting Foreign Investment Talks with BYD Group and MMC form part of comprehensive efforts to draw foreign investment into the electric vehicle sector. This sector is seen as vital to Pakistan’s economic and environmental strategies. With these engagements, Pakistan aims to enhance cooperation and investment in its automotive industry, paving the way for substantial growth and development.

ISLAMABAD — The Senate’s budget session commenced on Thursday at 12:48 p.m. Chaired by Syed Yousaf Raza Gilani, this session marks the start of the legislative body’s examination of fiscal matters for the next year. Agenda Highlights The session’s agenda involved the presentation of reports from various standing committees. These reports play a crucial role in the discussion and evaluation of proposed fiscal policies and plans. Focus on Finance Bill 2026 The Finance Bill for 2026 was a central topic of discussion. Such deliberations are pivotal for shaping Pakistan’s financial landscape in the forthcoming fiscal year. They directly influence economic growth and stability.

ISLAMABAD — Farah Naz Akbar, Parliamentary Secretary for the National Heritage and Culture Division, announced on Thursday that the Federal Budget for 2026-27 targets significant economic growth and public relief. Major Economic Initiatives Addressing the National Assembly during the budget debate, Akbar outlined key measures designed to provide relief to salaried individuals. She stressed that these initiatives are essential for maintaining financial stability. Comprehensive Strategy for Public Welfare Akbar highlighted the budget’s role as part of a comprehensive strategy aimed at addressing economic challenges. The plan focuses on promoting public welfare while simultaneously boosting economic growth. Her remarks reflect the administration’s commitment to aligning growth objectives with initiatives for public relief, ensuring a balanced approach to national progress.

ISLAMABAD — The Asian Development Bank (ADB) has approved a $700 million policy-based loan to support reforms aimed at strengthening Pakistan’s insurance sector. This initiative focuses on enhancing financial resilience and expanding market coverage. Insurance Transformation Program The Insurance Transformation Program aims to close protection gaps and increase private sector participation. This strategy is expected to promote sustainable economic growth by offering financial security to households, businesses, and farmers. The loan particularly focuses on protection against extreme weather events, disasters, and life-cycle risks. Modernizing Pakistan’s Insurance Framework Emma Fan, ADB Country Director for Pakistan, indicated that the program will modernize Pakistan’s insurance framework. The shift towards a risk-based, market-oriented system is intended to mobilize capital for development and boost financial protection. These efforts are critical in building a more competitive and resilient insurance market. Current Financial System Currently, Pakistan’s financial system is dominated by banking, with the insurance sector making up only 0.7% of GDP. The approved loan aims to develop inclusive, shock-responsive insurance models, focusing on benefits for farmers, women, and vulnerable households. Innovative Insurance Solutions The initiative emphasizes digital distribution, satellite-based risk assessment, and tailored insurance products. It also seeks to improve claims processing and access to insurance services, contributing to a strengthened insurance sector.