Business

Russia ready to supply petrol to Pakistan on deferred payments: report

Published

2 years ago

Farwa

Major development comes after last week’s meetings of PM Shehbaz Sharif and Putin in Samarkand.
Report states no opposition to deal from US amid Pakistan’s severe economic crisis caused by deadly floods
PM Shehbaz, Putin discussed supply of oil, gas and wheat to Pakistan in three meetings.

Russia is ready to provide Pakistan with gasoline on a delayed payment basis, Daily Jang reported on Tuesday.

This major development comes after last week’s meetings of Prime Minister Shehbaz Sharif and Russian President Vladimir Putin in Samarkand, on the sidelines of the Shanghai Cooperation Organisation (SCO) summit.

Matters regarding oil, gas and wheat supplies to Pakistan from Moscow were discussed during the three meetings.

The report added that the US has also not opposed the proposed deal openly amid Pakistan’s severe economic crisis caused by deadly floods.

Addressing a press conference on September 18, Defence Minister Khawaja Muhammad Asif revealed that Russia proposed that its gas pipeline infrastructure which was in place till Central Asian states could be extended to Pakistan through Afghanistan.

The two leaders also expressed commitment to expand bilateral cooperation between their countries in all areas of mutual benefit, Khawaja Asif said.

‘Gas pipeline feasible’

On September 15, Russian President Vladimir Putin told PM Shehbaz Sharif that the installation of a pipeline for the supply of gas to Pakistan from Moscow is possible.

President Putin also expressed solidarity and support for the flood-hit population in Pakistan after he was informed about the devastating impact of the climate-induced calamity.

PM Shehbaz reaffirmed Pakistan’s commitment to work closely with Russia to expand and strengthen cooperation across all areas, including food security, trade and investment, energy, defence, and security.

Speaking about regional politics, PM Shehbaz said that both Pakistan and Russia had vital stakes in a peaceful and stable Afghanistan, adding that Pakistan was committed to supporting all regional and international efforts to stabilise its neighbouring country.

Business

The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

Published

3 days ago

Farwa

As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

2 weeks ago

Farwa

Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

Business

FBR lowers Karachi’s built-up structure property valuation rates

Published

2 weeks ago

Farwa

A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.