Business

Solar systems from Sindh will only cost Rs 7,000!

Published

9 months ago

Farwa

The World Bank and the Sindh government have announced plans to work together to provide the people with entire solar systems for a mere Rs7,000.

The goal of this project is to address the province’s energy problems and offer sustainable electrical alternatives to all families.

This initiative would provide entire solar systems to 200,000 families in Sindh, including 50,000 in Karachi, for a modest fee of Rs 7,000. Households can benefit from critical illumination and ventilation, as each solar system is built to power a fan and three LED bulbs.

According to the director of alternative energy in Sindh, 6,656 solar systems would be placed in every district of the province, resulting in a significant distribution effort in all areas. With solar panels, charge controllers, and batteries included in the system package, the project is scheduled to start in October as soon as the purchase is finalized.

Future growth of the project is possible thanks to funding from the World Bank, which has provided $32 million for it.

As evidence of its dedication to renewable energy sources, Sindh has already begun producing 400MW of electricity from solar power.

However, plans to give away free solar systems to 50,000 Punjabi homes have been revealed by the provincial government. The province government has fully sponsored this effort, which has an estimated cost of Rs10 billion and is intended to lower electricity bills for low-consumption homes.

Families with monthly electricity use of up to 100 units are eligible for the free solar systems under the program. All costs, including those associated with purchasing and installing the solar systems, will be met by the government.

Business

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

Published

2 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.