Latest news with #Rs320
Express Tribune
30-04-2025
- Business
- Express Tribune
RCB prepares Rs7.5b interim budget
The Rawalpindi Cantonment Board has prepared an interim, balanced budget amounting to Rs7.5954 billion for the fiscal year 202526. The preliminary approval was granted during a board meeting attended by both elected and nominated members, while the final approval will be issued by the competent authority, the regional director of Military Lands and Cantonments (MLC). According to sources, the new budget allocates Rs350 million for new works and Rs320 million for maintenance and repairs (M&R). An amount of Rs3.208 billion has been set aside for pensions. A significant portion of the budget will be spent on non-developmental expenditures, including utilities such as electricity, gas, telephone, POL (petroleum, oil, lubricants), stores, workshops, water supply, and sanitation. The previous fiscal year's budget (202425) stood at Rs6.59971 billion, with Rs500 million allocated to original works and Rs310 million to M&R.
Express Tribune
08-04-2025
- Business
- Express Tribune
Gold prices fall in Pakistan amid global downturn
Listen to article The price of gold in Pakistan fell by Rs2,000 per tola on Tuesday, following a drop in international gold prices. The gold was priced at Rs318,000 per tola in the local market, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10 grams of gold also declined, dropping Rs1,715 to Rs272,633. Gold prices have been on a downward trajectory due to global economic uncertainties. On Saturday, the price per tola had reached Rs320,000, following a single-day fall of Rs5,500. The international price of gold decreased on Tuesday, with the rate dropping by $28 to $3,010 per ounce, according to APGJSA. Meanwhile, silver prices saw a marginal drop of Rs50, settling at Rs3,170 per tola.
Express Tribune
20-03-2025
- Business
- Express Tribune
SBP reserves rise $49m
Listen to article The State Bank of Pakistan's (SBP) foreign exchange reserves increased $49 million to $11.15 billion during the week ended March 14, 2025. With this, the country's total liquid foreign currency reserves reached $16.02 billion, of which $4.87 billion was held by commercial banks. In its statement released on Thursday, the central bank cited no reason for the increase in reserves. Financial industry players hope that Pakistan's reserves will increase further following the potential release of a second loan tranche of over $1 billion by the International Monetary Fund (IMF). The approval of IMF's first review under the $7 billion Extended Fund Facility will also unlock additional external financing from other multilateral creditors. Meanwhile, gold prices in Pakistan surged further, mirroring the upward trend in international markets. In the local market, the price of gold per tola rose Rs1,800, reaching a new high of Rs320,800. Similarly, 10-gram gold was priced at Rs275,034, higher by Rs1,543, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). Thursday's rise follows an increase of Rs1,650 to Rs319,000 per tola a day ago. The international bullion rate also registered an uptick on Thursday, with prices climbing $12 to $3,050 per ounce (including a $20 premium), as reported by the APSGJA. Globally, gold prices eased after hitting a record high earlier in the session, but it had a bullish outlook driven by potential rate cuts signalled by the US Federal Reserve and ongoing geopolitical and economic uncertainties. Spot gold was down 0.4% at $3,036.13 an ounce due to profit-taking, after hitting a record high of $3,057.21. Trump, meanwhile, criticised the Fed's decision to hold rates, despite projections of two quarter-percentage-point cuts by year-end due to a weakening economic growth. Moreover, the Pakistani rupee remained mostly stable against the US dollar, recording a slight depreciation of 0.01% in the inter-bank market. By the end of trading, the rupee stood at 280.23, down just two paisa compared to the previous day's close at 280.21. The SBP conducted an open market operation through a reverse repo (injection) on Thursday. A total of around Rs888 billion was offered, which was fully accepted at a rate of 12.06% per annum for an eight-day tenor. The central bank received nine bids, all of which were accepted. This liquidity injection is aimed at stabilising market conditions and ensuring adequate cash flow within the financial system. Furthermore, the Central Directorate of National Savings (CDNS) revised upwards profit rates for various National Savings Schemes. The Short-Term Saving Certificate saw a 15-basis-point (bps) hike, with the return reaching 10.96% from 10.81%. For the Defence Saving Certificate, a marginal 1bps increase was made as it offered a return of 12.15%, up from 12.14%. Similarly, returns on the Pensioner Benefit Account, Behbood Savings Certificate and Shuhada Family Welfare Account were increased by 10 bps to 13.68% each. The Sarwa Islamic Term Account and the Sarwa Islamic Saving Account saw a more significant rise of 70 bps, with returns climbing from 9.74% to 10.44%. However, the Saving Account rate was reduced by 100 bps, from 11.5% to 10.5%.
Express Tribune
20-03-2025
- Business
- Express Tribune
Gold prices skyrocket as global, local markets hit new peaks
Listen to article Gold prices surged to historic highs in both international and local markets on Thursday, driven by sustained global demand, inflation concerns, and large-scale purchases by various governments. According to market reports, the persistent rise in gold prices is setting new records daily, with investors turning to the precious metal as a safe-haven asset. In the international bullion market, the price of gold per ounce increased by $12, reaching an all-time high of $3,050. The impact was immediately reflected in Pakistan's local markets, where the price of 24-carat gold per tola jumped by Rs1,800, reaching a record Rs320,800. Similarly, the price of 10 grams of 24-carat gold rose by Rs1,543, setting a new high at Rs275,034. Meanwhile, silver prices experienced a decline. The price of one tola of silver dropped by Rs31, settling at Rs3,524, while the rate for 10 grams fell by Rs26 to Rs3,021. Market analysts attribute the rising gold prices to ongoing economic instability and increasing global interest in gold as a hedge against inflation.
Express Tribune
13-03-2025
- Health
- Express Tribune
Sehat Card to cover drug rehab programme
Khyber-Pakhtunkhwa Chief Minister Ali Amin Gandapur has said that the drug addicts' rehabilitation program will soon be integrated into the Sehat Card Plus initiative. A ceremony was held in Peshawar on Thursday to mark the completion of the third phase of the Drug-Free Peshawar program. Gandapur was the chief guest at the event, while members of the provincial cabinet, members of the National and Provincial Assemblies, government officials, and civil society representatives were also in attendance. On this occasion, individuals who had successfully completed rehabilitation under the Drug-Free Peshawar program's third phase were reunited with their families. The third phase was launched in November 2024, during which 1,239 drug addicts were rehabilitated. Among them were 13 women and 28 underage boys. The rehabilitated individuals included 611 from Peshawar, 536 from other districts of the province, 48 from Punjab, 10 from Sindh, and 26 Afghan citizens. This is the largest drug rehabilitation program to date, with a substantial allocation of Rs320 million. Speaking at the event, the chief minister expressed his joy at witnessing the reintegration of rehabilitated individuals with their families. He stated that the program aims to make the province drug-free and help addicts return to normal life so they can become productive and responsible citizens. The chief minister emphasized that this initiative is not limited to the province alone but is a nationwide and even global program, as people from other provinces and even Afghanistan have benefited from it. "We do not reject anyone based on their province or nationality," he added. Gandapur highlighted that this rehabilitation project began in 2022, and in its first two phases, a total of 2,400 drug addicts were successfully treated. This included 1,154 individuals from Peshawar, 1,039 from other districts of K-P, 170 from Punjab, Sindh, Balochistan, Kashmir, and Gilgit-Baltistan, and 34 foreign nationals. The chief minister reiterated that his leader's vision is to establish a welfare state where the government cares for its people like a mother. "Deputy Commissioners only need to bring drug addicts to the relevant office, and the government will bear the cost of their treatment," he declared. He urged the public to hand over drug addicts for rehabilitation, assuring them that the government will ensure their treatment. The CM also stressed a simple definition of right and wrong: "Anything you cannot do openly is wrong." He further stated that drugs neither bring happiness nor peace; they only lead to destruction. True peace and progress, he said, lie in following the commandments of Allah. The chief minister urged people to fight against drug dealers and expel them from their communities. Police will support you. Inform them, and they will take immediate action. We must not spare drug dealers, as they are the enemies of our children and youth, he asserted. Ali Amin Gandapur concluded by emphasizing the collective responsibility to eliminate drugs and drug traffickers. He also thanked the business community for providing employment opportunities to rehabilitated individuals.
