On a monthly basis, inflows were mainly sourced from Saudi Arabia ($707 million), United Arab Emirates ($614 million), United Kingdom ($484 million) and the United States of America ($346 million).
Economy
75 shortlisted start-ups then went through a rigorous process of mentoring workshops and pitching competitions, out of which the top 12 start-ups were selected for a 15-week Founders Institute Acceleration Program. Out of these 12 start-ups, nine women entrepreneurs were selected for an in-person acceleration exchange.
Oil giant Saudi Aramco recently reported a 124% net profit surge for last year, hours after Yemeni rebels attacked its facilities causing a “temporary” drop in production.
According to the Forex Association of Pakistan, the day’s start saw the greenback appreciating by Rs1.10 from the previous day’s close of Rs192 and reaching Rs193.10 around 11am in the interbank trade.
Last week, the U.S. Senate Judiciary Committee approved the No Oil Producing and Exporting Cartels Act (NOPEC).
On Wednesday, the dollar-rupee exchange rate closed at Rs190.02 and the value of dollar further surged to Rs190.87 in the inter-bank on Thursday morning at 11am.
Massive increase in tax collection target in upcoming financial year will require imposition of additional taxes, withdrawal of agriculture tax exemptions and increase in tax burden on the salaried class.
On Monday (May 9), the Pakistan Stock Exchange 100-index had already lost more than 1500 points. Analysts have urged the allied government to expedite the process of talks with the IMF for the resumption of enhanced loan, involving $8 billion loan.