Tuesday, August 26 2025

SECP rejects auditor’s findings of unlawful pay, perks
The Securities and Exchange Commission of Pakistan (SECP) on Monday challenged the Auditor General of Pakistan’s (AGP) audit report 2024-25, which alleged that pay and allowance increases for its senior management were made unlawfully and without due process. In challenging the report, the commission also claimed that the auditor general’s office lacked the authority required to conduct the financial scrutiny. The move by the SECP follows similar pushback against the auditor general from the Pakistan Telecommunication Company Ltd and the Pakistan Telecommuni­cations Authority. The audit objections noted that the salary and perks of the SECP chairman and commissioners were raised for the two previous fiscal years. The report also mentioned that the SECP failed to deposit revenues and surplus balances into the Federal Consolidated Fund.
Related news categories: business economic-indicators investment-copr

Monday, August 25 2025

Illegal forex market may hit exchange rate stability
Currency dealers in the banking market have reported a sharp 50 per cent decline in dollar sales by money changers this month, amid concerns that the grey market has re-emerged, buying dollars at higher prices. Dealers indicated that while remittance inflows remain unaffected, with July witnessing $3.2 billion in transfers, the drop in open market sales could destabilise the exchange rate. Money changers explained that the strict documentation requirements for dollar purchases are limiting their sales, with only transactions of up to $500 not raising any questions. According to bankers, the open market has sold around $115 million to the banking sector this month, significantly lower than the same period last year. “The open market is running low on dollars. They are only selling what they receive from the public, which suggests that someone is purchasing dollars before selling them to money changers,” said a money changer, who requested anonymity.
Related news categories: business economic-indicators investment-copr

Wednesday, August 06 2025

Govt approves Rs2 billion bailout package for Quaid-i-Azam University
In a major development, struggling Quaid-i-Azam University (QAU) on Tuesday received Rs2 billion bailout package from the federal government. Economic Coordination Committee (ECC) headed by Finance Minister Muhammad Aurangzeb, besides other agenda items, approved the package for QAU. “The ECC approved in principle a bailout grant of Rs2 billion for Quaid-i-Azam University, contingent upon the preparation and presentation of a comprehensive financial self-sustainability plan. “The university, in collaboration with the Higher Education Commission, is required to submit a clear roadmap outlining the strategy to achieve long-term financial stability and reduce dependency on future bailout packages,” read an official statement.
Related news categories: business economic-indicators investment-copr