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fiscal year

Pakistan receives $19.62 bn in remittances during FY18

KARACHI: Pakistan witnessed a slight increase in remittances during the fiscal year 2018, said a statement by the State Bank of Pakistan. Overseas workers remitted US $19.62 billion during FY18 showing a growth of 1.4 percent compared with US $19.35 billion received during the same period in the preceding year. During June 2018, the inflow of worker’s remittances amounted to $15.94 billion compared to $17.71 billion during May 2018. The remittances from Saudi Arabia for the month of June 2018 saw a decrease to…

Pakistan Railways sets revenue target of Rs53b for next fiscal year

ISLAMABAD: Pakistan Railways has set revenue target of Rs53 billion for the next fiscal year. According to the working paper prepared by Pakistan Railways on income and performance, Railways earned 36 billion rupees in the previous year and it is expected to earn 41 billion rupees this year.  There is increase of 32 percent in income this year. Federal Minister for Railways Saad Rafique has said Pakistan Railways freight sector earnings have augmented due to handwork and commitment poured in by the present team which…

Foreign investment increases by 44 percent in fiscal year

ISLAMABAD: The net foreign investment in Pakistan has increased by more than 44 percent in the first seven months of the current fiscal year as compared with the corresponding period of preceding year. A report published in a section of press quoting the State Bank of Pakistan (SBP) said net foreign investment stood at $1.18 billion between July and January 2010-11. According to the report, net foreign portfolio investments increased by 176 per cent to reach $234.8 million. This bolstered total investment even though…