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Ramadan bank timings revised for six-day work week

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KARACHI: The State Bank of Pakistan (SBP) Wednesday revised the timings for the banking sector for Ramadan.

According to a notification issued by the SBP, the time has been revised for both public dealing and office timings.

“As per the decision of the federal government communicated vide notification No.6/2/1996-d-2 dated April 12, 2022, the State Bank of Pakistan (SBP) will observe six days working week with the [revised] office hours during the month of Ramadan-ul-Mubarak, which shall also be followed by all banks, development finance institutions (DFIs) and microfinance banks,” the notification read.

Office timings:

DaysOffice Hours
Monday to Thursday and Saturday 08:00am to 03:00pm
(Prayer break 1:00pm to 1:30pm)
Friday08:00am to 1:00pm
(Without break)

Public dealing timings:

DaysOffice Hours
Monday to Thursday and Saturday 08:00am to 01:00pm
(Without break)
Friday08:00am to 12:00pm
(Without break)

“However, except Friday, banks/MFBs may observe extended business (banking) hours for the public from 08:00am to 2:00pm (without break) as per their business requirements,” according to the statement.

The SBP further mentioned that the revised timings shall come into force with immediate effect and continue unless modified or withdrawn.

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The government is about to unleash another gasoline bomb on citizens beaten by inflation

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governmentThe price of petroleum products is anticipated to rise by the Federal Government starting on July 16. The price of gasoline is anticipated to rise by Rs7.67 per litre, the price of high-speed diesel by Rs3.72 per litre, and the price of kerosene by Rs2.73 per litre.

The people have informed me that a proposal to increase the petroleum levy has been created and is pending final clearance from Prime Minister Shehbaz Sharif.

After speaking with the premier, it is expected that the Ministry of Finance will declare the revised petroleum product prices tonight.

Petroleum product prices have recently surged due to rising global oil prices and Pakitsan’s adjustment of the petroleum levy in response to the International Monetary Fund’s (IMF) adamant demands, which forced the country to raise the petroleum development levy in the Finance Bill to Rs70 per litre.

Noteworthy is the fact that on July 1, the authorities also dropped a gasoline bomb.

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Positive Trend at PSX With a 1361-Point Gain for the KSE 100-Index

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In the first few hours of trading, the Pakistan Stock Exchange sees a bullish trend as the KSE 100-Index rises 1361 points, bringing the stock market to over 81,300 points.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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