Govt expected to present Rs13-15 trillion budget 

12:18 PM | 4 Jun, 2023
Govt expected to present Rs13-15 trillion budget 
Source: Twitter

KARACHI – According to a budget preview report by Topline Securities, the coalition government is expected to propose a budget of Rs13-15 trillion for the fiscal year 2023-24, attributing the high cost to record-high markups caused by a steep rise in interest rates. 

This figure represents a 21% increase from the target set for the current fiscal year, which is Rs9-9.2 trillion.

It is worth noting that if the proposed tax target for the financial year 2023-24 is set, it would be 29% higher than the anticipated tax collection for the outgoing fiscal year, highlighting the government's ambition to generate more revenue. However, the brokerage house stated that this is a challenging period for the government to present a budget due to stagflation, uncertainties related to upcoming elections, and concerns about bridging Pakistan's external account funding gap.

The report emphasized that the uncertainty surrounding the financing of the US dollar funding gap is causing unease in currency, bond, and stock markets. In the past, revenue targets have deviated from actual figures by an average of 8% over the last five years, and the report predicts a similar trend in the fiscal year 2023-24 due to economic slowdown.

For the fiscal year 2023-24, the non-tax revenue target is estimated at Rs2.5 trillion (2.4% of GDP), compared to Rs1.6 trillion (2% of GDP) estimated for the current fiscal year. The report anticipates several taxation measures, including taxes on undistributed reserves, the continuation of the super tax, a shift from the final tax regime to the minimum tax regime, asset/wealth tax, higher tax on non-filers, tax on rental income, and taxes on banks, tobacco, and beverages.

Regarding development spending, the Federal Public Sector Development Programme (PSDP) for FY24 is projected to be Rs0.9 trillion, but the report suggests the possibility of major cuts due to fiscal constraints. The consolidated PSDP (federal and provincial) is expected to reach Rs2.6 trillion (2.5% of GDP) in FY24.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 30, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 30, 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 286.05 289.15
Euro EUR 307 310
UK Pound Sterling GBP 353.3 357
U.A.E Dirham AED 80 80.8
Saudi Riyal SAR 76 76.75
Australian Dollar AUD 189 191
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.24 40.64
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.63 1.71
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – September 30, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Saturday.

The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 30 September 2023

City Gold Silver
Lahore PKR 205,600 PKR 2,450
Karachi PKR 205,600 PKR 2,450
Islamabad PKR 205,600 PKR 2,450
Peshawar PKR 205,600 PKR 2,450
Quetta PKR 205,600 PKR 2,450
Sialkot PKR 205,600 PKR 2,450
Attock PKR 205,600 PKR 2,450
Gujranwala PKR 205,600 PKR 2,450
Jehlum PKR 205,600 PKR 2,450
Multan PKR 205,600 PKR 2,450
Bahawalpur PKR 205,600 PKR 2,450
Gujrat PKR 205,600 PKR 2,450
Nawabshah PKR 205,600 PKR 2,450
Chakwal PKR 205,600 PKR 2,450
Hyderabad PKR 205,600 PKR 2,450
Nowshehra PKR 205,600 PKR 2,450
Sargodha PKR 205,600 PKR 2,450
Faisalabad PKR 205,600 PKR 2,450
Mirpur PKR 205,600 PKR 2,450


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