Tag: federal government approval

  • NEPRA hikes basic electricity tariff by Rs5.72 to Rs35.50 per unit

    NEPRA hikes basic electricity tariff by Rs5.72 to Rs35.50 per unit

    The National Electric Power Regulatory Authority (NEPRA) has announced an increase in the basic electricity tariff by Rs5.72 per unit, effective from July 1, 2024. This hike will raise the current base tariff from Rs29.78 to Rs35.50 per unit.

    The capacity charges, which form a significant portion of the base price, amount to Rs18.10 per unit, constituting 51 per cent of the total cost. Consequently, the total capacity payment is projected to reach approximately Rs2.091 trillion for the fiscal year 2025.

    This proposal has been submitted to the federal government for final approval. The government will decide whether to implement the increase immediately or phase it in over time.

    It is important to note that in the current fiscal year (FY24), the electricity tariff was increased by Rs7.50 per unit, while in the previous fiscal year (FY23), the government implemented an increase of Rs7.91 per unit.

    In a contrasting move, Prime Minister Shehbaz Sharif announced on Friday a substantial reduction of Rs10.69 per unit in the electricity tariff for the industrial sector. This reduction is part of the Prime Minister’s historic power package aimed at bolstering the country’s industrial sector.

    Additionally, the petrol price has been reduced for the fourth consecutive time, decreasing by Rs10.20 to Rs258.16 per litre.

  • SBP seeks design ideas from students, designers for new banknotes

    SBP seeks design ideas from students, designers for new banknotes

    In a significant move to enhance security features and align with technological advancements, the State Bank of Pakistan (SBP) has kicked off the process of designing and issuing a new series of banknotes covering all existing denominations.

    The SBP, in an official statement released on Tuesday, emphasised the complexity of the issuance process, which involves multiple meticulous steps and stages that demand careful planning and coordination among various stakeholders. Despite the general timeline of 2-3 years for launching a new banknote series, the SBP aims to expedite the process and complete it within the next two years.

    As an initial step towards the design process, the SBP has organised an art competition for the new banknote series. This competition is expected to yield diverse and creative ideas and themes that will form the basis for the subsequent phases of development.

    The finalised concepts will be shared with renowned professional banknote designers, who will be selected through a competitive process to transform these ideas into the final printable designs for each denomination.

    The final designs will then undergo scrutiny by the federal government for approval, ensuring that they meet the necessary standards and security features. The SBP assured the public that the existing banknote series would continue to remain in circulation even after the introduction of the new series.

    Any decision regarding the withdrawal of the existing banknotes will be executed gradually and in a phased manner, contingent upon the successful issuance and sufficient circulation of the new banknotes.

    The central bank highlighted that the periodic introduction of new banknote series, occurring approximately every 15–20 years, is a common practice among central banks. This practice aims to bolster the integrity of banknotes and integrate the latest technological developments in design and security features, ensuring a secure and reliable currency system for the nation.