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 "Finance Minister Orangzeb Affirms Phase-wise Transition in Saudi System" Finance Minister Mohammad Orangzeb has stated that a phase-wise transition in the Saudi system is underway, with national reserves remaining stable. Speaking at the National Assembly session, Senator Orangzeb highlighted that many bank branches have converted to Islamic banking. The Islamic Shariat Court has provided a timeframe for the end of interest-based transactions. He mentioned that the country's stock exchange is at its highest level, with IT exports surpassing $2 billion. The IT sector has witnessed a significant increase in revenue. Orangzeb emphasized the need for an IMF program at this time, as the country will have to emerge from the upcoming IMF program. Friendly countries are also investing in Pakistan. He stated that the direction of the national economy is correct, but improvement is needed in the dairy and livestock sectors. Finance Minister Orangzeb added that the current account...

  In Karachi, the per tola price of 24 karat gold experienced a significant decline on Tuesday, dropping by Rs7800 to Rs240,900 compared to its sale at Rs248,700 the previous day. Similarly, the price of 10 grams of 24-karat gold also witnessed a notable decrease of Rs6687, selling at Rs206,533. Internationally, the price of the yellow metal decreased by $72 to $2,309 from $2,411. Spot gold saw a 1.2% decline to $2,298.58 per ounce.  Additionally, silver and palladium touched their lowest levels since April 5 during the session, while platinum hit a three-week low.  Monday saw gold dip by 2.7%, marking its biggest intraday fall in 22 months. This dip followed a rally in March-April, driving the precious metal up by almost $400 to an all-time high of $2,431.29 on April 12.  Furthermore, platinum dipped by 0.5% to $912.65, and palladium dropped by 1.2% to $996.80. These fluctuations highlight the volatility of the precious metal market, impacting investors both locally...