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As political unrest plagues markets, the Pakistani rupee plunged to its all-time low of 300 versus the US dollar during intraday trade today after dipping below 296 at 12:10 PM. The interbank rate lost Rs. 10 during the first few hours of intraday trade today, falling to Rs. 300.25 atContinue Reading
With the economy under great strain, as seen by depleted foreign reserves, a rising current account deficit, and the currency plunging to a historic low, Pakistan must act quickly to reactivate the International Monetary Fund programme in order to avert a Sri Lanka-style collapse. “In order to re-enter the program,Continue Reading
Pakistan’s liquid foreign reserves fell by $115 million in the week ending April 30, 2022, representing a 0.7 percent drop week on week.According to the SBP weekly report issued on Friday, the country’s total liquid foreign exchange reserves fell by $115 million (-0.7 percent) on April 30, 2022, to $16.553Continue Reading
Despite slow development since February and growth in economic activity fluctuating about 4% for the previous two months, inflationary and external sector risks are generating macroeconomic imbalances in the nation, according to the Ministry of Finance’s Monthly Economic Update & Outlook.Furthermore, economic activity in Pakistan’s major trading partners has beenContinue Reading
ISLAMABAD, Pakistan (APP) – Shaukat Tarin, Minister of Finance and Revenue, stated that the country was on solid economic footings, citing the most recent statistics on important economic indices. The finance minister mentioned substantial industrial growth in February and a considerable fall in inflation in the previous week on hisContinue Reading
ISLAMABAD – The National Assembly passed the State Bank of Pakistan Act, 1996 and the State Bank of Pakistan (Amendment) Bill 2022 by a majority vote on Thursday, rejecting all changes proposed by the opposition parties. Opposition parties began a raucous protest as Deputy Speaker Qasim Khan Suri began theContinue Reading
KARACHI, Pakistan — In an effort to limit runaway inflation, the State Bank of Pakistan (SBP) raised its benchmark policy rate by 150 basis points to 8.75 percent on Friday. The Monetary Policy Committee (MPC) voted to raise the policy rate by 150 basis points to 8.75 percent at itsContinue Reading
KARACHI: Pakistan’s remittances from abroad grew at a nearly two-decade high pace in the previous fiscal year of 2020-21, providing significant assistance to the external sector, according to statistics released by the central bank on Tuesday. “Despite the tough global economic conditions in the previous year, these [remittances] helped strengthenContinue Reading
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