The first month of the second half of the current fiscal year posted a current account deficit (CAD) of $269 million, but the deficit shrank significantly in the first seven months of this year. The latest data issued by the State Bank of Pakistan on Monday shows that the current account changed its track from surplus to deficit, indicating a future trend. The current account was in surplus wit
The disparity in the value of the Pakistani currency at the interbank and open markets further widened to Rs2.27 on the second consecutive working day amid political uncertainty. This fresh increase in the gap on Wednesday strengthened earlier signs of market volatility returning to the currency. The difference stretched to 0.81% after the domestic currency maintained a downturn in open market
KARACHI: The caretaker setup assumed control of the federal government of Pakistan in mid-August 2023 under the leadership of caretaker Prime Minister Anwarul Haq Kakar. Since then, it has faced criticism for various measures, despite being a technocratic setup. Generally, this kind of setup is good for initiating necessary actions deemed vital by the state, but can also incite public displeasure.
ISLAMABAD: The government has initiated discussions to increase gas prices for the remaining six fertiliser plants aimed at preventing the possibility of windfall profits of around Rs100 billion due to its earlier decision to raise prices for only four plants. The issue of gas prices in the range of 175%, or Rs1,017 per mmbtu, may go to the Economic Coordination Committee (ECC) of the Cabinet n
The global textiles and apparel trade is undergoing a significant transformation, shifting emphatically towards man-made fibres (MMF), which constitute around 63% of global textiles and apparel trade, earning them the title of “fibre of the future”. However, Pakistan’s textile sector stands at a crucial crossroads, predominantly tethered to cotton-based exports, which account for almost 67% of