The cash-starved PMLN-led coalition government on Tuesday borrowed Rs655 billion exceeding the Rs300bn auction target for the treasury bills by 118 per cent without making any upward revision in the cut-off yields. The State Bank of Pakistan (SBP) reported that the entire amount was raised for a three-month tenor at 16.99 per cent while the bids for six- and 12-month bills were rejected. The
Returns in the stock market have either barely beat inflation or been outright negative for six consecutive years. A portfolio of investment — left untouched since the end of 2016 in the top 100 companies of the stock market — would’ve shrunk by more than 15 per cent in absolute terms over the last six years. Will 2023 be any different? According to Arif Habib Ltd CEO Shahid Ali Habib, tw
The Pakistan Stock Exchange (PSX) welcomed 2023 with a rally in share prices on Monday. Topline Securities said the KSE-100 index mostly stayed in the green zone, thanks to the expectations about a breakthrough on the circular debt front. The government is reportedly considering rationalising the gas tariff to meet the pre-conditions set by the International Monetary Fund (IMF) for the resumpti
It is hard to recall the last time when Pakistan mounted three abortive attempts to restart one IMF programme in a single year. This was the year it all fell apart — the “hybrid experiment” and the growth bubble it spawned, as well as the joyous triumph with which the PDM government swore itself into power. The whole year Pakistan spent trying desperately to avert default and manage crippling shor
Amid a revenue setback in December and higher expenditure, mostly for debt servicing, the government plans to borrow a record Rs4.8 trillion in the first three months of 2023 through market treasury bills (MTBs). According to the auction target calendar issued by the State Bank of Pakistan (SBP) on New Year’s Eve on Saturday, it will hold a total of seven auctions beginning Jan 3 (tomorrow) — a