Late in December 2023, the United States Treasury warned that it would apply sanctions on foreign banks for evading the Russian price cap and called on them to boost compliance. Playing it safe, banks in China, Turkey and the United Arab Emirates (UAE) that work with Russia increased checks. They have now begun asking for extra documentation and have trained more staff to make sure deals were c
The inflation print for March clocked in at 20.7 per cent year-on-year, the lowest level in two years. However, it still remains considerably elevated over the long-term average. Over the last two years, inflation above 20pc on a year-on-year basis has led to significant demand destruction, as real incomes and purchasing power continue to decline. However, despite demand destruction at a househ
Pakistan Business Council (PBC) has said that the International Monetary Fund’s previous programmes have suffered from short-term, front-loaded, mainly quantitative targets to manage the twin deficits without sufficient regard to their long-term qualitative impact on the reform agenda. “It is time we restore the sanctity of long-term plans and deal with fragmentation and silo-working of various
Used car dealers have urged the government to allow the commercial imports of cars up to 10 years old and SUVs up to 20 years, saying this would help the government earn handsome revenues and enable consumers to buy vehicles at affordable prices. Recommending different proposals for used vehicle imports, All Pakistan Car Dealers and Importers Association (APCDIA) Chairman Mian Shoaib Ahmed said
Amid an uncertain economic outlook with high downside risks, the private sector’s participation in economic growth remains unnoticeable as it is not borrowing from banks for business expansion. However, the Asian Development Bank (ADB) in its latest report sees Pakistan’s economy expanding at 1.9 per cent in FY24 driven by a rebound in investments by the private sector linked to progress on ref