Home remittances continue to fall. In the first five months of this fiscal year (July-November 2022), inflows of remittances totalled about $12.009 billion, down from $13.287bn in July-November 2021, according to the State Bank of Pakistan. There are several reasons for this decline of 9.6 per cent, two cyclical and one structural. Inflows through illegal channels (Hundi/Havala) and smuggling o
Defence Minister Khawaja Asif said on Tuesday that the government would approach the provinces for the implementation of a policy aimed at saving energy. The announcement comes a day after Prime Minister Shehbaz Sharif directed authorities concerned to take steps to reduce circular debt in the energy sector. “The distribution companies of Sui gas should improve the system of recovery of bill
The one-tola and 10-gram gold rates surged by Rs3,900 and Rs3,344 to hit historic highs of Rs178,800 and Rs153,292 after the yellow metal jumped by $12 to $1,808 per ounce on the world markets on Tuesday. The rates of Rs126,300 and Rs108,196 based on $1,830 prevailing on Jan 1, the domestic prices have risen by Rs52,600 per tola and Rs45,096 per 10-gram, respectively. However, the rupee depr
Despite proclamations of ‘all is well’ from the country’s financial managers, anyone who has recently tried to buy foreign currency will tell you that things are dire. Dollars have disappeared from the open market, while a crisis in the inter-bank market has led to the stoppage of foreign payments. The country is unable to clear the dues owed to airlines or make payments for imported goods wait
In the absence of any systemic or meticulous approach to tackling deep-seated woes, the overall economic outlook appears to be blurred or bleak. But the firefighting mode is helping to superficially ease pressures on the external sector, possibly for a brief spell, while curbing domestic demand of imported goods/services amidst sliding GDP growth. However, the risk of foreign debt default is st