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
WITH the government left with little to offer except gimmicks, the economic situation is deteriorating by the day. According to a news report published in this paper’s Friday pages, large-scale manufacturing — a bellwether for economic activity — contracted by a staggering 7.75pc in October, registering a slowdown for the second straight month. Since the start of fiscal 2023 (the July to Octobe
Domestic gold prices continued their record-breaking spree as one-tola and 10-gram rates on Monday hit a fresh peak of Rs174,900 and Rs149,948 after adding Rs2,200 and Rs1,886 respectively. All Sindh Saraf Jewellers Association (ASSJA) quoted a jump of $3 to $1,796 per ounce on the international markets. Gold prices have risen by Rs48,700 per tola and Rs41,752 per 10 grams since Jan 1 when r
Indus Motors Company (IMC), the maker of Toyota vehicles, has decided to shut down its production plant in the country from December 20-30, citing a delay in import approvals from the State Bank of Pakistan (SBP). In a letter addressed to the general manager of the Pakistan Stock Exchange, the IMC management said that the central bank had introduced a new mechanism for obtaining prior approval