Pakistan is facing a severe foreign exchange crisis. The State Bank of Pakistan (SBP) has effectively stopped banks from retiring letters of credit or opening new ones if they don’t have enough foreign exchange of their own to do the same. The reason is the central bank’s forex reserves are too low to let banks and financial markets work normally. Only external debt repayments are being managed
The cancerous disease of Pakistan’s power market is becoming terminal with each passing day despite overdoses of price shocks to consumers. At the start of the fiscal year in July, the PDM government came with a capital blow to increase electricity tariff by a massive 47 per cent (Rs7.91 per unit) to “clear the backlog” left behind by the previous PTI government in “violation of international agre
According to many agricultural economists, current food prices, coupled with their high volatility and long-term rising trend, speak loudly about Pakistan’s precarious food security situation. Continued financial insecurity and, as a result, dwindling agricultural subsidies, along with the adverse impact of climate change on crop yield, are causing an increasingly uncertain situation for food supp
The amount of fresh capital raised on the Pakistan Stock Exchange (PSX) in 2022 dropped to a nine-year low, a research report compiled by brokerage house Topline Securities Ltd showed on Thursday. The lack of interest among companies in raising funds through the stock market was because of “political and economic instability,” it said. Companies raised Rs1.3 billion in three initial public o
IN 1558, when Elizabeth I ascended the throne of England, a plethora of challenging circumstances confronted her. Not least was the low demand for English coinage (there was no paper-based money back then). English residents appeared to be fonder of other European currencies. Put another way, demand for English money was low. But even more puzzling was the observation that the non-English Europ