THERE is a debate in Pakistan on the foreign trade strategy we should pursue: export promotion, or import substitution? In much of the world, especially Southeast Asia, the debate has been won by export promotion to spectacular effect. We, however, are still confused, trying to carry out the best of both strategies and ending up with the worst of both. Import substitution is a strategy that see
The city’s industrialists on Tuesday warned the caretaker government of intensifying protests from the second week of December if it doesn’t reduce gas prices. “If the government fails to pay attention to the business community’s demand, we will display protest banners all over the city and observe no-export day twice and even thrice a week,” Businessmen Group Vice Chairman Jawed Bilwani told r
Oil prices tanked more than two per cent on Wednesday as Opec+ producers unexpectedly delayed a meeting on production cuts, raising questions about global crude supplies. Brent futures fell $2.02, or 2.5pc, to $80.43 a barrel by 12:35 p.m. (1735 GMT), after falling as low as $78.41. US West Texas Intermediate crude was down $2.04, or 2.6pc, at $75.73, after hitting a session low of $73.79. O
The amount of outstanding auto loans plunged for the 16th consecutive month to Rs264 billion at the end of October from Rs272bn in September, showing a drop of three per cent on a month-on-month basis and 23.5pc on a year-on-year basis. The State Bank of Pakistan (SBP) data showed that the total drop in the last 16 months was Rs104bn. At the end of June 2022, the auto financing stood at Rs368bn
The rupee snapped its five-day winning streak as it lost 14 paise to the US dollar in the interbank market on Thursday after the State Bank of Pakistan (SBP) reported a $217 million drop in its foreign exchange reserves on a week-on-week basis. The greenback appreciated to Rs285.27 from Rs285.13 the previous day, reported the SBP. However, the rupee lost 50 paise to close at Rs286 in the open m