Foreign exchange reserves of the State Bank of Pakistan (SBP) plunged to $3.678 billion on January 20 from $4.601bn due to external debt repayments. At this level, the reserves provide imports cover of three weeks against a standard minimum of three months. The SBP reported a new level of the forex reserves on January 26 and simultaneously removed the cap on the official exchange rate. Conseque
After plunging to a record low last week, the PKR depreciated by another Rs7.03, closing at Rs269.63 per dollar in the interbank market on Monday, according to data shared by the State Bank of Pakistan (SBP). This equates to a loss of 2.61 per cent from Friday’s close of Rs262.6. Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha attributed the rupee’s deprecia
As Pakistan anticipates the arrival of the International Monetary Fund’s team to revive the stalled loan programme, experts have said the visit only offers a glimmer of hope with more robust reforms needed to stabilise the ailing economy. Former heads of the State Bank of Pakistan (SBP) and Federal Board of Revenue have delineated reasons for economic instability and proposed ‘the way out’.
Pakistan’s exports to nine regional countries shrank 11.93 per cent in the first half of FY23 mainly driven by a drop in shipments to China, data released by the State Bank of Pakistan showed on Monday. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives dipped to $1.897 billion — just 13.31pc of Pakistan’s total exports of $14.25bn in
Rupee devaluation against the US dollar over the last few days followed by massive increase in diesel rate has started making a negative impact on commodity prices besides jacking up the cost of living. With the holy month of Ramazan approaching, stakeholders fear an unusual situation in prices of imported finished and raw material in case landed costs continue to crawl up due to losing strengt