In the absence of any dollar inflows from the International Monetary Fund (IMF) or friendly countries, foreign exchange reserves of the State Bank of Pakistan (SBP) dropped to $4.34 billion, the lowest since February 2014. The SBP said on Thursday its reserves decreased by $1.23bn during the week ending on Jan 6 due to external debt repayments. The country has been facing a serious dollar sh
Pakistani exporters participating in Heimtextil 2023, an annual textile trade fair, have voiced hope that they will secure a record number of export orders during the exhibition. The international exhibition is happening in Frankfurt, Germany and will run from January 10 to 13, 2023. Around 2,400 exhibitors from over 120 countries are taking part, including 260 exporters from Pakistan. Pakis
Pakistan’s real Gross Domestic Product (GDP) is to grow at 2.0% in the fiscal year 2022-23 (FY23), according to the World Bank’s latest report forecast, while global growth is also expected to slow “perilously close” to recession in 2023, slashing its economic forecast on high inflation, rising interest rates and Russia’s invasion of Ukraine. The World Bank’s latest forecast points to a “sharp,
Pakistani currency registered another downtick of Rs0.05 to touch a new three-month low of Rs227.93 against the US dollar in the inter-bank market on Wednesday amid conflicting reports about the revival of International Monetary Fund (IMF) loan programme. The currency fell sharply by Re1 in the open market and reached Rs238 against the greenback while reports suggested that the rupee partially
Saudi Arabia plans to use domestically-sourced uranium to build up its nuclear power industry, Energy Minister Prince Abdulaziz bin Salman said on Wednesday. He added that recent exploration had shown a diverse portfolio of uranium in the Gulf Arab state, the world’s top oil exporter. It is unclear where its ambitions end, since Crown Prince Mohammed bin Salman said in 2018 that the kingdom