The State Bank of Pakistan’s foreign exchange reserves rose $4.2 billion to $8.7bn during the week ending July 14, the central bank said in a statement. The reserves have almost doubled over a week’s time after Pakistan received $2bn from Saudi Arabia, $1.2bn from the International Monetary Fund (IMF) under a $3bn standby arrangement and $1 billion from the United Arab Emirates, according to th
Expressing displeasure over the current volume of the country’s Information Technology (IT) exports, Prime Minister Shehbaz Sharif on Thursday emphasised the need for enhancing them to $25 billion a year. He also hoped for IT investment of $20bn within a span of two to three years and said that the government had already placed a mechanism to ensure one-window operations to facilitate the in
The Securities and Exchange Commission of Pakistan (SECP) registered 27,746 new companies in outgoing 2022-23, taking the tally to 196,805. This shows an increase of around five per cent over the preceding year, and as a result of digital incorporation process, about 99.8pc companies were registered online while 1,256 foreign users were registered from overseas. The total capitalisation of t
Pakistan’s non-textile exports fell by 9.87 per cent to $11.23 billion in outgoing FY23 compared to $12.46bn in the preceding year, according to data compiled by the Pakistan Bureau of Statistics (PBS). The PBS reported that export proceeds from the non-textile sector showed a stagnant trend since the beginning of FY23 due to demand contraction in the buyers’ market. Exports showed no growth si
The rupee remained under pressure against the dollar as strong demand from importers pushed the greenback Rs1.35 higher in the interbank market on Thursday. Currency dealers in the banking market said that the dollar has transitioned from a managed system to a free zone, which may result in further rate increases. The closing price of the dollar was quoted at Rs285.15, up from Rs283.80 a day