Pakistan received a record USD 4.25 billion in workers’ remittances in May 2026, the highest monthly inflow ever recorded, offering a significant boost to the country’s external account and foreign exchange reserves. The State Bank of Pakistan (SBP) on Wednesday reported that workers’ remittances maintained their strong growth momentum, rising by 20.2 percent month-on-month and 15.4 percent yea
The government is ‘likely’ to announce the federal budget for the fiscal year 2026-27 in the parliament on June 12 (Friday), said Parliamentary Affairs Minister Tariq Fazal Chaudhry on Tuesday. In a post on the social media platform X, the minister shared that summaries for convening budget sessions in the National Assembly and the Senate on June 10 had been sent. Meanwhile, according to med
The US dollar wobbled on Thursday as new US strikes in the Middle East undermined sentiment, while a surge in May US consumer inflation to a three-year high kept investors uneasy about the Federal Reserve’s monetary policy outlook. The currency markets have been subdued this week, as investors weighed the fragile ceasefire in the Middle East against a renewed cycle of tit-for-tat strikes betw
Gold hit a more than six-month low on Thursday, as fresh US strikes on Iran drove oil prices higher, deepening concerns around inflation and higher-for-longer interest rates. Fundamentals Spot gold was down 0.2% at $4,063.87 per ounce, as of 0043 GMT, after hitting its lowest level since November 21 earlier in the day. US gold futures for August delivery were down 1.1% at $4,086.50. Th
Oil prices climbed more than $2 a barrel Thursday as Iran declared the critical energy chokepoint, the Strait of Hormuz, closed after the US launched additional strikes against Iran. Brent futures rose $2.30, or 2.47%, to $95.40 a barrel, while US West Texas Intermediate (WTI) crude climbed $2.60, or 2.89%, to $92.63. US crude futures gained more than $3 earlier in the session. Iran’s to