Remittances sent by overseas Pakistani fell below $2 billion in January, showing a 31-month low and resulting in a loss of about $2bn during the first seven months of the current fiscal year (FY23). The State Bank reported on Monday that the remittances stood at $1.89bn in January, the lowest since May 2020, showing a decline of 13 per cent year-on-year and 10pc month-on-month. The country
The entire auto sector, barring the bus segment, turned in a depressed performance as the sales of cars plunged by 43 per cent followed by 42pc dip in trucks, 19pc in jeeps and pickups, 52.6pc in tractors and 32.5pc in two- and three-wheelers during the first seven months of the current fiscal year. Contrary to past years, car sales and production in January plunged to 5,723 and 6,021 units fro
The Economic Coordination Committee (ECC) of the cabinet on Monday increased natural gas prices in the range of 16 per cent to 112.32pc with retrospective effect from Jan 1 for six months in a bid to raise an additional Rs310 billion from the majority of domestic and all other categories of consumers to secure early disbursement of $1.2 billion tranche. The ECC meeting chaired by Finance Minist
The International Monetary Fund (IMF) and Pakistan resumed their talks on Monday, with Islamabad hoping that these virtual discussions lead to a deal that eases up ever-increasing pressure on the country’s ailing economy. In Islamabad, Finance Secretary Hamed Yaqoob Sheikh told Reuters the “duration (of the talks) cannot be confirmed but we intend to wrap these up at the soonest”. Pakistan h
Trading on the stock exchange started on a positive note in the outgoing week in anticipation of the staff-level agreement between Pakistan and the International Monetary Fund (IMF). Arif Habib Ltd said energy stocks, in particular, propelled the index of representative shares to recent highs as investors expected a resolution of the circular debt. Moreover, the rupee appreciated 2.7 per cent o