High gas prices appeared to have made textile exports uncompetitive on the world market resulting in an eight per cent month-on-month and 7pc year-on-year decline to $1.3 billion in November. In rupee terms, the country’s textile exports clocked in at Rs376bn, down by 7pc month-on-month but rose 19pc year-on-year owing to rupee depreciation against the dollar, said a note by Topline Securities
The State Bank of Pakistan’s (SBP) foreign exchange reserves fell below $7 billion for the first time in the current fiscal year, posing challenges for the government to stabilise the exchange rate and meet debt servicing obligations. The SBP on Thursday reported a $136 million decline in reserves to $6.904bn due to debt repayments. This outflow of dollars brought the total SBP reserves to a
Share prices dropped heavily on Tuesday, resulting in the second-biggest overnight fall in the 32-year history of the benchmark index. As many as 94 shares of the KSE-100 index took a beating while the remaining six shares either advanced or closed flat. As a result, the KSE-100 index closed at 62,833 points after losing 2,371.64 points or 3.6 per cent from the preceding session. Speaking t
Despite the International Monetary Fund (IMF) onboard, Pakistan received about $4.285 billion in foreign loans, less than one-fourth of the annual budget estimate in the wake of poor credit rating and adverse conditions in the global financial markets. In its monthly report on Foreign Economic Assistance (FEA), the Economic Affairs Division (EAD) on Monday said the country received just $4.285b
The State Bank of Pakistan (SBP) on Monday reported the first current account surplus for the ongoing fiscal year in November. Despite low inflows and higher outflows for debt servicing, the current account was in surplus by $9 million in November compared to a deficit of $157m noted in the same month last year. However, the current account deficit (CAD) narrowed by almost 63pc to $1.16 bill