The exports of non-textile products saw a decline of 8.99 per cent in the first month of the current fiscal year from a year ago, data compiled by the Pakistan Bureau of Statistics (PBS) showed on Wednesday. The start of the new fiscal year witnessed a continued downward trend in the export of value-added products, contributing significantly to the decline in the exports of non-textile products
The rising electricity costs appeared to have put the power companies in a vicious cycle of declining consumption and shifting resultant additional capacity charges to consumers, compelling the government to seek staggered imposition of Rs146 billion quarterly charges in six months, instead of three months to minimise the ‘price shock’. The situation emerged at a public hearing organised by the
The US dollar ascended to a record high against the Pakistani rupee on Thursday, crossing the barrier of Rs300 to the greenback in the interbank market. The greenback was changing hands in the interbank market at a record Rs300.2 at closing, according to the Forex Association of Pakistan. In the open market, the dollar was trading at Rs314. Yesterday, the dollar closed at Rs299.64, according
Auto industry continued witnessing plant shutdowns in the caretaker setup as Indus Motor Company (IMC) has also announced to suspend production activities for two weeks (Aug 25-Sept 6) due to unfavourable economic conditions. In a stock filing on Thursday, the company said the demand for automobiles has continuously declined due to the challenging economic environment, low consumer purchasing p
Turkiye’s central bank on Thursday delivered a huge surprise by raising the interest rate to 25 per cent as part of a transition from President Recep Tayyip Erdogan’s era of unorthodox economics. The hike of 750 basis points follows a raise to 17.5pc from 15pc last month. Most economists had expected the bank to increase it policy rate Thursday to 20pc. “Recent indicators point to a continue