The Pakistani rupee gained Rs5 against the US dollar on Monday with experts attributing the local currency’s gains to the stand-by agreement reached with the International Monetary Fund (IMF) last week. According to the Forex Association of Pakistan, the rupee had appreciated to Rs285 in the open market as the stock market crossed the 2,000 mark. The interbank rate was not available due to Mond
Pakistan’s annual consumer inflation remained elevated at 29.4 per cent year-on-year in June but eased sharply from a record high 38pc in May largely helped by a high base effect, the statistics bureau and a brokerage house said on Monday. The data came after the country, facing a deep economic crisis, secured a $3 billion bailout from the International Monetary Fund (IMF) on Friday. Month-o
With the inflows of commercial loans, the foreign exchange reserves of the State Bank of Pakistan (SBP) crossed the $4 billion mark during the week ending on June 23. The central bank reported that during the week its reserves increased by $533 million to $4.069bn mainly due to the realisation of $300m commercial loans to the Government of Pakistan. The country’s total reserves increased to
Pakistan’s merchandise exports dipped by 12.71 per cent year-on-year to $27.54 billion in 2022-23 from $31.78bn in the preceding fiscal year, showed data released by the Pakistan Bureau of Statistics on Monday. The export contraction continued for the 10th month in a row, plunging by 18.72pc year-on-year to $2.36bn in June. The export proceeds are declining because of internal and external f
Two leading global rating agencies have warned that Pakistan will require significantly more funds than what it’s receiving from the International Monetary Fund (IMF) to meet its debt maturities and to finance its economic recovery, reported Bloomberg on Monday. Moody’s Investors Service and Fitch Ratings that issued the warning are two of the big three credit rating agencies, recognised by the