The shortage of cash rupee due to the bank holidays provided an opportunity to several money changers to buy the dollar on their own available rates, which was in the range of Rs275 to Rs285 on Monday, currency traders said. The first day trading of the open market after Pakistan’s Standby Agreement (SBA) with IMF for $3 billion created sense of economic stability with better price of the rupee
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
State Bank of Pakistan Governor Jameel Ahmed believes the $3 billion nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) will bring economic stability, help address inflation and boost dollar inflows. Talking to the state-run PTV News on Tuesday, Mr Ahmed expressed his satisfaction with the new agreement and found it a catalyst for the increase in the remittances a
Pakistan’s export of services staged a strong rebound of 19.77 per cent in May reversing the four-month diminishing spell, showed data released by the Pakistan Bureau of Statistics on Tuesday. The export of services in value grew to $616.96 million in May from $515.14m in the corresponding month last year. After recording positive growth during the first half of the current fiscal year, the