The Pakistani rupee has continued to face battering on the seventh consecutive working day, shedding 0.715% (or Rs1.64) on a day-to-day basis to close at a five-week low of Rs229.82 against the dollar in interbank market on Monday. The currency had closed at Rs228.18 against the greenback on Friday, according to the central bank. Currency dealers at the open market continued to sell the dome
Some 27 projects worth $19 billion have so far been completed under the China-Pakistan Economic Corridor (CPEC) while 63 more with investment of $35.2 billion are scheduled to be completed by 2030, a report titled “Overview of Pakistan’s Power Sector and its Future Outlook” issued by the China Three Gorges South Asia Investment Ltd (CSAIL) revealed. According to the report, 27 projects are at i
Pakistan on Monday feared that floods might have caused over $40 billion in economic losses and damages as the National Flood Response Coordination Centre (NFRCC) dismissed the initial assessment of $18 billion. The $40 billion losses were flagged in a flood response centre meeting during discussion on an interim report titled “An Early Assessment of Flood Impact on Pakistan’s Economy”, present
The recent flash floods, induced by climate change, have damaged an estimated 8.3 million acres of crops, with over 3.4 million acres of crops being affected in Sindh alone. The floods have also destroyed essential vegetable commodities all over the country. The agriculture sector contributes around 23% to Pakistan’s GDP and 37% to labour force employment. Speaking to The Express Tribune Sindh
Commercial banks in Pakistan have failed to attract new deposits from accountholders, but have continued to increase safe lending at exorbitant returns to the cash-strapped government compared to lower credit offers to private sector for economic activities. Deposits improved 0.2% to Rs22.15 trillion in August 2022 compared to Rs22.10 trillion in the prior month. Deposits, however, were signifi