Highlighting fiscal risks at the end of the current fiscal year, the Ministry of Finance (MoF) on Tuesday wished the inflation peaking at 34-36 per cent this month would start descending owing to the ease in international commodity prices that would absorb the negative impact of currency depreciation. “The inflation may remain in the range of 34-36pc for May,” said the ministry in its monthly e
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index opened in the green on Monday and gained more than 300 points on expectations of an “investor-friendly budget” for the fiscal year of 2024, which will be presented on June 9. According to the PSX website, the index closed at 41,340.06 points, up 0.92 per cent or 375.52 points. “The market rose on expectations of an investor-friendly
After much dilly-dallying, Pakistan has made its first purchase of Russian crude oil — at a “discounted” price. With Russia looking for new outlets for its crude oils and Pakistan looking for cheaper crude to overcome its acute balance of payments crisis, the deal serves both countries well. With a multipolar world in the making, and Pakistan’s traditional allies from China, Iran, Türkiye and e
Forex-starved Pakistan earned $2.6 billion last fiscal year through exports of information and communication technology (ICT) services. And within ten months of this year, ICT exports fetched $2.1bn, according to the State Bank of Pakistan (SBP). Every dollar counts for Pakistan. ICT exports that are part of overall services exports are an important source of forex earnings. They can potentiall
Credit cards have failed to gain currency in Pakistan as they hold a meagre 4 per cent share in the overall card payment system due to the high-interest rates banks charge to users, mainly dominated by males. The State Bank of Pakistan (SBP), in its third quarterly (January-March) review of Payment Systems released on Monday, stated with 37.1 million debit cards are accounting for 76.7pc of the