Already struggling for their survival amid multiple economic challenges mainly massive rupee-dollar fluctuation and severe energy shortages, the trade and industry leaders on Friday rejected the State Bank of Pakistan’s move to raise its policy rate by 100 basis points saying it would play havoc with the cost of doing business besides hitting exports hard. Federation of Pakistan Chambers of Com
The last few weeks have been particularly volatile for crypto — even by its own standards. In a matter of days, the space has seen one of the biggest players, FTX, plunge into bankruptcy from a valuation of $32 billion. Not only that, more drama is coming to the limelight as the layers of the onion are peeled. Forget for a minute that the crypto exchange held just $900 million in liquid assets
The State Bank of Pakistan (SBP) has raised its key policy rate by 100 basis points to 16 per cent to ensure that the current high rate of headline inflation (26.6pc) doesn’t become entrenched and “risks to financial stability are contained”. The central bank believes that “the short-term costs of bringing inflation down are lower than the long-term costs of allowing it to become entrenched.” I
By appointing most senior generals for the top military slots, Prime Minister Shehbaz’s government has put to rest unsettling speculations. The real test, however, is on the economic front. Much depends on handling the toxic mix of steep inflation and sagging growth. The latest data tracks inflation at 30.1 per cent year-on-year. The World Bank projected a GDP growth rate of 2.0pc in the curren
Amid rising interest payments and disruptions caused by super floods, Pakistan’s development expenditure has contracted almost 45 per cent to less than Rs99 billion in the first four months (July-October) of the current fiscal year as the government’s overall expenditures increase. According to data released by the Ministry of Planning and Development, total expenditure in the first four months