The Pakistani rupee is expected to end the year on a historic low — as Asia’s worst-performing currency — having shed almost 20 per cent of its value against the US dollar. Even with the authorities clamping down on profiteering, smuggling and banning the imports of ‘luxury goods’, the currency isn’t expected to fare any better next year. Amid all this, one idea that has been gaining traction i
The foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of $77 million to $7.257 billion during the period ended on Nov 24, the central bank announced on Thursday. In the preceding week, the SBP attributed an outflow of $216m to debt servicing but didn’t explain the reasons for this buildup in reserves. Bankers say the SBP regularly buys dollar
Credit guarantee provider InfraZamin Pakistan and microfinance institution Kashf Foundation announced on Thursday the closing of South Asia’s inaugural gender bond. In a gong ceremony at the Pakistan Stock Exchange (PSX), Securities and Exchange Commission of Pakistan (SECP) Chairman Akif Saeed praised the stakeholders for coming up with that debt instrument that helped the microfinance provide
The Federal Board of Revenue (FBR) on Thursday unblocked the bank accounts of Pakistan International Airlines after the issue of non-payment of outstanding dues was settled. The FBR had blocked PIA’s bank accounts over non-payment at a time when the European Union Aviation Safety Agency (EASA) team was visiting Pakistan for a safety audit, raising hopes that a ban imposed on PIA flights to Eu
The auto industry is facing a severe setback as the investments made are taking a hit due to supply chain disruptions and weak demand. Despite significant investments in the latest machinery and infrastructure, the underutilisation of resources is becoming a growing concern for the industry. “Our efficiency got affected due to current economic conditions as vendors’ current capacity utilisat