Pakistan’s non-textile exports fell by 9.87 per cent to $11.23 billion in outgoing FY23 compared to $12.46bn in the preceding year, according to data compiled by the Pakistan Bureau of Statistics (PBS). The PBS reported that export proceeds from the non-textile sector showed a stagnant trend since the beginning of FY23 due to demand contraction in the buyers’ market. Exports showed no growth si
The rupee remained under pressure against the dollar as strong demand from importers pushed the greenback Rs1.35 higher in the interbank market on Thursday. Currency dealers in the banking market said that the dollar has transitioned from a managed system to a free zone, which may result in further rate increases. The closing price of the dollar was quoted at Rs285.15, up from Rs283.80 a day
The National Electric Power Regulatory Authority (Nepra) on Thursday notified about Rs1.90 per unit additional fuel cost adjustment (FCA) in power tariff for ex-Wapda distribution companies (Discos) for May to mop up about Rs25 billion in additional funds in the current billing month. The “increase of Rs1.9039/kWh shall apply to all the consumer categories except electric vehicle charging stati
The International Monetary Fund (IMF) has said delays in structural reforms — such as “resolving” the four undercapitalised banks — can hamper stability in the country’s financial sector. The resolution of a bank means restructuring a failing lender in a situation where regulators believe there’s no prospect of its recovery. In a detailed Staff Report prepared by an IMF team for the July 12
Bulls defended the psychological level of 45,000 points for the second consecutive session on Wednesday as the benchmark index settled slightly above the preceding day’s close. Topline Securities said investors remained cautious throughout trading hours as the KSE-100 index floated within a narrow band of 300 points following the release of the International Monetary Fund (IMF) Staff Report a