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KARACHI – Sheikh Rashid Ahmed, the Minister for Pakistan Railways, led a delegation to the Karachi Port Trust (KPT) head office on Friday to explore opportunities for enhancing cargo transportation through rail services.
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KARACHI — Pakistan’s foreign exchange reserves have witnessed a modest uptick, increasing by $10 million to reach $14.895 billion by the week ending February 08, 2019.
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ISLAMABAD: The Economic Coordination Committee of (ECC) the Cabinet on Tuesday approved additional guarantees to Pakistan International Airlines Company Limited (PIACL) of Rs 5.6 billion for repair and maintenance of engines and acquisition of related spare parts for operationalizing grounded planes.
(more…)KARACHI, February 12, 2019 – In a testament to the enduring support from overseas Pakistanis, remittances to the country have experienced a remarkable surge, witnessing a robust 12.22 percent increase to reach $12.774 billion during the first seven months of the fiscal year 2018/2019.
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ISLAMABAD, February 5, 2019 – In a positive economic development, Pakistan’s import bill experienced a notable contraction, decreasing by 19.14 percent to $4.5 billion in January 2019, as reported by official statistics released on Monday.
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KARACHI: International Monetary Fund (IMF) is ready to support Pakistan in a difficult economic situation, Christine Lagarde, Managing Director of IMF said on Sunday after meeting with Pakistan’s Prime Minister Imran Khan.
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KARACHI – Pakistan’s domestic debt has witnessed a substantial increase of 13.6 percent, reaching Rs17,536 billion by the end of December 2018, compared to Rs15,437 billion in the same month the previous year, according to data released by the State Bank of Pakistan (SBP) on Friday.
(more…)KARACHI: Pakistan foreign exchange reserves witnessed a notable increase of $83 million, reaching $14.885 billion by the week ending February 01, 2019, according to a statement from the State Bank of Pakistan (SBP) on Thursday.
This growth is compared to the reserves of $14.802 billion reported a week earlier, signifying a positive trend in the country’s financial stability.
The official reserves of the SBP, which play a crucial role in maintaining monetary stability and managing external challenges, experienced a boost as well. The SBP’s reserves surged by $38 million, reaching $8.192 billion by the week under review, compared to $8.154 billion as of January 25, 2018. This increase in the central bank’s reserves reflects the effectiveness of policies aimed at bolstering the country’s financial resilience.
Commercial banks, integral components of the financial landscape, also contributed to the overall growth in foreign exchange reserves. The reserves held by commercial banks increased by $44 million, totaling $6.692 billion in comparison to $6.648 billion reported the previous week. This surge in commercial banks’ reserves underscores a positive sentiment in the banking sector, which plays a vital role in facilitating economic activities and trade.
The rise in foreign exchange reserves is a welcome development for Pakistan, a country that has faced economic challenges over the past few years. It reflects positive economic indicators and an improvement in the balance of payments, potentially contributing to increased confidence among investors and creditors.
The State Bank of Pakistan has been actively implementing measures to stabilize the economy and manage external pressures. The increase in foreign exchange reserves aligns with the central bank’s efforts to create a robust economic foundation, ensuring that the country is better positioned to meet its financial obligations and support sustainable growth.
While the current surge in reserves is a positive signal, economic stakeholders will continue to monitor future developments to assess the sustainability of this trend. The global economic landscape, trade dynamics, and internal policies will play crucial roles in shaping the trajectory of Pakistan’s foreign exchange reserves in the coming months.
The SBP’s commitment to transparent communication and proactive financial management is essential in maintaining market confidence. As Pakistan navigates its economic challenges, the sustained growth of foreign exchange reserves provides a foundation for economic stability and resilience in the face of external uncertainties. The coming weeks and months will reveal the broader implications of this positive trend for Pakistan’s economic outlook.
ISLAMABAD: Exchange rate losses have increased the public debt by around Rs1,200 billion, according to Fiscal Policy Statement 2018-2019 released by the Ministry of Finance.
(more…)KARACHI, November 28, 2023 – The State Bank of Pakistan (SBP) has released a comprehensive procedure for expatriate Pakistanis interested in investing in ‘Pakistan Banao Certificates’ (PBC).
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