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  • Essential items witness inflation above 42%: Pakistan Bureau

    Essential items witness inflation above 42%: Pakistan Bureau

    ISLAMABAD: Pakistan Bureau of Statistics (PBS) on Friday disclosed that prices of essential items have recorded inflation above 42 per cent on year on year (YoY) basis by week ended August 18, 2022.

    The bureau stated that Sensitive Price Indicator (SPI) of essential items depicts an increase of 42.31 per cent.

    READ MORE: High inflation may force further monetary tightening

    The essential items that recorded increase in prices during this period are included: Pulse Masoor (111.02 per cent), Diesel (108.77 per cent), Petrol (94.53 per cent), Onions (94.43 per cent), Cooking Oil 5 litre (72.96 per cent), Mustard Oil (71.08 per cent), Chicken (69.04 per cent), Vegetable Ghee 1 Kg (68.56 per cent), Vegetable Ghee 2.5 Kg (67.05 per cent), Electricity for Q1 (63.03 per cent), Washing Soap (61.92 per cent), Pulse Gram (58.93 per cent), Gents Sponge Chappal (52.21 per cent), Pulse Mash (51.51 per cent) and Garlic (36.59 per cent).

    While a decrease observed in the prices of Chilies Powder (43.42 per cent), Sugar (16.55 per cent) and Gur (1.96 per cent).

    READ MORE: Pakistan inflation hits 14-year high at 25% in July

    The SPI for the week ended on August 18, 2022 recorded an increase of 3.35 per cent.

    Increase is observed in the prices of food items, Tomatoes (20.28 per cent), Chicken (7.57 per cent), Onions (2.30 per cent), Powdered Milk (2.03 per cent), Eggs (1.63 per cent), Pulse Moong (1.42 per cent) and Potatoes (1.07 per cent), non-food items, Electricity for Q1 (6.83 per cent), Petrol (2.96 per cent) and Cigarette (1.69 per cent).

    On the other hand, a decrease observed in the prices of LPG (3.46 per cent), Vegetable Ghee 1Kg (1.16 per cent), Garlic (0.94 per cent), Mustard Oil (0.71 per cent), Pulse Masoor (0.42 per cent), Pulse Gram (0.36 per cent), Vegetable Ghee 2.5Kg (0.33 per cent), Cooking Oil 5 litre (0.31 per cent), Diesel (0.18 per cent), Firewood Whole (0.16 per cent) and Sugar (0.03 per cent).

    READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%

    During the week, out of 51 items, prices of 25 (49.01 per cent) items increased, 11 (21.57 per cent) items decreased and 15 (29.42 per cent) items remained stable.

    The SPI is computed on weekly basis to assess the price movements of essential commodities at shorter interval of time so as to review the price situation in the country. SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

  • Clearance of banned cars, phones allowed on 100% surcharge

    Clearance of banned cars, phones allowed on 100% surcharge

    ISLAMABAD: The government has allowed clearance of stuck up consignments of cars and mobile phones on payment of 100 per cent surcharge.

    The ministry of commerce on Friday issued an office memorandum regarding prohibition / complete quantitative restrictions on import of non-essential and luxury items.

    READ MORE: Pakistan lifts ban on import of cars, phones, luxury items

    The ministry said that pursuant to the decision of federal cabinet on August 19, 2022, the federal government had allow release of all those consignments/shipments which had been imported in violation of SRO 598(I)/2022 dated May 19, 2022 and landed at any Pakistani port, subject to payment of surcharge.

    The commerce ministry stated that to release those held up consignments, except Completely Built Unit (CBU) Auto, CBU phones and CBU home appliances, which landed after June 30, 2022 and on or before July 31, 2022 subject to payment of 25 per cent surcharge, and 35 per cent surcharge for those consignments which arrived after July 31, 2022.

    READ MORE: 15% surcharge imposed for clearance of banned items

    Similarly, to release held up consignments of CBU auto, CBU mobile phones and CBU home appliances, which landed after June 30, 2022 and on or before July 31, 2022 subject to payment of 100 per cent surcharge.

    The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances.

    The government on May 19, 2022 through a circular No. 598 (I)/2022 imposed the complete ban on import of such items in the wake of serious balance of payment crisis and to prevent fall in rupee value.

    Despite the ban, the rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.

    It is worth mentioning that the foreign exchange reserves were drastically decreased despite imposition of ban on imported luxury items.

  • Pakistan lifts ban on import of cars, phones, luxury items

    Pakistan lifts ban on import of cars, phones, luxury items

    ISLAMABAD: Pakistan on Friday lifted ban on all import of luxury and non-essential items amid serious foreign exchange crisis.

    The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances.

    The government on May 19, 2022 through a circular No. 598 (I)/2022 imposed the complete ban on import of such items in the wake of serious balance of payment crisis and to prevent fall in rupee value.

    Despite the ban, the rupee fell to the historic low of Rs239.94 against the dollar on July 28, 2022.

    It is worth mentioning that the foreign exchange reserves were drastically decreased despite imposition of ban on imported luxury items.

    READ MORE: Pakistan decides to lift ban on imported goods

    Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022. The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.615 billion.

    The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.

    READ MORE: 15% surcharge imposed for clearance of banned items

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.249 billion.

    The country has taken the decision in order to fulfil the condition of International Monetary Fund (IMF) to get loans.

    Addressing a press conference a day earlier alongside members of the government’s economic team, Miftah Ismail said that the import ban on non-luxury items was placed in line with the IMF’s demands.

    Miftah said that after much back-and-forth, the IMF has finally announced that its board meeting will take place on August 29 — for considering Pakistan’s request for the release of the $1.17 billion tranche.

    The finance minister noted that the government has also fulfilled all the pre-requisites of the lender, while the funding gap of $4 billion has also been met — after friendly countries agreed to help Pakistan financially.

    He said that after the import ban, it became easier for the government to import necessary commodities, which were essential for the masses. “When we have limited dollars and we have to feed a huge population, our priority automatically becomes [the nation]. We had to choose between importing cars and wheat — that’s why we imposed a ban.”

    READ MORE: Pakistan allows release of banned items stuck up at ports

    The finance minister said the government was scrapping the import ban as it was an international requirement, but noted that the regulatory duty that will be imposed on the non-essential imported items will be three times higher than the current levels.

  • Pakistan’s forex reserves increase by $52 million

    Pakistan’s forex reserves increase by $52 million

    KARACHI: Pakistan’s foreign exchange reserves have increased by $52 million by week ended August 12, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country have recorded at $13.613 billion by week ended August 12, 2022 as compared with $13.561 billion a week ago i.e. August 05, 2022.

    READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 billion

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.615 billion.

    The official foreign exchange reserves of the State Bank witnessed an increase of $67 million to $7.897 billion by week ended August 12, 2022 as compared with $7.83 billion a week ago.

    READ MORE: Pakistan’s foreign reserves dip to $14.21 billion

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.249 billion.

    The country is hoping to receive a $1.17 billion tranche under Extended Fund Facility (EFF) from the International Monetary Fund (IMF). This will help Pakistan to boost its foreign exchange reserves.

    READ MORE: Pakistan forex reserves deplete to $14.42 billion

    A meeting of IMF executive board is likely by month-end to approve the tranche for the country.

    However, foreign exchange reserves held by commercial banks slipped by $15 million to $5.716 billion by week ended August 12, 2022 when compared with $5.731 billion a week ago.

    READ MORE: Pakistan’s forex reserves decline to $15.24 billion

  • Miftah presents key points for Pakistan growth

    Miftah presents key points for Pakistan growth

    ISLAMABAD: Dr. Miftah Ismail, minister for finance and revenue, has presented four points for taking Pakistan on path of growth and prosperity.

    The Finance Minister Dr. Miftah Ismail alongwith the Federal Minister for Climate Change Sherry Rehman attended the 5th edition titled “Imagineering The Future” as chief guest. The Finance Minister unveiled 4 point agenda to put Pakistan on path of prosperity.

    The Summit is jointly hosted by Nutshell Group and Martin Dow, in strategic partnership with Overseas Investors Chamber of Commerce & Industry (OICCI).

    Miftah Ismail stated: “The government is considering to promote exports of the country at an aggressive level through an incentive of significant tax waiver to companies which could enhance their exports by 10 per cent of its productions.’’

    He said that the government will provide full support to companies having plans for exporting their products to different countries because it is a daunting task that must be taken as a challenge.

    Various business groups in Pakistan are performing outstandingly and contributing to the national economy through taxes and different ways but they spend $200 million on imports every year which needs to be addressed by enhancing our exports.

    He further said, ‘’If you make something, sell it abroad, if you build, go construct abroad, if you offer a service, offer it abroad. The nation should set the direction to the promotion of exports.’’

    Businesses in Pakistan should think beyond the local market to explore foreign markets to enhance their exports through aggressive value-addition.

    Containing the expenses in imports can stabilize the budget deficit including the trade deficit and current account deficit in tandem.

    The government may not enhance the export overnight but it did control imports of non-essential goods which impacted inflows of foreign exchange to the tune of $700-800 million in the interbank market in the last few months while the country also paid its scheduled debt-servicing in the first week of August.

    Federal Minister for Climate Change Senator Sherry Rahman spoke about the urgency of required action to combat climate change.

    She said climate change is a matter of national security which have affected adversely food and energy security, supply chain, infrastructure, and precious lives of the citizens across the country.

    One-fifth of Pakistan is submerged at present due to heavy monsoon rains which have wreaked havoc on the infrastructure in many parts of the country especially Balochistan and Sindh.

    Pakistan is at the front of climate change and we would like all corporates to interweave sustainability goals in their mission statements.

    She said that greenwashing has to end and genuine efforts have to be made. She also mentioned that they are trying to move the markers for 2050 down to 2030 as climate change is accelerating and our pace needs to match it.

  • Miftah defends petrol price hike in Pakistan from August 16, 2022

    Miftah defends petrol price hike in Pakistan from August 16, 2022

    ISLAMABAD: Finance Minister Dr. Miftah Ismail on Tuesday defended the government decision to increase the prices of petrol that are implemented from August 16, 2022

    A day earlier, Prime Minister Shehbaz Sharif approved the summary to increase the price of petrol with nominal decline in other petroleum products.

    READ MORE: New petroleum prices in Pakistan from August 16, 2022

    The government announced a significant increase of Rs6.72 per liter in price of petrol to Rs233.91 from Rs227.19 effective from August 16, 2022.

    The rate of high speed diesel (HSD) has been nominally reduced by 51 paisas to Rs244.44 from Rs244.95. The price of kerosene oil has been decreased by Rs1.67 to Rs199.40 from Rs201.07. The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.

    The people of Pakistan were expecting a significant decline in petroleum prices in the wake of sharp decline in international oil prices and massive recovery in rupee value against the dollar during the month of August 2022.

    READ MORE: New petroleum prices in Pakistan from August 1, 2022

    All the quarters have strongly criticized the government for increase price of petrol. The criticism was also came from coalition partners of the present government.

    However, Miftah Ismail through Tweet presented a brief explanation on how petrol and diesel prices are set in Pakistan.

    Oil and Gas Regulatory Authority (OGRA) takes the average of petroleum prices, adds freight and premium paid by Pakistan State Oil (PSO) on top of these prices, and multiplies that by the exchange rate.

    READ MORE: New petroleum prices in Pakistan from July 15, 2022

    In addition it also “trues up” the previous fortnight’s cost by taking into account the rupees paid by PSO at the actual exchange rate as opposed to the average used to estimate the previous fortnight’s cost.

    “We have not added any new tax or levy to the price. The price of petrol has gone up (and diesel has gone down) because the cost paid by PSO in the previous fortnight was more than the cost estimated by OGRA and also because the premium paid by PSO on petrol increased and premium paid on diesel remained unchanged,” Miftah Ismail said.

    “Again, not one paisa of new taxes or levies was added,” he repeated.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

  • Pakistan textile exports hit 11-month low in July 2022

    Pakistan textile exports hit 11-month low in July 2022

    KARACHI: Pakistan textile exports hit 11-month low in July 2022 to $1.48 billion, down 13 per cent month on month (MoM).

    Analysts at Topline Securities on Tuesday said that tis was mainly due to decline witnessed in value-added segment down by 12 per cent MoM, mainly due to (i) Eid holidays during the first half of July, (ii) Lack of energy supplies, and (iii) global economic slowdown.

    READ MORE: Pakistan’s textile exports hit record high at $19.33 bn in FY22

    In Pakistani Rupee (PKR) terms, the same has clocked in at Rs325 billion, down by 7 per cent MoM.

    During the month, the Government of Pakistan closed down the gas supplies to both export and non-export industry in Punjab till July 9, 2022. The decision was made to divert more LNG to the power sector for more electricity generation to mitigate power outages.

    READ MORE: Textile exports surge to record high $11 billion in 7MFY22

    Under Value-added division, Ready-made segment remained major underperformer as exports witnessed 17 per cent MoM decline to $305 million during July 2022 due to sharp decline in volumetric sales down by 7 per cent MoM.

    Other value-added players such as Knitwear, Bedwear and Towel also posted decline of 8 per cent MoM, 11 per cent MoM, and 18 per cent MoM to $435 million, $254 million and $75 million, respectively.

    READ MORE: PHMA cries foul on gas suspension to textile industry

     Basic textiles also witnessed decline of 14 per cent MoM to $258 million in July 2022 (down 5 per cent YoY), where major decline came from cotton yarn where exports touched $71 million (down 24 per cent MoM).

     As compared with July 2021, Pakistan textile exports marginally up by 1 per cent YoY (+38 per cent YoY in PKR terms) in July 2022 due to growth in value added segment.

    Moving forward, increase in energy tariff and slowdown in global economy are few key challenges textile sector could face going ahead.

    READ MORE: Textile exporters urge allowing cotton import from India

  • Donald Blome visits Karachi to support US-Pakistan trade ties

    Donald Blome visits Karachi to support US-Pakistan trade ties

    KARACHI: The U.S. Ambassador Donald Blome visited Karachi on Saturday to support the US-Pakistan trade ties and further strengthen the economic partnership and bilateral trade.

    During the visit, U.S. Ambassador met with the Federal Minister for Maritime Affairs, the Chief Ministers of Balochistan and Sindh, the Administrator of Karachi, the Commander of Pakistan Navy Pakistan Fleet (COMPAK), government officials, financial and business leaders, trade and energy executives, and other business and commercial representatives.

    Donald Blome said that, “I am glad to be back in Karachi, a financial and commercial hub with tremendous energy.”

    He added that, “this year marks the 75th anniversary of U.S.-Pakistan bilateral relations and I look forward to strengthening U.S.-Pakistan partnerships in trade, investment, clean energy, health, security, education, and other mutually beneficial priority areas.”

    READ MORE: US calls for strengthening bilateral trade with Pakistan

    Ambassador Blome visited Port Qasim and met with Federal Minister for Maritime Affairs Faisal Subzwari.  The Ambassador expressed interest in how the United States can work with Pakistan to develop more linkages with U.S. port and maritime institutions.

    In the Ambassador’s meetings with Balochistan Chief Minister Abdul Quddus Bizenjo and Sindh Chief Minister Murad Ali Shah, he discussed political, economic, and security matters, as well as the ongoing relief efforts to address the tragic impact of the recent floods in both provinces.

    In his meeting with Sindh Chief Minister Shah, Ambassador Blome announced the United States is providing a new $1 million grant to build the resilience of agricultural communities in Sindh Province, and support Pakistan’s disaster management authorities in Sindh, Khyber Pakhtunkhwa, and Gilgit-Baltistan provinces, to better respond to future disasters.

    Ambassador Blome and Karachi Administrator Murtaza Wahab discussed the impact of flooding and other challenges in the city, as well as opportunities for growth including in the information technology sector.

    READ MORE: US Treasury sanctions virtual currency mixer Tornado Cash

    During the Ambassador’s meeting with COMPAK Vice Admiral Ovais Bilgrami, he further discussed relief efforts in flood-stricken areas and affirmed the importance of the U.S.-Pakistan military relationship and the desire to strengthen and expand our ongoing security cooperation.

    Ambassador Blome met with CEO of Cargill Pakistan Imran Nasrullah. The Ambassador also toured Excelerate’s floating storage and regasification unit at Port Qasim to emphasize our mutual interest in seeing Engro and Excelerate’s LNG joint venture succeed in Pakistan.

    He met other U.S and Pakistani business leaders to show his commitment to promoting U.S. business and investment in Pakistan through a wide range of effective services, products, and programs.

    The U.S. government is dedicated to expanding the ties between the Pakistani and American people to promote a more stable, secure, and prosperous future for both our nations.  Bilateral trade reached nearly $9 billion in 2021.

    READ MORE: Toyota Motors suspends production at Tsutsumi plant

    The United States is Pakistan’s largest single country export market and one of the largest sources of foreign investment, with U.S. direct investment growing by 50 percent in the past year.

    U.S. companies and their local affiliates are among Pakistan’s largest employers, with roughly 80 U.S. companies directly employing more than 125,000 Pakistanis, and more than one million Pakistanis employed indirectly. In 2021, U.S. firms invested up to $5.7 million in corporate social responsibility initiatives in Pakistan.

    One of the highlights of Ambassador Blome’s time in Karachi was a visit to the Lincoln Corner Karachi at Liaquat Memorial Library where he inaugurated the StartUp Lab! along with Minister of Sindh for Education, Culture, Tourism, Antiquities and Archives, Syed Sardar Ali Shah.

    “The StartUp Lab! is unique and a one-of-a-kind space in Pakistan where aspiring entrepreneurs with an idea for a startup business can turn ideas into reality using the latest technology and equipment for free,” noted Ambassador Blome.

    READ MORE: Xiaomi further improves rank to 266 in Fortune Global 500 list

    Ambassador Blome said, “The people-to-people ties between the United States and Pakistan are among our greatest strengths.  We are proud to partner with the Culture Department of Sindh to ensure young Pakistanis are prepared to face 21st century challenges.”

    The Lincoln Corner Karachi is one of 18 in the U.S. Mission to Pakistan’s network of American Spaces nationwide that offer free educational and cultural programs, as well as technology and information resources, to young Pakistani leaders.

    Ambassador Blome also visited Frere Hall in Karachi to appreciate its architecture and murals.  There, he was given a tour by representatives of NGO Sindh Exploration and Adventure Society (SEAS), Dr. Asma Ibrahim and Dr. Kaleemullah Lashari.

    SEAS received in 2021 a grant from the U.S. Ambassadors Fund for Cultural Preservation (AFCP) to renovate portions of Frere Hall.  This AFCP project further demonstrates our respect for Pakistan’s rich cultural heritage.

    In celebration of Pakistan’s National Minority Day, the Ambassador was honored to meet religious minority community leaders in Karachi to promote interfaith cooperation, religious tolerance, and diversity.

    He also visited the Mausoleum of the founder of Pakistan Quaid-e-Azam Muhammad Ali Jinnah and laid a wreath in honor of the founding father of Pakistan, ahead of Pakistan’s 75th Independence Day.

    Ambassador Blome said that, “It is a great honor to be here at the Mazar-e-Quaid to pay my respects and commemorate the legacy of Muhammad Ali Jinnah.  The United States shares Quaid-e-Azam’s vision of a unified Pakistan, at peace with itself and its neighbors, a Pakistan of religious tolerance, economic prosperity, and social inclusion.”

  • Pakistan, Türkiye sign preferential trade agreement

    Pakistan, Türkiye sign preferential trade agreement

    ISLAMABAD: Pakistan and Türkiye Friday signed the Preferential Trade Agreement (PTA) for enhancing trade in goods between the two countries.

    Prime Minister Shehbaz Sharif witnessed the signing of the PTA at a ceremony held at the PM Office, as the visiting Turkish Trade Minister Dr Mehmet Mus and Minister for Commerce Syed Naveed Qamar signed the accord.

    READ MORE: Banks not issuing forms for land trade with Turkey: FPCCI

    Commonly known as Trade in Goods Pact, the PTA includes comprehensive provisions on bilateral safeguards, balance of payment exceptions, dispute settlement, and periodic review of the agreement. Prime Minister in his remarks termed the agreement “a great moment and a milestone” in the brotherly and historic relations between Pakistan and Türkiye. He recalled that following his official visit to Türkiye in May, the untiring efforts of the ministries of both sides resulted in the signing of the agreement.

    READ MORE: Turkey eases COVID restriction for Pak travelers

    He said immense business opportunities existed between the two countries and expressed confidence that the accord would further explore the trade avenues in diverse sectors.

    The prime minister said Pakistan would continue to work with Türkiye on strengthening bilateral ties.

    Trade Minister Dr Mehmet Mus said the occasion marked a significant milestone which would contribute in a long way to further strengthening and expansion of trade ties.

    READ MORE: Ten-day quarantine must for Pakistanis arriving Turkey

    He said meeting expectations of all stakeholders was not easy, however added that dedication and step-by-step measures led to conclusion of the accord.

    He thanked PM Shehbaz Sharif for his leadership to seal the agreement for the betterment of the two countries and enhancing linkages between their business communities.

    The key highlights of the trade concessions offered by both sides under the agreement are as follows: (i) Türkiye had offered concessions to Pakistan on 261 Tariff Lines, which include key items of Pakistan’s export interest to Türkiye from both agriculture and the industrial sectors.

    READ MORE: Pak-Turkey agree to strengthen cooperation

  • Pakistan’s reserves plunge 43-month low to $13.56 billion

    Pakistan’s reserves plunge 43-month low to $13.56 billion

    KARACHI: Pakistan’s foreign exchange reserves have declined 43-month low at $13.56 billion by week ended August 05, 2022.

    The foreign exchange reserves of country fell by $648 million as those were $14.21 billion a week ago i.e. July 29, 2022, the State Bank of Pakistan (SBP) said on Thursday.

    READ MORE: Pakistan’s foreign reserves dip to $14.21 billion

    Pakistan’s foreign exchange reserves were seen at $13.597 billion on January 2019.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.668 billion.

    The official reserves of the State Bank also fell by $556 million to $7.83 billion by week ended August 5, 2022 as compared with $8.386 billion a week ago.

    READ MORE: Pakistan forex reserves deplete to $14.42 billion

    The SBP attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    Further, the country is in negotiation with the IMF for release of next tranche under Extended Fund Facility (EFF) to boost its foreign exchange reserves.

    READ MORE: Pakistan’s forex reserves decline to $15.24 billion

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $12.316 billion.

    The commercial banks held foreign exchange witnessed a decline of $92 million to $5.731 billion by week ended August 05, 2022 when compared with $5.82 billion a week ago.

    READ MORE: Pakistan’s forex reserves drop to $15.61 billion

    The sharp decline in foreign exchange reserves has resulted in free-fall of rupee value.

    The local currency ended historic low of Rs239.94 to the dollar at closing of interbank foreign exchange market on July 28, 2022. However, on the hope of inflows from the IMF and improved indicators the rupee rebounded in the month of August 2022.

    READ MORE: Pakistan’s forex reserves deplete to $15.74 billion