Karachi, March 16, 2024 – Recent speculation regarding the potential introduction of plastic banknotes in Pakistan has been firmly addressed by the State Bank of Pakistan (SBP), which issued a statement on Saturday refuting any such plans.
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		 Pakistan’s Textile Exports Decline by 0.65% in 8MFY24Karachi, March 15, 2024 – Pakistan’s textile sector, a cornerstone of the nation’s economy, has encountered a slight setback with a nominal decrease of 0.65 percent in exports during the first eight months (July – February) of the fiscal year 2023-24. Data released by the Pakistan Bureau of Statistics (PBS) reveals that textile exports amounted to $11.15 billion during this period, compared to $11.22 billion in the corresponding months of the previous fiscal year. Among the major components of the textile group, knitwear exports experienced a notable decline of 5.69 percent, reaching $2.90 billion during July – February 2023-24, down from $3.08 billion in the same period of the previous fiscal year. Similarly, exports of readymade garments fell by three percent to $2.31 billion, compared to $2.38 billion in the previous fiscal year. Despite these declines, the export of bed wear witnessed a modest increase of 2.08 percent, reaching $1.87 billion during the first eight months of the current fiscal year, compared to $1.83 billion in the corresponding period of the previous fiscal year. However, the export of cotton cloth saw a notable decline of 8.71 percent, totaling $1.26 billion during the same period, down from $1.38 billion in the previous fiscal year. Conversely, there was a robust 48 percent increase in the export of cotton yarn during the period under review. While the textile exports experienced a significant 19.20 percent year-on-year (YoY) increase in February 2024, the sector faced a 3.31 percent month-on-month (MoM) decline in the same month. The textile industry is a vital contributor to Pakistan’s economy, providing employment opportunities and generating foreign exchange earnings. The marginal decline in textile exports underscores the need for continued efforts to address challenges and capitalize on opportunities to enhance competitiveness and sustainability in the sector. Analysts suggest that factors such as global market dynamics, fluctuations in raw material prices, and evolving consumer preferences may have influenced the performance of Pakistan’s textile exports. They emphasize the importance of adopting strategies to diversify export markets, enhance product quality, and invest in innovation to maintain the sector’s growth trajectory. As Pakistan navigates through the complexities of the global economy, concerted efforts from stakeholders, including policymakers, industry players, and relevant authorities, will be crucial in realizing the full potential of the country’s textile sector and ensuring its resilience in the face of challenges and uncertainties. 
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		 Pakistan Maintains Petrol Price, Cuts Diesel Rates from March 16Islamabad, March 15, 2024 – In a significant move, Pakistan has decided to maintain the price of petrol while slashing the rate of high-speed diesel for the upcoming fortnight starting March 16, 2024. (more…)
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		 FBR Partners with Karandaaz for Digitalizing Tax AdministrationIslamabad, March 15, 2024 – The Federal Board of Revenue (FBR) has embarked on a transformative journey to modernize Pakistan’s tax administration through a groundbreaking partnership with Karandaaz Pakistan. (more…)
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		 Pakistan Witnesses 33% Surge in Inflation as Ramadan StartsIslamabad, March 15, 2024 – Pakistan has experienced a substantial 33 percent increase in inflation on a year-on-year (YoY) basis for the week ending March 14, 2024, according to official data released on Friday. (more…)
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		 Pakistan Adjusts Petroleum Prices Today on March 15Pakistan is gearing up for a potential adjustment in petroleum prices slated for today, March 15, 2024, which will determine the pricing for the upcoming fortnight starting March 16. (more…)
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		 Bank Deposits of Salary Persons Jump by 25% to Rs 3.77 TrillionKarachi, March 14, 2024 – In response to challenging economic conditions, bank deposits held by salary earners have surged by an impressive 25 percent, reaching a staggering Rs 3.77 trillion by the end of February 2024, according to official data released on Thursday. (more…)
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		 Pakistan Witnesses $131 Million Rise in Weekly Forex ReservesKarachi, March 14, 2024 – Pakistan has recorded a significant rise of $131 million in its weekly foreign exchange reserves for the week ending March 8, 2024, according to the State Bank of Pakistan (SBP). (more…)
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		 Pakistan Stock Market Surges 1,016 Points as Bulls ReturnKarachi, March 14, 2024 – The Pakistan stock market witnessed a remarkable climb of 1,016 points on Thursday as bullish sentiments returned, boosting investor confidence across the board. (more…)
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		 Pakistan to Announce Petroleum Prices for 2nd Half of March 2024Islamabad, March 14, 2024 – Pakistan gears up for the announcement of petroleum prices scheduled for Friday, March 15, 2024, marking the commencement of the second half of March 2024. (more…)