The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose $49 million to $11.146bn during the week ended on March 14. Without disclosing the source of this inflow, the central bank announced on Thursday that the country’s overall reserves reached $16.015bn, including $4.869bn held by the commercial banks. The SBP reserves increased from $9.436bn in August 2024 to $12.037bn
The private sector lending has slowed sharply, raising concerns over economic growth and revenue generation, both of which are already underperforming. Despite a 1,000 basis point reduction in interest rates, neither borrowers nor banks are showing interest in long-term lending. According to State Bank of Pakistan’s (SBP) data, banks’ lending to the private sector during this fiscal year has
Pakistan’s oil import bill showed minimal growth, while petroleum products exports surged during the first eight months of the current fiscal year. According to data released by the Pakistan Bureau of Statistics on Thursday, the oil import bill experienced an uptick of 1.2 per cent to $10.71 billion in 8MFY25 from $10.58bn in the corresponding period last year. In stark contrast, exports of
The Public Accounts Committee (PAC) on Thursday discussed the lapse of economic grants of Rs58 billion and expressed concern over the issue and noted similar financial irregularities across various ministries. During the meeting, finance secretary Imdadullah Bosal said that funds were surrendered by May 31 every year. However, the PAC Chairman Junaid Akbar suggested that the surrender be done e
The World Trade Organisation (WTO) has said that Pakistan has formally accepted the Agreement on Fisheries Subsidies. Pakistan’s Ambassador to the WTO Ali Sarfaraz Hussain presented the instrument of acceptance to WTO Director-General Ngozi Okonjo-Iweala on Thursday, according to the information on the WTO website. The WTO DG said Pakistan’s formal acceptance of the agreement marks a vital s