The inflation rate suddenly nosedived to a nearly two-and-a-half-year low of 11.8% in May due to a slump in food prices and some correction in fuel rates, opening a window for the central bank to rectify its monetary policy by making a major cut in interest rates on June 10th. The Pakistan Bureau of Statistics (PBS) reported on Monday that the Consumer Price Index (CPI)-measured headline inflat
Pakistan’s trade deficit narrowed to $21.7 billion in the first 11 months of the outgoing fiscal year on the back of continued contraction in imports and some momentum in exports, which brought the annual export target within reach. The trade deficit – the gap between exports and imports – was 15%, or $3.9 billion, lower during the July-May period of the current fiscal year compared to a year a
Business confidence in Pakistan has gone up by four percentage points, though it still remains negative, as reflected in the 25th Wave of the Business Confidence Index (BCI) survey conducted across the country during March-April 2024 by the Overseas Investors Chamber of Commerce and Industry (OICCI). “The OICCI Business Confidence Index has shown some positive signs of economic recovery, rising
The privatisation process of Pakistan International Airlines (PIA) has taken another turn with the government pre-qualifying six consortiums for bidding, while disqualifying two others due to concerns about their financial standing. This marks the second extension to the original deadline, with the bidding process now expected to take place in August. The decision comes amidst a continued ban i
OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. Brent crude oil prices have been trading near $80 per barrel in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China