Pakistan's real effective exchange rate (REER) – the value of local currency compared to a basket of currencies of trading partners – depreciated 1.48 percentage points to 98.65 points in September, reflecting an improvement in the country's export competitiveness. According to the State Bank of Pakistan's (SBP) data, the REER index had been at 100.13 points in August 2024. The latest readin
The inexplicable delay in implementation of budgetary measures to modify tax regime for the steel producers procuring local scrap from unregistered suppliers to stop tax evasion as well as to prevent its harmful impact on organised steel makers has caused a loss of over Rs30 billion to the national exchequer since July, say industry players. The tax-compliant, organised steel makers claim that
Pakistan's meat exports to China reached an impressive $3.37 million from January to September 2024, according to the General Administration of Customs of China. Pakistan Embassy Trade and Investment Counsellor in Beijing Ghulam Qadir told China Economic Net that Chinese consumers were becoming more adventurous in their culinary choices and were increasingly interested in trying high-quality me
Six days, 10 world leaders and around 900 delegates; the Shanghai Cooperation Organisation (SCO) conference in Islamabad was attended by countries that represented 40% of the world's population and over 30% of its gross domestic product (GDP). Over the past 27 years, the bloc has evolved significantly from the Shanghai Five group to the Shanghai Cooperation Organisation. Through its commitment
Pakistan State Oil (PSO) has waived its late payment interest charges on overdue fuel supply payments from five Independent Power Plants (IPPs), whose agreements with the government have been terminated. The decision was announced after extensive negotiations between the Power Division, a task force, and the IPPs involved. The agreements for terminating the Power Purchase Agreements (PPAs) and