The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $106 million to $10.808 billion during the week ending Oct 4, hitting a three-year high, said a press release issued by the central bank on Thursday. The government aims to boost the SBP forex holdings to $13bn by the end of FY25. The reserves of the SBP reached double digits after receiving the first tranche o
Barring the massive drop in tractor sales by 57 per cent to 5,206 units mainly due to sales tax hike, 1QFY25 proved highly satisfactory for the entire auto sector, reflecting a jump of 19-75pc compared to the same period last fiscal year. As per data of Pakistan Automotive Manufacturers Association, car sales surged by 25pc to 20,068 units during July-Sept FY25 from 16,021 units in the same per
Finance Minister Muhammad Aurangzeb said on Thursday that big companies are responsible for about half of the total tax evasions, which amount to Rs3.4 trillion, and warned chief financial officers (CFOs) of these companies not to sign incorrect returns to avoid severe punishments. Addressing a press conference along with Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, the fina
With the poverty rate rising by 0.3 per cent within one year to 40.5pc in FY24, the World Bank on Thursday warned that even the 2.8pc and 3.6pc economic growth rate it projected for current and next year was direly insufficient to dent poverty levels and improve living standards of the majority in Pakistan. At the launch of the Pakistan Development Update (PDU), the World Bank officials also wa
The International Monetary Fund urged Pakistan on Thursday to shift its growth model away from the government’s pivotal role in economic decision-making to an emphasis on lowering trade barriers in order to stimulate production. The suggestions came from Esther Pérez Ruiz, the IMF resident representative for Pakistan, during an interaction at the Sustainable Development Policy Institute (SDPI)