Pakistani currency dropped Rs0.14 to a new two-week low at Rs278.40 against the US dollar in the inter-bank market, maintaining its downward trend for the second consecutive working day amid ongoing talks for a new loan programme potentially by June or July 2024. According to the State Bank of Pakistan (SBP)’s data, the rupee had closed at Rs278.26 against the greenback on Wednesday. The curren
The Federal Additional Secretary of Industries and Production, Asad Islam Mahni, has stated that, according to a conservative estimate, the total size of Pakistan’s informal economy is projected to be around $457 billion. The size of the country’s formal economy, as per official statistics, was $340 billion in 2023. This translates into almost 64% less than the size of the informal economy of P
Commerce Minister Jam Kamal Khan chaired a high-level meeting on Thursday to address pressing issues in Pakistan’s export and business sectors. Acting on PM Sharif’s directive, a high-level committee was formed to tackle challenges faced by the business sector. Kamal stressed the need for effective decision-making by high-ranking officials. Expressing concern over the absence of key figures lik
The rate of return on the 12-month T-bill in the secondary market slumped to a 14-month low, falling below 20% on Thursday in anticipation of a deeper cut in the central bank’s key policy rate (interest rate) in early June 2024. The yield on the one-year T-bill reduced by up to 90 basis points or more in the secondary market following a similar situation seen in the paper auction held at the pr
The power sector has continued to bleed as the circular debt pile swells without any check. Though successive governments have attempted to find workable solutions, yet success has eluded them for years. The Pakistan Tehreek-e-Insaf (PTI) government, which remained in power from August 2018 to April 2022, left unsettled Rs1.6 trillion in circular debt. The debt accumulated to Rs3.3 trillion dur