Without any foreign inflow, the State Bank of Pakistan’s (SBP) foreign exchange reserves showed a meagre increase, while commercial banks recorded a significant drop during the week ending May 17. On Thursday, the central bank reported a $22 million increase in its reserves to $9.157 billion during the week. This upward trend in reserves reflects the SBP’s strategic dollar purchases from the in
Local automakers are struggling to attract buyers with price cuts, registration discounts and auto financing, while the imported used car market has shown strong performance. All Pakistan Motor Dealers Association (APMDA) Chairman H.M. Shahzad claimed that 28,000 used cars were imported during the July-May period of FY24, compared to 14,000-15,000 units in the entire FY23. “Total imports wil
Amid the request for a 25 per cent increase in annual tariff rebasing, the government on Thursday hinted at offering an incentive package to the industrial sector as part of other power sector reform interventions to revive electricity demand and support economic growth. This emerged at a public hearing, presided over by National Electric Power Regulatory Authority (Nepra) Chairman Waseem Mukht
An International Monetary Fund (IMF) mission and Pakistan have made significant progress towards reaching a staff-level agreement for an extended fund facility (EFF), the global lender said on Friday. Shortly after the statement’s release, the Pakistan Stock Exchange (PSX) gained 556.5 points, to stand at 75,670.97 points at 9:41am from the previous close of 75,114.47. The IMF has opened dis
After posting modest gains overnight, Pakistani shares on Wednesday faltered below the 75,000 level on late selling as investors reacted to a downturn in dollar inflows, which depicted a weak economic outlook. Ahsan Mehanti of Arif Habib Corporation said the National Accounts Committee’s projection of a subdued economic growth of 2.38pc amid average 26pc inflation for outgoing FY24, a 6pc decl