The government’s efforts to artificially bring down the dollar rate are faltering, with market forces pushing back against a Rs250 exchange rate target and foreign currencies reportedly vanishing from the open market. A crackdown on dollar smuggling launched on July 23 has led to a minor depreciation of around Rs3 in both the open and interbank markets. However, this has done little to bridge t
Pakistan’s food import bill rose to a record $8.14bn in FY25, up 3pc from $7.90bn in FY24, as imports of palm oil, soybean oil, pulses and dry fruits reached all-time highs, driven by rising demand and population growth. According to Pakistan Bureau of Statistics (PBS) data, palm oil imports surged to a new peak of 3.213 million tonnes ($3.4bn) in FY25, surpassing the previous record of 3.197m
US President Donald Trump on Wednesday imposed an additional 25 per cent tariff on Indian goods, citing New Delhi’s continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock. The new import tax, set to come into place in three weeks, will raise duties on some Indian exports to as high as 50pc — among the highest levie
Natural disasters caused $135bn in economic losses globally in the first half of 2025, fuelled by the Los Angeles wildfires, reinsurer Swiss Re said on Wednesday. Swiss Re, which serves as an insurer of insurance companies, said first half losses were up from the $123bn in the first half of 2024. The Zurich-based reinsurance giant estimated that of this year’s first half losses, $80bn had be
Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan has said the proposed bankruptcy law will serve as a comprehensive and supportive legal framework aimed at ensuring industrial stability and reviving struggling enterprises. He made these remarks while chairing a high-level meeting of sub-committees tasked with reviewing the bankruptcy law and address