The foreign exchange reserves of the State Bank of Pakistan (SBP) declined $76 million to $11.372 billion during the week ended on Jan 24 due to external debt repayments, reported the central bank on Thursday. The country’s overall reserves fell by $137m to $16.052bn, including the commercial bank’s holdings, which rose to $4.74bn during the week under review.
State Bank Governor Jameel Ahmad said on Thursday that prudent monetary policy stance had played an important role in restoring macroeconomic stability. Addressing the executive body of the Multan Chamber of Commerce and Industry (MCCI), he highlighted recent policy initiatives taken to enhance ease of doing business, including export and import facilitation, dividend repatriation and support f
Pakistan and Belarus have decided to start assembling Belarusian tractors locally through joint ventures to promote trade and industrial cooperation. On Thursday, the 5th session of the Pakistan-Belarus Joint Working Group on Industrial Cooperation held at the Engineering Development Board (EDB) noted that local companies were interested in JVs, mainly in the auto and heavy machinery sector.
The government on Thursday claimed that inflation in the first half year of the current fiscal year slowed to 7.2 per cent from 28.8pc in the same period last year, mainly due to action against illegal foreign exchange companies, smuggling and hoarding. According to the finance ministry announcement on Thursday, the sharp deceleration in inflation is attributed to exchange rate stability, prude
The government on Thursday stopped procurement of around 1,100 vehicles for employees of the Federal Board of Revenue (FBR) till the finalisation of an investigation into allegations of malfeasance, threats to the whistleblowing senator and raids on a rival car manufacturer. This was the crux of a meeting of the Senate Standing Committee on Finance & Revenue in which the finance minister pledge