The central bank’s foreign exchange reserves dropped for the fourth consecutive week to below $4.2 billion, official data showed on Thursday, barely enough to cover a month of controlled imports. The latest decline in the State Bank’s reserves, during the week ended May 19, was $119 million. Commercial bank reserves also fell by $87.5m, to $5.54bn during the week. Therefore, the country’s overa
Before the arrival of Russian crude oil, a container vessel Crystal St Petersburg on its maiden call reached Karachi Port in just 21 days. The vessel took berth at Karachi International Container Terminal (KICT) on Thursday. Minister for Maritime Affairs Syed Faisal Sabzwari welcomed the vessel along with Karachi Port Trust (KPT) chairman Syedain Raza Zaidi and Consul General of Russia Andre
Pakistan’s economy experienced a notable decline in its GDP size in dollar terms, growth rate and per capita income during the outgoing 2022-23, marking the slowest expansion in the country’s overall output over the past four years. The decline in Pakistan’s economy during 2022-23 reveals significant mismanagement by the coalition government led by the PML-N. The overall economy only grew by 0.
Pakistan’s struggle to service its debt is a disaster for the country, but it’s not very good for the rest of the world either, says economist Michael Pettis. Mr Pettis, a senior fellow at Carnegie Endowment, Washington, and a professor of finance at Guanghua School of Management at Peking University in Beijing, made this argument while responding to a series of tweets by Atif Mian, a professor
Pakistan Stock Exchange (PSX) chief executive Farrukh H. Khan said on Tuesday the government should do away with the distortion in its tax policy that currently favours certain asset classes against others. Speaking at a press conference, Mr Khan called for aligning the tax rates for the equity market with those on real estate and agriculture, sectors that’ve traditionally remained undertaxed f