Pakistan’s current account deficit (CAD) fell to $0.7 billion in August, compared to $1.2bn in the previous month, the State Bank of Pakistan (SBP) said late on Wednesday night. This equates to a decline of 41.67 per cent month-on-month. For the first two months of the current fiscal year, the current account deficit narrowed by $0.5bn to $1.9bn compared to the corresponding period in FY22, the
The Pakistan Stock Exchange witnessed a lacklustre trading week as jittery investors weighed the impact of rising political and economic uncertainty in the country coupled with persistent rupee depreciation. On Monday, stock trading kicked off with a slide as weakening of the local currency sparked a sell-off. Investors’ participation remained muted in anticipation of mounting inflation. Positi
Pakistan’s bigwigs have failed to craft an effective strategy to stop the free fall of the local currency, as policy discussions have so far remained focused on better management of borders and trade related payments. According to official documents and background discussions with people involved in the process, Prime Minister (PM) Shehbaz Sharif has taken numerous meetings in recent days and a
Lacklustre demand for cement, witnessed as part of the recent slowdown, is likely to persist, and as a consequence, apply pressure on the pricing power of cement manufacturers. “As per the data available, around 580,000 houses have been fully damaged due to the floods,” said Waqas Ghani Kukaswadia, Cement Sector Analyst at JS Global in his research report. “As a consequence, demand is to remain
Central banks worldwide are using aggressive interest rate hikes to lasso galloping inflation, at the risk of pulling down the global economy with it. The US Federal Reserve and its counterparts in Europe and most emerging economies have been raising rates this year as consumer prices have soared to decades-high levels. While higher rates aim to tame runaway inflation by slowing economic act