State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Monday the country has enough dollars in its coffers to meet foreign debt obligations. Speaking to the press on the sidelines of a ceremony at the Institute of Business Administration (IBA), Mr Ahmad said there’s no reason to worry about a shortage of foreign exchange liquidity. “Our reserves are over $7.9 billion. They’re more than su
With political unrest, the economic activity in Pakistan is weakening further. Depressingly bleak outlook of the global economy compound worries of the country’s business class that desperately wishes for economic recovery and for the political chaos to end but not militarily. In Pakistan, inflation is currently skyrocketing, the external sector is under grave stress, currency value is eroding,
The incumbent government claims it saved Pakistan from imminent bankruptcy and successfully resumed the International Monetary Fund programme. However, Pakistan’s financial health worsened after the floods and now, the debt and capital markets are sending alarming signals that depict nervousness among investors and creditors. The stock market remains jittery and the continued weakness in the va
Trade and industry leaders of Pakistan’s economic nerve centre have warned that zero gas supplies for four months will lead to a sharp contraction in exports, cripple revenue collection, closure of units and render a large number of workers jobless. While rejecting Sui Southern Gas Company Ltd’s notice of supply suspension from Nov 15 to Feb 28, the committee of the Karachi Chamber of Commerce
The State Bank of Pakistan (SBP) and other commercial banks on Saturday finally withdrew their appeals from the Supreme Court, challenging the Federal Shariat Court’s (FSC) directions to the government to make the country’s entire banking system completely Sharia-compliant by Dec 2027. The appeals were taken back in line with a Nov 9 announcement by Finance Minister Ishaq Dar that SBP and the N