Pakistan’s Forex Reserves Reach $11 Billion After 30-Month Gap Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), rose to over $11 billion as of October 11, 2024. This marks an increase of $215 million in a week and a significant milestone after 30 months. The reserves have grown for 12 consecutive weeks, reflecting an overall increase …
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Pakistan’s Inflation Hits 3.5-Year Low at 6.9%
Pakistan’s annual inflation rate dropped to a 3.5-year low of 6.9%, largely driven by a favorable base effect and lower prices of non-perishable food items. This significant decline, reported by the Pakistan Bureau of Statistics (PBS) on Tuesday, opens up the possibility for the central bank to implement multiple interest rate cuts to stimulate the economy, which has been struggling …
Read More »Pakistan’s Economic Indicators Show Positive Trends
US Dollar Gains Against Pakistani Rupee in Interbank Market On Tuesday, the US dollar appreciated by six paisas against the Pakistani rupee, reaching Rs278.70 in interbank trading. This marginal gain reflects ongoing volatility in the currency market as Pakistan navigates a complex economic landscape. Improved Economic Indicators Highlight Positive Shift The Ministry of Finance has released its latest monthly economic …
Read More »Pakistan’s Inflation Rate Drops to 34-Month Low of 9.6% in August
Pakistan’s Inflation Rate Hits 34-Month Low Pakistan’s Consumer Price Index (CPI) rose by 9.6% year-on-year (YoY) in August 2024, marking the lowest inflation rate in 34 months. Notably, according to the Pakistan Bureau of Statistics (PBS), this represents a significant drop from the 11.1% recorded in July 2024 and, moreover, a dramatic decline from the 27.4% inflation rate in August …
Read More »Government Cuts August Inflation Forecast to Single Digits
The federal government reduced its inflation forecast for August to a single digit on Friday, which could compel the central bank to consider a significant interest rate cut in the next monetary policy meeting. The Ministry of Finance’s monthly economic outlook projects inflation to range between 9.5% and 10.5% in August, with a further decline anticipated to 9% to 10% …
Read More »Pakistan’s Current Account Deficit for July 2024
Pakistan’s Current Account Deficit in July 2024: An Overview In July 2024, Pakistan recorded a current account deficit (CAD) of $162 million, slightly higher than market expectations and the 12-month average but still within the targeted range. This deficit was primarily due to increased imports of goods to support economic activities and a significant repatriation of profits and dividends by …
Read More »Surge in Central Government Debt: A Growing Concern for Pakistan
The central government debt of Pakistan surged by Rs8.07 trillion, or 13%, during the previous fiscal year, bringing the total debt to a staggering Rs68.9 trillion by the end of June 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. The significant rise in debt highlights the growing financial challenges faced by the government and …
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