Economy

FBR Misses August Tax Collection Target by Rs102 Billion The Federal Board of Revenue (FBR) fell short of its August 2024 tax collection target by Rs102 billion, despite taking advances from major cities. The FBR blamed import compression for the shortfall, increasing the likelihood of a mini-budget. The government had set a collection target of Rs898 billion for August, but …

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 …

Remittances sent through Roshan Digital Accounts (RDA) by overseas Pakistanis have reached a significant milestone, surpassing $8.416 billion, according to the latest data released by the State Bank of Pakistan (SBP). This achievement underscores the growing confidence of the Pakistani diaspora in the RDA platform. July 2024 Remittance Performance In July 2024 alone, overseas Pakistanis transferred $161 million through the …

British energy giant Shell plans to cut hundreds of jobs in its oil and gas exploration division as part of an extensive cost-cutting program it announced last year. According to a source familiar with the matter, the cuts will affect two key units specializing in hydrocarbon extraction projects, resulting in a 20% reduction in their workforces. Impact and Scope The …

The Pakistan Stock Exchange (PSX) exhibited positive momentum on Friday, driven by an improved economic outlook and investor interest in the government’s ongoing discussions regarding the privatisation of state-owned enterprises (SOEs). The market also drew support from bullish global equity trends and the government’s commitment to reducing power tariffs. Market Performance and Trends Trading commenced with strong buying activity, and …

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% …

Pakistani Rupee Strengthens on Rising Forex Reserves and Moody’s Upgrade The Pakistani rupee showed signs of recovery on Friday, appreciating by Rs0.10 against the US dollar to close at Rs278.54 in the inter-bank market. This rebound follows a two-day decline, where the rupee had lost Rs0.32, reaching Rs278.64 against the dollar. The improvement in the rupee’s value has been attributed …

Inflation Forecast and Economic Outlook August 2024 In a recent update, the government has projected a reduction in inflation to a range of 9.5-10.5% for August 2024. This forecast comes amidst positive trends in key economic indicators and efforts to stabilize the economy. The projection also suggests a further decline in inflation to 9-10% by September 2024, offering a cautiously …

Shares at the Pakistan Stock Exchange (PSX) traded positively on Friday, with the KSE-100 benchmark index climbing over 400 points in intraday trading before closing in the green. The index increased by 138.55 points, or 0.18%, to settle at 78,488.21 points, up from the previous close of 78,349.66. Market Drivers and Performance The initial surge in the market was attributed …

Pakistan has relaxed its bidding rules to directly award a $2 billion contract to China for constructing a critical section of the Karakoram Highway, enhancing its strategic road connectivity with China. At the same time, the government approved a Rs78 billion incentive package for banks and exchange companies to boost foreign remittances. Direct Award of Road Contract to China The …