KARACHI: Pakistan’s efforts to curb black market dollar trading have bolstered the rupee, but the trade has swiftly shifted to informal channels like smartphones and home deliveries, Reuters reported on Tuesday.
top-economy
Govt to deploy officials at sugar mills to enforce price cap amid supply crunch
ISLAMABAD: The government has ordered officials to be stationed at all sugar mills to monitor stock levels and enforce a price cap agreement, as retail sugar prices climb to around Rs200 per kilogramme amid reports of non-compliance and supply disruptions.
Pakistan sees July inflation holding steady at 3.5-4.5% as economy shows signs of recovery
ISLAMABAD: Inflation in Pakistan is expected to hover between 3.5% and 4.5% in July, the finance ministry said in its latest monthly economic report on Monday, with stable prices and improved supply conditions keeping price pressures in check after a sharp drop last fiscal year.
Pakistan extends remittance incentive scheme amid record inflows
ISLAMABAD: Prime Minister Shehbaz Sharif has decided to extend a critical remittance incentive scheme, directing the Ministry of Finance to release funds immediately to sustain a program that has driven overseas workers’ inflows to a record $38 billion in fiscal year 2024-25.
Pakistan bonds rally to three-year highs after S&P upgrade
KARACHI: Pakistan’s long-dated dollar bonds rallied for a second day on Friday, hitting fresh three-year highs, after S&P Global upgraded the country’s sovereign credit rating to ‘B-’ with a stable outlook, citing the International Monetary Fund’s support in stabilising its strained finances.
Senate panel told Pakistan lost Rs2.25 trln to fake invoice tax fraud in two years
ISLAMABAD: Pakistan on Thursday reported more than Rs2.2 trillion in tax evasion through fake and flying invoices over the past two fiscal years, exposing deep flaws in its tax enforcement system and a significant loss of public revenue.
BERLIN, GERMANY - APRIL 5: BYD electric cars stand at a BYD dealership on April 5, 2024 in Berlin, Germany. BYD, which stands for Build Your Dreams, is a Chinese manufacturer that went from making solar panels to electric cars. The company is seeking to gain a foothold in the German auto market and has opened over two dozen dealerships nationwide. (Footage by Sean Gallup/Getty Images)
China’s BYD to launch Pakistan-assembled EVs by mid-2026 as demand for hybrids surges
KARACHI: Chinese electric vehicle giant BYD plans to roll out its first car assembled in Pakistan by July or August 2026, aiming to capitalize on the growing demand for electric and plug-in hybrid vehicles in the region, Reuters reported said on Wednesday.
Market expects rate cut as SBP meeting nears
KARACHI: Most market participants expect the State Bank of Pakistan (SBP) to lower interest rates at its upcoming meeting, a poll showed, as inflation is projected to remain low and the external account shows stability.
ADB lifts Pakistan growth outlook as Asia grapples with tariff woes
ISLAMABAD: The Asian Development Bank (ADB) has raised its GDP growth forecast for Pakistan in fiscal year 2025 to 2.7%, citing a stronger-than-anticipated performance in the industrial and services sectors, even as it lowered economic projections for developing Asia and the Pacific due to higher US tariffs and global trade uncertainty.
Pakistan meets IMF benchmark with $12.4 billion debt inflow in FY25
ISLAMABAD: Pakistan locked in $12.4 billion in foreign debt for fiscal 2025, clinching a $3.4 billion loan just in time to hit its IMF target, an Economic Affairs Division (EAD) report showed on Tuesday.