By Staff Reporter
KARACHI: Pakistan’s digital payment landscape continued to strengthen in the second quarter, with retail transactions increasing 11 percent in volume to Rs2.143 billion and 12 percent in value to Rs154 trillion.
Macro
IMF-backed token Re1 power tariff cut hits legal roadblock
By Staff Reporter
ISLAMABAD: Pakistan has secured International Monetary Fund (IMF) approval for a modest Re1 per unit cut in electricity prices, but the meager relief hinges on a contentious levy on industrial gas users—a condition now mired in legal disputes.
SBP reserves fall 4.8pc to six-month low in one week on debt repayments
By Staff Reporter
KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $540 million or 4.84 percent in a single week, reaching a six-month low of $10.61 billion as of March 21, data released on Thursday showed, driven primarily by external debt repayments.
Economy grows 1.73 percent in second quarter
By Staff Reporter
ISLAMABAD: Pakistan’s economy expanded 1.73 percent in the second quarter of the fiscal year 2024-25, driven by solid growth in agriculture and services, despite a slight contraction in the industrial sector, the National Accounts Committee (NAC) said on Wednesday.
IMF staff approves $1 billion loan, $1.3 billion RSF for Pakistan
Pakistan has reached a staff-level agreement with the IMF, unlocking $1 billion under the Extended Fund Facility (EFF) and providing $1.3 billion under the Resilience and Sustainability Facility (RSF). The agreement, subject to IMF Executive Board approval, supports Pakistan’s efforts in building resilience to natural disasters and promoting climate adaptation, while also praising the country’s progress in restoring macroeconomic stability.
March inflation forecast to remain muted
The headline inflation is expected to remain steady within a 1-1.5 percent range in March, according to the Finance Division’s Monthly Economic Update and Outlook. However, the ministry warned that inflation could edge up to 2-3 percent in April due to potential volatility in food and energy prices. The country’s inflation has been on a declining trend since peaking at 38 percent in May 2023, and the government’s efforts to tighten spending and boost revenue have led to a primary surplus and a narrowed fiscal deficit.
Drought alert issued for three provinces as temperatures soar, rainfall plummets
By Staff Reporter
ISLAMABAD: The Pakistan Meteorological Department (PMD) issued a drought alert on Monday for Sindh, Balochistan, and Punjab provinces, where rainfall from Sept. 1, 2024, to March 21, 2025, was 40 percent below normal.
Easypaisa wins Pakistan’s first digital retail banking license
By Staff Reporter
KARACHI: Pakistan’s central bank awarded the nation’s first digital retail bank license to Easypaisa Bank Ltd., paving the way for the lender to offer commercial digital banking services.
Pakistan to launch fresh bid to privatize debt-ridden PIA
By Staff Reporter
ISLAMABAD: Pakistan plans a fresh attempt to privatize its debt-ridden national airline, Pakistan International Airlines (PIA), Prime Minister Muhammad Shehbaz Sharif said on Monday, after a previous bid failed in October.
SBP slashes key rate to 12pc as inflation cools
By Staff Reporter
KARACHI: Pakistan’s central bank lowered its benchmark interest rate by 100 basis points to 12 percent on Monday, cutting borrowing costs for the sixth time since June 2024 as inflation slows.