By Staff Reporter
KARACHI: Pakistan’s central bank chief said on Tuesday he was confident of bringing inflation down to a medium-term target of 5-7 percent in the next two years, despite the current high rate of 29.4 percent.
Trending
Gilgit-Baltistan chief minister disqualified for fake law degree
By Staff Reporter
ISLAMABAD: A court in Pakistan’s Gilgit-Baltistan disqualified chief minister on Tuesday for holding a fake law degree, a move that could trigger a political crisis in the Himalayan region, lawyers said.
Rupee surges on IMF support
By Staff Reporter
KARACHI: The rupee surged 5.2 percent against the dollar on Tuesday, after the country clinched a $3 billion loan deal with the International Monetary Fund (IMF) over the weekend to shore up its foreign exchange reserves and repay its debts.
A looming disaster
By News Desk
The illicit cigarette market has experienced a staggering surge in growth during the last fiscal year, raising concerns that it may soon surpass the legitimate industry in the current fiscal year of 2023-24.
Pakistan slashes trade deficit by 43pc in FY23 amid import curbs
By Staff Reporter
ISLAMABAD: Pakistan’s trade deficit shrank by 43 percent to $27.55 billion in the fiscal year 2023, data from the Pakistan Bureau of Statistics (PBS) showed on Monday, as the government curbed imports to cope with low foreign exchange reserves.
PM Sharif calls on Sweden to take action against Holy Quran desecrator
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday called on Sweden to take action against a man who desecrated the holy Quran in Stockholm last week and demanded a thorough investigation into the incident.
Textile exports plunge 15 percent in FY23
By Staff Reporter
ISLAMABAD: Pakistan’s textile exports plunged 15 percent to $16.51 billion in the fiscal year 2022/23, missing a target of $24 billion, as high energy costs and import restrictions hurt the industry, official data showed on Monday.
Moody’s says Pakistan’s IMF deal eases liquidity risk, but challenges remain
By Staff Reporter
KARACHI: Pakistan’s agreement with the International Monetary Fund (IMF) for a $3 billion stand-by arrangement will provide some relief for its strained public finances, but the country faces significant hurdles to sustain economic stability and growth, Moody’s Investors Service said on Monday.
Pakistan’s dollar-bonds rally after IMF deal
Barclays upgraded its outlook on Pakistan’s sovereign-dollar bonds to ‘market weight’ from ‘underweight’, and recommended buying the 2025, 2026, 2027 and 2031 maturities.
Inflation falls to seven-month low of 29.4pc in June after rate hike, fuel cuts
By Staff Reporter
ISLAMABAD: Pakistan’s annual inflation rate eased to 29.40 percent in June, the lowest level in seven months, as record-high interest rates and lower fuel prices curbed consumer demand and commodity costs, official data showed on Monday.