Tribune
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Ministry expects slow economic recovery | The Express Tribune
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[ad_1] ISLAMABAD: The Ministry of Finance said on Friday that Pakistan’s economy would recover slowly and its inflation rate would decrease gradually, the forecasts which suggest that there is no short-term respite from the current economic crisis that has impacted every household. In its Fiscal Risk Statement for the current financial year, the ministry underlined…
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SPI inflation rises by 24.39% | The Express Tribune
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[ad_1] KARACHI: In a concerning development, the Sensitive Price Indicator (SPI), which tracks 51 essential commodities, recorded a 24.39% increase in weekly inflation, ending on August 8, 2023, compared to the same period last year. This surge in prices is taking a toll on households, squeezing their disposable income and limiting their purchasing power. During…
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New low: Rupee down by Rs5 | The Express Tribune
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[ad_1] KARACHI: Amid little availability of US dollars owing to liberalised demand, Pakistani currency slumped 1.5%, or Rs5, in a day to a new all-time low at Rs328 against the greenback in the open market, mounting pressure on inter-bank trade. In inter-bank dealings, the rupee snapped its record-breaking downward streak after eight consecutive days of…
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‘No savings’ in ending free power units | The Express Tribune
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[ad_1] QUETTA/ ISLAMABAD/ LAHORE: The water affairs ministry on Thursday opposed the withdrawal of free electricity units being provided to the employees of power companies, claiming that there would be no savings while proceeding ahead with the move. The development came as consumers were staging countrywide protests against overinflated bills and demanding an end to…
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Reserves down to $7.85b | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) reported a 1.02% decrease in foreign exchange reserves on a week-on-week basis, revealing a total of $7.85 billion as of August 25, 2023. The data, unveiled by the central bank on Thursday, indicates a reduction of $81.2 million compared to the previous week’s $7.93 billion. The SBP…
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Govt in search of new FBR chief to shore up tax receipts | The Express Tribune
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[ad_1] ISLAMABAD: Interim Prime Minister Anwaarul Haq Kakar said on Thursday that the government was looking for a new chairman of the Federal Board of Revenue (FBR) to improve tax collection through documentation of the economy. The premier made the statement during his maiden interaction with media persons. On the same day, the FBR reported…
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PSX crashes as rupee continues to struggle against USD | The Express Tribune
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[ad_1] KARACHI: The Pakistan stock market crashed on Thursday while the rupee also maintained its downturn amid rising concerns related to stagflation and a deepening economic crisis. Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index dropped by over 1,750 points or almost 3.8%, slipping well below 44,500 points. Speaking to The Express Tribune, Topline Securities CEO…
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Rupee at new low as losing streak continues | The Express Tribune
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[ad_1] KARACHI: As efforts continued to narrow the gap between exchange rates, Pakistani rupee hit a new all-time low at Rs304.45 against the US dollar in the inter-bank market on Wednesday, stoking fears that inflation would remain at elevated levels and dent economic activities. According to the State Bank of Pakistan’s (SBP) data, the rupee…
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Govt faces IMF delay over bill crisis | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) on Tuesday did not immediately approve Pakistan’s request for recovering August’s electricity bills over a period of six months amid raging protests in many parts of the country that continued for the fifth day running against back-breaking bills. Adding more vigour to the protests, the traders’ community also…
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Despite crackdown, rupee touches new low | The Express Tribune
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[ad_1] KARACHI: Despite government’s claim of having launched a crackdown on foreign currency smugglers, Pakistani currency hit a new historic low at Rs303.05 against the US dollar in the inter-bank market on Tuesday, maintaining its record-breaking downward spree for the sixth consecutive working day. The State Bank of Pakistan (SBP) reported that the domestic currency…
