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Increased by $18.5 million to $8.04 billion, SBP’s foreign exchange reserves

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9 months ago

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On March 22, the foreign exchange reserves of the central bank were valued at $8.22 billion.

The SBP did not provide an explanation for the reserve increase.

Meanwhile, the commercial banks’ foreign exchange reserves decreased by $67.2 million over the course of the week that concluded on March 29 to reach $5.3 billion from the previous total of $5.4 billion.

Pakistan’s total foreign exchange reserves decreased to $13.38 billion from $13.42 billion the week before, a $48.7 million decrease.

According to figures released by the Pakistan Bureau of Statistics (PBS), during the first nine months of the current fiscal year (2023–24), exports from Pakistan rose by 8.93% as compared to the same period the previous year.

From July to March of 2023–24, the nation’s exports increased by 8.93% to $22.91 billion from $21.03 billion during the same period in 2022–2023.

Pakistan’s imports this year have dropped by 8.65% to $39.94 billion from $43.72 billion.

The data shows a notable decrease of 24.94% in the trade deficit from $22.68 billion during the same time last year to $17.03 billion for the first nine months of the current fiscal year.

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Maintaining Fertiliser Price Stability: The Need for a Continuous Gas Supply to the Fertiliser Sector

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4 days ago

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To guarantee fertiliser price stability, a cabinet committee meeting was presided over by Senator Muhammad Ishaq Dar, the deputy prime minister.

Senior government officials, including Industries Minister Rana Tanveer Hussain, attended the meeting.

The attendees received an update on the government’s, gas suppliers’, and fertiliser industry’s conversations. Additionally, the gas supply for the fertiliser sector was evaluated and determined to be adequate.

Throughout the Rabi cropping season, the Deputy Prime Minister ordered the fertiliser industry to maintain a continuous gas supply in order to guarantee steady production and stock levels.

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Fifth Straight Cut: PM Applauds SBP’s Policy Rate Reduction

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4 days ago

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Prime Minister Muhammad Shehbaz Sharif has praised the State Bank of Pakistan’s decision to lower its policy rate by an additional 2 percent, stating that the bank’s current 13 percent rate is encouraging for the nation’s economy.

He expressed optimism in a statement that the policy rate cut would encourage investment and further boost investor confidence in the country’s economy.

The prime minister said that decreasing the inflation rate also lowered the policy rate and that future inflation rate reductions will be even more pronounced.

Additionally, he expressed gratitude to the Federal Finance Minister and other officials for their work in this area.

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GHQ Attack Case: Prosecution Seeks Bail Cancellation of CM KP & Other Accused, Indicts 9 More

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25 defendants, including PTI officials, have non-bailable arrest warrants issued by the Anti Terrorism Court of Rawalpindi for their failure to show up for court proceedings related to the GHQ attack case.

Judge Amjad Ali Shah added nine more suspects to the GHQ attack indictment list during today’s ATC Court sessions, bringing the total to 98.

Among the 61 defendants who appeared in court were Shah Mehmud Qureshi and the founder of the PTI.

Among those charged are Khadim Hussain Khokhar, Mehr Mohammad Javed, Chaudhary Asif, Zakir Ullah, Azeem Ullah, Shireen Mazatri, Major Retired Tahir Sadiq, and former MPA Rashid Hafeez.

A plea to cancel the bail of 23 suspects, including Chief Minister Khyber Pakhtunkhwa, has also been filed by the prosecution side.

In the GHQ attack, there were 119 accused in total.

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