As a result of worldwide market trends, the price of gold in Pakistan rose even further on Wednesday.

The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) released data showing that the price of 24-karat gold per tola rose by an additional Rs1,000 in the local market, reaching Rs277,000.

The cost of 10 grammes of 24-karat gold also increased by Rs858, reaching Rs237,483.

On Wednesday, the price of gold increased by an extra $10 on the global market, hitting $2,652 per ounce with a $20 premium.

In the local market, the price of silver stayed steady at Rs3,350 per tola.

Pakistan’s exports had a notable rise of 10.52 percent in the first half of the fiscal year 2024-25, reaching $16.5 billion, up from $14.9 billion during the corresponding time last year.

From July to November, exports rose by 12.5 percent, amounting to $13.6 billion, reflecting the government’s economic policies.

In December 2024, exports amounted to $2.842 billion, reflecting a 0.28 percent rise from November.

The Special Investment Facilitation Council (SIFC) was essential in stabilizing exports and imports.

The prevailing export pattern highlights Pakistan’s dedication to continuous economic advancement.

Governor Jameel Ahmed expressed before the Senate Standing Committee on Finance that inflation is anticipated to increase in the last quarter of the current fiscal year and the initial quarter of the subsequent year. He emphasized that Pakistan is required to fulfill $4.5 billion in external debt obligations by July 2025.

Ahmed affirmed that a UAE safe deposit will be settled as planned this month. He stated that, for the first time in two decades, the current account exhibited a surplus as of November in the current fiscal year.

The decrease in the interest rate has diminished debt servicing expenses from PKR 9.8 trillion to PKR 8.3 trillion. During the conference, it was disclosed that Pakistani banks incur approximately $800 million each year for ATM card and internet transaction services. The committee proposed the implementation of a local payment card to alleviate this load.

The committee chairman said that if banks do not cease dollar payments for local services, legislative action will be contemplated. He voiced apprehension regarding money shortages amidst the expenditure of billions on card services.

Although the PayPak card was introduced in 2016, the initiative did not achieve significant popularity. Ahmed asserted that remittances may attain $35 billion this fiscal year, exceeding the budgetary objective by $5 billion. He observed that the central bank presently possesses $11.7 billion in reserves and engages in market intervention by purchasing excess dollars or selling when required.

The State Bank anticipates a profit of PKR 3.4 trillion for this fiscal year, with fiscal capacity in debt servicing potentially reaching PKR 1.5 trillion, hence facilitating the attainment of budgetary objectives.

On December 17, 2024, the SBP governor revealed that Pakistan repaid a debt of two billion dollars during the preceding two years.

During a television chat show, the SBP governor indicated that foreign exchange reserves have risen.

He indicated that the current account will exhibit a surplus of 700 million dollars in November.

The governor of the central bank stated that the State Bank of Pakistan has acquired dollars from the interbank market.

He also stated that remittances from abroad will exceed 35 billion US dollars in the current financial year.

The governor’s comments followed the State Bank of Pakistan’s (SBP) reduction of the policy rate by 200 basis points in its monetary policy on Monday.

The State Bank of Pakistan (SBP) announced that the Monetary Policy Committee (MPC) has resolved to reduce the policy rate by 200 basis points to 13 percent, effective December 17, 2024.

It stated that inflation decreased to 4.9 percent year-over-year in November 2024, consistent with the MPC’s projections.