Net forex reserves held by commercial banks stand at $5.5bn.
Total liquid foreign reserves clock in at $9.8 billion.
Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) rose to $4,319 million in the week ending on March 10, the central bank said on Thursday.
Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) rose to $4,319 million in the week ending on March 10, the central bank said on Thursday.
The central bank, in its weekly bulletin, said that its foreign exchange reserves have increased by $18 million to $4,319.1 million as of the week ended March 10, which will provide an import cover of around a month.
The net forex reserves held by commercial banks stand at $5,527.7 million, $1,208.6 billion more than the SBP, bringing the total liquid foreign reserves of the country to $9,846.8 million, the statement mentioned.
The central bank did not mention any specific reason behind an increase in SBP-held reserves.
Pakistan faces the renewed risk of recession amid a deepening political and economic crisis and a delay in the revival of the International Monetary Fund’s (IMF) bailout programme.
Bloomberg survey showed that the probability of the economy slipping into recession stands at 70%, according to the median forecast of 27 economists.
In the last few months, the cash-strapped nation has failed to meet several deadlines to secure funds to stave off a default, which has raised concerns that Pakistan might have to pause debt repayments.
In order to woo the IMF, Prime Minister Shehbaz Sharif-led government have raised taxes, cut energy subsidies, and hiked interest rates to a 25-year high to tamp down prices, but some issues are yet to be resolved.
Pakistan needs funds to revive its $350 billion economy, ease widespread shortages and rebuild its foreign currency reserves.
The nation’s dollar stockpile has fallen to less than a month’s worth of imports, restricting its ability to fund overseas purchases, stranding thousands of containers of supplies at ports, forcing plant shutdowns and putting tens of thousands of jobs at risk.
A 10-member Task Force has been formed by the government to digitize the Federal Board of Revenue (FBR) in partnership with the Special Investment Facilitation Council (SIFC).
Improving FBR’s systems and completely digitizing its operations are part of the Task Force’s mandate. Policy interventions, data automation, software installation, and collaboration with provincial revenue authorities are among the main goals.
Together with developing a track-and-trace system through integrated automation, the task force will also establish an Automated Supply Chain System for distributors and wholesalers.
Pakistan Revenue Automation Limited would become a stand-alone IT bureau for planning and data preparation.
In order to create a unified national tax strategy, the project seeks to maximize revenue collection, increase transparency, and simplify Pakistan’s tax system while encouraging cooperation between the federal and provincial tax authorities.
The benchmark 100 Index was up 777 points, finishing at 90,970 points, as the Pakistan Stock Exchange (PSX) maintained its striking upward trend for the sixth day in a row.
Strong market momentum and investor optimism were highlighted by the index’s 850-point spike earlier in the day, which briefly reached a record-breaking 91,050 points.
As trading activity hits previously unheard-of heights, the historic milestone represents increased investor optimism and represents a tremendous accomplishment for the PSX. Experts foresee continuous momentum if favorable conditions continue, attributing the ongoing advance to optimistic economic indicators and investor zeal.
The dates of the 2024 International Conference on Sustainable Agriculture are set for October 29 and 30 in Karachi.
Supported by the Green Pakistan Initiative, which has achieved great strides in the last year, the conference is organized by the Pakistan Media Development Foundation, Exhibitor TV, and Ripple Concept.
Focusing on enhancing agricultural productivity using contemporary technology, the conference supports the Special Investment Facilitation Council’s (SIFC) prioritizing of agriculture.
Experts will talk about sustainable techniques and organic farming, and there will be a plenary discussion on the Land Information and Management System.
In order to facilitate connections between professionals and stakeholders, the event will also feature exhibitions that promote contemporary methods and technologies.
Sindh and Balochistan’s agriculture departments will display their accomplishments in provincial pavilions. Participants will also include sponsors Saudi-Pak Investment Company, National Bank of Pakistan, and Bank of Punjab.