Business

The economic outlook for Pakistan. Report: The Economy Will Continue Its Sustainable Recovery

Published

3 months ago

Farwa

Stability in the external and fiscal sectors, along with large financial inflows, have helped Pakistan show a steady recovery in the first quarter of FY2024–25.

The October economic outlook from the Finance Ministry emphasizes encouraging developments, such as the 1.03 billion dollar first tranche from the IMF’s extended financial facility, which improves macroeconomic stability.

A 3.7 percent increase in total fertilizer production and a 115.9 percent increase in imports of agricultural gear are significant achievements.

In August 2024, large-scale manufacturing grew 4.7 percent month over month, even if it decreased by 0.2 percent in July and August of the same year.

September 2024 had a 44-month low of 6.9 percent consumer price index inflation, down from 31.4 percent the year before.

Business

The price of gold in Pakistan has significantly decreased.

Published

10 hours ago

Farwa

On Tuesday, the price of gold in Pakistan experienced a significant decrease, mirroring global market patterns.

The price of 24-karat gold per tola in the local market declined by Rs2,700, reaching a record high of Rs286,400, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10 grams of 24-karat gold dropped by Rs2,315, taking it to Rs245,541.

Additionally, the price of gold in Pakistan has declined further.

In the global market, the price of gold decreased by $26 on Tuesday, settling at $2,741 per ounce, with an additional premium of $20.

The price of silver in the local market fell by Rs32 to reach Rs3,363 per tola.

Business

This year, SBP plans to issue new banknotes.

Published

17 hours ago

Farwa

State Bank of Pakistan (SBP) Governor Jameel Ahmad declared Monday that the central bank will begin issuing new currency notes in the second half of 2025.

One denomination at a time, these new notes with enhanced security features will progressively replace the present series.

The SBP wants to get the federal cabinet to approve the new notes in the next two to three months, ideally by June 2025, Ahmad clarified.

Instead than introducing all the denominations at once, the rollout will happen gradually.

Ahmad did not, however, indicate which denomination would be made available first, saying that the choice has not yet been made. The current denominations of Pakistani currency notes are Rs. 10, Rs. 20, Rs. 50, Rs. 100, and Rs. 500 Rs1,000, and Rs5,000.

Business

Dhabeji Special Economic Zone: A Project Between Pakistan and China Will Generate 100,000 Jobs and Draw $3B in Investment

Published

17 hours ago

Farwa

The “Dhabeji Special Economic Zone” would be established within the China-Pakistan Economic Corridor, according to an agreement the government has signed with both Chinese and local businessmen.

The area will have direct access to international commerce routes because to its advantageous location close to Karachi’s ports.

The project is anticipated to generate over 100,000 employment and $3 billion in investment. This collaboration represents a significant advancement in China-Pakistan industrial cooperation.

In the second phase of the China-Pakistan Economic Corridor (CPEC), the Dhabeji Special Economic Zone will be constructed using a public-private partnership model. It is anticipated to be a major gathering place for foreign and domestic investors, especially Chinese companies.

The SEZ seeks to boost exports, encourage industrial growth, and improve Pakistan’s economic independence.