Pakistan’s total liquid foreign reserves fell to $15.93 billion as of November 1, 2024, representing a decline from the previous week’s $16.05 billion, according to recent data released by the State Bank of Pakistan (SBP). The latest figures show that the State Bank of Pakistan holds $11.17 billion of the total, while commercial banks hold … Read more
A man sits next to the Bank of England in the financial district of London, Britain, August 14, 2024. – Reuters The Bank of England cut interest rates for only the second time since 2020. “We need to make sure that inflation stays close to target,” the governor says. Rachel Reeves’ Budget is expected to … Read more
Islamabad: In a positive development for the Pakistani economy, the State Bank of Pakistan (SBP) has hinted that remittances for October 2024 are expected to reach or exceed $3 billion. This trend, revealed during the Monetary Policy Committee’s recent briefing, is expected to significantly reduce the current account deficit to negligible levels. The expected remittance … Read more
The State Bank of Pakistan logo on the reception desk at the head office in Karachi, Pakistan, July 16, 2019. — Reuters The State Bank of Pakistan (SBP) on Monday cut its key interest rate by 250 basis points to 15%, the fourth straight cut as inflation remains in single digits until October. Analysts as … Read more
This aerial view shows a residential area flooded with water after heavy monsoon rains in Balochistan province on August 29, 2022. — AFP The loan was approved under the Disaster and Climate Resilience Strengthening Plan. CDREP to increase overall investment in disaster risk reduction. Pakistan is among the countries most vulnerable to climate change in … Read more
Pictured is Finance Minister Muhammad Aurangzeb during his meeting with US Assistant Secretary of State for Energy Resources Jeffrey Pyatt on the sidelines of the annual meetings of the International Monetary Fund and World Bank on October 25, 2024. — X@Financegovpk The Minister of Finance emphasizes the challenges of the energy sector. Expresses hope for … Read more
Islamabad: In a major step towards improving digital services and accessibility, the National Database and Registration Authority (NADRA) has signed an e-payment portal and secured an agreement with the Bank of Punjab (BoP). According to a NADRA spokesperson, this agreement is expected to streamline digital payments for a wide range of NADRA services, further simplifying … Read more
A participant stands near the World Bank logo at the 2018 World Bank IMF Annual Meeting in Nusa Dua, Bali, Indonesia, October 12, 2018. — Reuters The World Bank adjusts India’s economic growth rate to 7% on an annual basis “It has recovered from the crises in Sri Lanka and Pakistan.” Bangladesh’s growth forecast was … Read more
View of the World Bank building. – Reuters/File The World Bank report expects the GDP growth rate to reach 2.8% in Pakistan. Business confidence is likely to improve after the credit rating upgrade. Pakistan’s lack of trade openness is hurting exports, the report says. ISLAMABAD: In its report titled “Pakistan’s Development Modernization: Dynamics of Power … Read more