S M Tanveer, Patron-in-Chief United Business Group (UBG), has expressed disappointment over the monetary policy, saying that the rate cut by 200 bps or 2 percent is too little, too late in the context of price data – domestically & internationally. He said the core inflation is going to be around 7.0 percent for the…
Top representatives from the banking and fintech sectors along with state regulators gathered to discuss ways and suggest implementable solutions to digital based financing for supply chains for small and medium enterprises and the agriculture sectors at the 5th DigiBAP Summit 2024 on Monday at a local hotel. The summit featured panel discussions and presentations…
The State Bank of Pakistan’s (SBP) latest Business Confidence Survey reveals a slight decrease in overall confidence across various sectors in March 2024. The Business Confidence Index (BCI) fell by 1.0 points to 51.7, with both the Industry and Services sectors contributing to the decline. Current Business Conditions Weaken The survey highlights a weakening in…
In the latest update on currency markets, the Pakistani rupee has shown a slight gain against the US dollar during intraday trading. This marginal uptick comes amidst ongoing fluctuations in market dynamics and economic uncertainties. Key Points: Current Exchange Rate: The Pakistani rupee has experienced a modest increase in value against the US dollar in…
In a concerning trend, Pakistan’s public debt has witnessed a substantial surge, escalating by Rs 4 trillion within a span of 7 months. This surge is attributed to the ongoing trend of extensive government borrowing, raising questions about the sustainability and management of the country’s overall debt profile. Key Developments: Magnitude of Increase: The staggering…
In a move aimed at promoting transparency and efficiency in the financial sector, the State Bank of Pakistan (SBP) has announced modifications to the reporting schedule for bank exchange rates. This decision reflects the central bank’s commitment to refining reporting mechanisms, ensuring accurate and timely information regarding currency exchange rates. Key Points: Enhanced Transparency: The…
The remittance inflow into Pakistan has witnessed a notable surge, marking a substantial 26% increase, as it reached an impressive $2.4 billion during the first month of 2024. This surge in remittances highlights the resilience and strength of the remittance sector, playing a pivotal role in the country’s economic landscape. Key Insights into the Surge…
Highlighting the urgency of the situation, a former State Bank of Pakistan (SBP) Governor asserts that Pakistan must embark on a new International Monetary Fund (IMF) program to effectively manage and address the challenges associated with servicing previous debts. The call for a fresh IMF program underscores the pressing need for a comprehensive financial strategy…
In a significant financial development, the government’s debt has experienced a substantial increase, soaring Rs. 14.5 trillion beyond the legally prescribed limit. This noteworthy escalation in government debt raises concerns about fiscal responsibility, financial management, and adherence to established legal boundaries. Key Aspects of the Surge: Magnitude of Increase: The surge in government debt by…
In a significant move, the State Bank of Pakistan (SBP) has decided to introduce the designs of all currency notes currently in circulation. This decision comes as part of the SBP’s ongoing efforts to enhance the security features of currency notes, promote visual aesthetics, and incorporate advanced printing technologies to stay ahead of counterfeit threats….
