Everyday happening in Pakistan and around
Foreign exchange reserves held by the State Bank of Pakistan (SBP) have increased by $280m, totalling $4.6bn as of 17 March, marking six successive weeks of an increase in central bank-held reserves. However, the total still equates to a critical level of just around one month of import cover. After accounting for external debt repayments, […]
Pakistan could be heading towards default unless it secures the remaining $2.6bn in aid under its current International Monetary Fund (IMF) bailout programme by June, according to analysts at Bloomberg, which added that the IMF was likely to release the funds. The country has already fulfilled most of the IMF’s conditions, the economists said. However, […]
Hinopak Motors has temporarily closed its plant as it is struggling to produce amid Pakistan’s import restrictions. The government has prioritised imports to key sectors only, while Pakistan’s limited reserves are impacting the country’s automotive industry, which relies heavily on imports. Hinopak, owned by Hino Motors and Toyota, said it was not in a position […]
Auto financing in Pakistan has declined for the eighth consecutive month, with the amount outstanding standing at PKR 326bn ($2bn) at the end of February, down 8.6% YoY or PKR 31bn, according to data released by the State Bank of Pakistan. The latest figure is also 1.8% lower than January’s outstanding auto financing of PKR […]
Inflation in Pakistan is expected to accelerate in March, pushing the Consumer Price Index (CPI) to 34.34% year on year, according to a report by brokerage house JS Global. The figure would be the highest since at least 1965, the report said, and would mean a month-on-month increase of 2.95%. Higher food prices, long-delayed gas […]
The State Bank of Pakistan (SBP) is expected to raise its key policy rate at its upcoming Monetary Policy Committee meeting in early April as the country grapples with high inflation and is in talks with the International Monetary Fund (IMF) for the revival of its bailout package. Arif Habib Limited predicts the SBP will […]
Pakistan’s Pak Suzuki Motor Company has announced it will temporarily shut down its motorcycle manufacturing plant because of an inventory shortage caused by trade restrictions. The company issued a statement to the Pakistan Stock Exchange saying the plant would cease operations from for 11 days from 20 March. The move follows the company’s similar announcement […]
The State Bank of Pakistan (SBP) has issued a commemorative Rs50 coin to mark the golden jubilee of the Senate of Pakistan. The coin will be issued through the exchange counters of all the field offices of SBP Banking Services Corporation from 17 March 2023. The upper legislative chamber of the bicameral parliament of Pakistan […]
Pakistan’s Ministry of Finance has completed documentation for the second disbursement of $500m from China’s Industrial and Commercial Bank of China (ICBC). Ishaq Dar, Federal Minister for Finance, confirmed the release of funds to the State Bank of Pakistan (SBP), tweeting that this completes “out of Chinese ICBC’s approved rollover facility of $1.3bn…which was earlier […]
