Business

Rupee continues recovery against dollar for second consecutive day

Published

2 years ago

Farwa

KARACHI: For the second straight session, the local currency on Thursday appreciated against the dollar amid news that the International Monetary Fund (IMF) would hand over the draft memorandum of economic and financial policies (MEFP) to Pakistan today.

During intra-day trade, the rupee appreciated by 4.83 against the dollar in the interbank market. The greenback is currently changing hands at Rs268.50 compared to the Rs273.33 it closed a day earlier.

Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha termed it a “good day” for the economy.

“The main reason behind [rupee’s appreciation] is the staff-level agreement between Pakistan and IMF drawing closer, with sources claiming that the talks went successful,” said Paracha.

The currency dealer said that another factor that led the rupee to gain in the interbank market was that the exporters who had held payments started encashment and the inflow of remittances from overseas Pakistanis has also started.

“The economy will be better in the coming days and foreign direct investments will also be received,” predicted Paracha.

Capital market expert Saad Ali told Geo.tv that the rupee rallied due to the rising optimism in the market about economic stability led by news of investments by Qatar in state-owned assets.

He agreed that news of IMF talks ending on a positive note was also a factor for the local currency to gain ground.

Business

Pakistan suffers a loss of millions due to inoperable airports.

Published

3 days ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

Within the last 12 to 14 months, the minister saw a considerable improvement in macroeconomic stability. With the help of foreign exchange reserves sufficient to cover two months’ worth of imports, Pakistan steadied its currency, decreased its current account deficit to less than $1 billion, and produced a primary surplus.

Strong remittances, expanding exports, and a drop in inflation from 38% to 6.9% have all contributed to the consolidation of these benefits, according to Muhammad Aurangzeb. Companies have also profited from the insurance rate reduction.

Even if Pakistan’s credit rating has improved, more work needs to be done to bring it up to at least a B-. Both on the debt and equity sectors, he claimed, institutional flows were returning to the nation.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Pakistan’s economy is getting better, according to Muhammad Aurangzeb

Published

3 days ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

thus,Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Remittances from Workers

Published

4 days ago

Farwa

In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.