Tag: dollar shortage
-
IMF’s disapproval of budget raises odds of default and economic fallout for Pakistan
In a recent report, the International Monetary Fund (IMF) expressed criticism of Pakistan’s latest budget, increasing the likelihood that the lender may withhold the much-needed aid before the bailout programme concludes at the end of June. According to Bloomberg, this development could lead to a severe dollar shortage in the first half of the upcoming…
-
Commercial importers forced to suspend food and drink imports due to dollar shortage
In a significant development impacting the country’s economy, commercial importers in Pakistan have announced their decision to suspend the import of all eatables and beverages starting from June 25. The move comes as a result of the unavailability of dollars, with banks refusing to provide the necessary foreign currency to importers.
-
‘We are unable to serve new customers’: Pak Suzuki announces booking suspension for all motorcycles
Pak Suzuki Motor Company (PSMC) stated on Thursday that it had halted taking reservations for motorbikes until further notice due to issues with manufacturing and procurement following the consecutive closures of its automobile assembling factories caused by an ongoing inventory crisis.
-
Exchange companies suggest higher US dollar rate to increase remittances
The government has been advised by the Exchange Companies Association of Pakistan (ECAP) to “set” the dollar rate to lessen currency market volatility as the country fights a severe economic crisis and declining foreign exchange reserves. The general secretary of ECAP Zafar Paracha said in a statement on Monday, “It is advised to fix the…
-
Export industry is one of the highest priorities of govt: Ishaq Dar
Federal Minister for Finance and Revenue Ishaq Dar on Monday said that the government will make it easier for all exporters to import the raw materials, components, and accessories they need to meet their demands, including five previously zero-rated export-oriented sectors. “Export industry is one of the highest priority of our government,” the minister wrote…
-
SBP-held foreign exchange reserves dropped to 9-year low of $4.34 billion
State Bank of Pakistan held foreign exchange reserves drop to nine year low.
-
Pakistan continues to face liquidity crunch despite IMF programme’s revival
Even though the International Monetary Fund (IMF) programme has resumed after a seven-month hiatus, Pakistan continues to struggle with a major dollar liquidity crunch as the catastrophic floods have exacerbated the macroeconomic conditions. According to Geo, since many politicians and economists advocated for Pakistan to ask the IMF for a Rapid Financing Instrument (RFI) or…