Tag: interest rates
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Pakistani rupee drops to Rs287.09 versus US dollar
In Monday’s interbank market, the Pakistani rupee experienced a substantial decrease against the US dollar. The State Bank of Pakistan (SBP) reported that the local currency closed at Rs287.09, down by Rs2.44 or 0.85 per cent. Last week, the rupee had already depreciated by 0.3 per cent, closing at Rs284.65. During the week, the currency…
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World Bank lowers Pakistan’s growth forecast tighter financial conditions
Pakistan’s current-year growth forecast has been significantly reduced by the World Bank due to tighter financial conditions and limited fiscal space. The country’s economy is now expected to grow only 0.4 per cent in the current year, compared to the October 2022 forecast of 2 per cent growth.
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Gold price in Pakistan increases to Rs209,500 per tola on weak rupee and global trends
Gold prices in Pakistan increased on Monday, following global trends and a potential boost from a weakening rupee. As a result, yellow metal became more expensive, prompting traders to be cautious on the eve of a monetary policy meeting. According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of…
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Weekly inflation jumps over 46% as wheat flour prices reach all-time high in Pakistan
The price of wheat flour has hit an all-time high, and this has caused weekly inflation to surge by 1.80 per cent week-on-week and 46.65 per cent year-on-year. The Pakistan Bureau of Statistics has attributed this rise in the sensitive price indicator to the increase in prices of several items, including wheat flour, tomatoes, potatoes,…
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S&P Global lowers Pakistan’s credit rating to CCC+
Pakistan’s long-term sovereign credit rating was downgraded by S&P Global from “B” to “CCC+” to reflect the continuous deterioration of the country’s external, fiscal, and economic metrics.