Foreign exchange reserves with the State Bank of Pakistan have dropped to around $10.5 billion, barely equal to six weeks imports, due to repayment of loans and a wide gap in trade deficit
Economy
Finance Minister Miftah Ismail had already stated that the government had no intention to increase the prices of petroleum products for now.
Hike in prices of four wheelers and increase in their demand has led to an unexpectedly high profit of the Atlas Honda Limited this time.
Since Feb. 5, 2020, the Russian rouble has held constant against the dollar at 63.32, but banks are offering to buy roubles at substantially worse prices.
The KSE-100 benchmark index fell to 42,434 points (2.42 percent fall in market capital). The market traded 1.216 billion rupees shares at 10:23am on Monday and the number of traded shares amounted to 25.549 million.
To avoid backlash of public, the government is considering increasing only petrol prices and it will continue subsidies on diesel. The government is also exploring options to convince the provinces to contribute by sharing the burden to absorb the fuel cost.
Khawaja Asif said PML-N’s London meeting concluded Friday afternoon after three days of deliberations where major decisions were taken, and it was decided that the economic plan would be placed before the allies for their approval.
He went on to say that the numbers reflected the “lowest-ever confidence in the imported government”.