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Bad news for Asian FX, esp PKR

Pakistani monetary authorities can only count their sorrows as King Dollar’s unrelenting advance pushes Asian currencies to lows not seen in months, in some cases years, robbing the Pakistani rupee…

Path of maximum uncertainty

The market’s given a roaring farewell to the coalition government (up about 20pc since the SBA) but – write this down somewhere – there’s simply too much uncertainty on at…

Residual thoughts on FY24 budget

The budget 2023-24 envisages 23.7 billion dollars of external borrowing – an amount premised on a rupee dollar parity averaging 290 rupees to the dollar – a condition that would…

Hydrogen initiatives

The good news is that two hydrogen initiatives have been announced in Pakistan recently; one by NEECA and the other by petroleum industry. NEECA (National Energy Efficiency and Conservation Authority)…

Policy rate and inflation

In the 1970s, economists believed that inflation was primarily caused by ‘monetarism’, which is too much money chasing too few goods. They contended that the only way to control inflation…

Galloping inflation

Pakistan is seeing today an unprecedented hike in the rate of inflation. The CPI has risen on a year-to-year basis in the month of February 2023 by as much as…

Better late than never, or just too late?

Too bad Finance Minister Ishaq Dar didn’t get to give Moody’s a “befitting reply” for downgrading Pakistan’s sovereign credit rating in October, or Fitch would not be teaching Pakistani people…

The crisis was foretold

Former Deputy Governor Dr Murtaza Syed in a hard-hitting article laments that the crisis facing the economy today was ‘foretold’. He points out that ‘with just $3.7 billion left in…

The future of our economy – Part III

Coming to the third structural reform: investment rates have lingered around 15 per cent of GDP in the last decade thus constraining the rate of growth. Savings rates are dismally…

SBP’s newfound realism

The recent meeting of the Monetary Policy Committee (MPC) of the SBP (State Bank of Pakistan) has led to the decision to raise the policy rate by 100 basis points…