Pakistan has witnessed several positive economic developments in recent days

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US remained the top export destination of Pakistani products during the first three months of the current financial year 2023-24, followed by #China and the United Kingdom (UK).

• Pakistan’s trade deficit has narrowed by 34.7 per cent during the July-October of FY 2023-24, reaching $7.4 billion. #Exports have increased by 0.66% to $9.61 billion, while imports have declined by 18.54% to $17.033 billion.

• Foreign exchange reserves rose by $13.6 million or 0.18% WoW to $7.51 billion during the week ended on October 27, 2023.

• In Q1 of FY24, #Pakistan refinery sector has made a remarkable turnaround, reporting a profit after tax of Rs16.18 billion. Moreover, sales have increased by 5.20% YoY, reaching Rs308.58 billion.

• Arab Monetary Fund and State Bank of Pakistan have partnered to enhance cross-border remittances. Buna, the cross-border payment system and Raast, Pakistan’s Instant Payment System will work together to allow financial institutions and central banks to securely send and receive payments in local and international currencies.

https://twitter.com/peconomist_/status/1721419901804445825

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