June. 05 (Agencies) — Chinese yuan eased by reflecting broad dollar strength in global markets on Monday as a robust US jobs report spurred bets of further rate hikes in the world’s largest economy.Prior to the market opening, the People’s Bank of China (PBOC) set the midpoint rate at 7.0904 per dollar, 35 pips firmer than the previous fix of 7.0939.Official guidance fixing has been in line with market projections over the past few weeks. And Monday’s fixing was 14 pips firmer than Reuters’ estimate of 7.0918. “The absence of any explicit push back from policymakers is fuelling confidence in driving the pair (dollar/yuan) higher,” said Christopher Wong, FX strategist at OCBC Bank.“Daily RMB fix continues to come in consiste...
June 5, 2023 at 8:58 pm | Economic Affairs
June. 05 (Agencies) — Mostly Asian currencies weakened against a strong dollar on Monday instead of indications of an easing US labour market reaffirmed expectations of a pause in rate hikes by Federal Reserve.South Korean won weakened as much as 0.41%, set for its worst day in nearly two weeks while Indian rupee depreciated by 0.22% to its lowest level in over a week.In United States, the Fed is expected to pause in interest rate hikes at its June 13-14 meeting after last week’s data highlighted wage pressures had started to ease and the unemployment rate climbed off a 53-year low.However, Moh Siong Sim, a foreign exchange strategist at the Bank of Singapore suggested that the Fed might reengage in further policy tightening after the ...
June 5, 2023 at 8:56 pm | Economic Affairs
China's relations with Pakistan have been characterized by sincerity, mutual trust, and a shared commitment to promoting regional peace and stability Prof. Engr. Zamir Ahmed Awan It is true that Pakistan's economy was among the fastest-growing in the region during the 1950s, 1960s, and 1970s. The country was seen as a model of development for many countries in the region, and its economic gains were admired and inspired other countries to learn from its success. It is also true that the focus on the Afghan war in the 1980s and beyond, as well as poor governance, lack of vision, planning, and sincerity, have contributed to the economic decay that has led to the current state of Pakistan's economy. The Afghanistan crisis has had...
May 29, 2023 at 10:55 am | Economic Affairs
There are broadly six sectors in Blue Economy valued at $24 trillion while it is credited for generating one out of ten jobs in the world. Unfortunately, Pakistan has not been truly focusing on its maritime possessions Reema Shaukat The government of Pakistan has been striving to strike a deal with the IMF, seek loan from friends and put economy on the track. As yet, all the paths seem to be embedded with hurdles but the government is hedging its bet against default. It seems we have missed many boats and one of them is taking advantage of our marine resource abundantly available in our south. Pakistan is blessed with an over 1000 km long coastline, 240,000 sqkm Exclusive Economic Zone (EEZ), 50,000 sqkm Continental Shelf (CS)...
May 29, 2023 at 10:45 am | Economic Affairs
Seaports are crucial in providing opportunities for economic growth, enhancing regional development and contributing to Pakistan's GDP. Dr. Anjum Sarfraz Seaports are a vital component of a country's economy as they serve as gateways for international trade and commerce. They play a critical role in facilitating the movement of goods and commodities across borders and connecting countries to the global market. Seaports provide an essential infrastructure for the transportation and handling of raw materials, finished goods, and other products. Countries that have developed seaports equipped with advanced equipment and technology can efficiently handle cargo, thereby providing a competitive edge in global trade. These ports also act...
May 29, 2023 at 10:39 am | Economic Affairs
Pakistan stands nowhere on the global indexing of productivity, unless we double the productivity in one year through efficiency and effectiveness. Ghulam Murtaza The 23rd March is the day when the seed of Pakistan was cultivated by adopting a resolution in 1940 for a separate country for the Muslims of this part. The founder of Pakistan visioned a thriving and independent new state free from corruption and bigotry, where the rule of law would prevail. But Unfortunately, we got directionless right from the beginning, and resultantly condensed shadows of insolvency overtook us like dodder plants. This is not only financial bankruptcy, but we have also been in moral bankruptcy, which is more than all. Should a country with countless...
May 29, 2023 at 10:31 am | Economic Affairs
Moving from Strength to Strength The relationship between the countries is on an upward trend, which it is expected to further strengthen and deepen in the years to come. Dr Mohammad Faisal Pakistan and Germany enjoy extremely cordial relations since the 1950s. The year 2021 marked the 70 years of establishment of bilateral relations with Germany with a number of commemorative activities, including issuance of a special stamp and coin, undertaken by both sides. The relationship has been moving from strength to strength. Pakistan and Germany remain actively engaged in the areas of politics, economy, defence and education and culture, that further strengthen the bilateral relationship. Pakistan-Germany bilateral relations are gov...
May 29, 2023 at 10:23 am | Economic Affairs
Pakistan's tax system has been faced with several challenges including low tax-to-GDP ratios, a narrow tax base, and high rates of tax evasion. Syed Ali Ehsan Pakistan's tax-to-GDP ratio was only 10.4% in 2020, which is significantly lower than the average of 15.3% for countries in the South Asian region (World Bank). Economists and policymakers have proposed that a low rate, flat, broad-based, and predictable tax regime can help Pakistan overcome these challenges and achieve greater economic growth and development. The proposals are reflected in the Pakistan Charter of Economy. Low Rates Several reasons support the implementation of a simplified tax system with a low tax rate. First, low tax rates encourage taxpayers to comply...
May 29, 2023 at 10:14 am | Economic Affairs
Ambassador Naghmana A. Hashmi Founded on ideological basis and seen as a leader of the Muslim world, Pakistan came into existence on August 14, 1947, which coincided with the 27th of Ramzan. Pakistan is blessed with an ideal location, a large educated and industrious population, vast natural resources, fertile agriculture with the largest canal network in the world, a fast-growing middle class, good speed of industrialization and capable and strong armed forces. Quaid-e-Azam Muhammad Ali Jinnah, the founding father of Pakistan, had clear expectations for the development of the country, as stated in the Pakistan Resolution passed in Lahore on March 23, 1940. Despite the promising start, Pakistan's economic progress was hindered...
May 29, 2023 at 10:02 am | Economic Affairs
The government-led development program, including PSDP at the Federal level and ADP at the provincial level, is the main contributor to growth episodes M. Ali Kemal Since its inception, Pakistan has experienced several cycles of growth, with stability requiring consistent policies. The country has seen consecutive years of over 5% growth rates, but the irregular percentage segments of growth are often associated with policies that rely on modern capital, resulting in a balance of payments deficit and inflation. The country's economy is highly dependent on imports, but exports remain stagnant, leading to an increase in the trade deficit, which has been financed by remittances for the past decade and a half. The government-led devel...
May 29, 2023 at 9:51 am | Economic Affairs
Pakistan Rupee Exchange Rate