Chairman of Pakistan's Islamist political party, Jamaat-i-Islami (JI), Sirajul Haq demanded the government eradicate the system of interest-based economy and warned of protests across the country if demands are not fulfilled, Dawn reported on Saturday.
The interest rate in Pakistan skyrocketed to its highest in 24 years after the State Bank of Pakistan (SBP) raised its key policy rate by 16 per cent on Friday to curb inflation, according to Dawn.
The State Bank of Pakistan (SBP) jacked up its policy rate by 16 per cent on Friday, the Express Tribune reported on Friday citing the bank after a meeting of its monetary policy committee (MPC), according to the Express Tribune.
Remittances from Saudi Arabia, UAE, UK and US make up 68.5pc of Pakistan's yearly remittances. But lately, remittances from the first three countries, with a share of 57.7pc in the total pie, have been falling with little chance of a reversal of this trend, primarily due to economic and expatriate labour market conditions of host countries.
In the fiscal year, 2022-2023, in July-September the debt and liabilities stood at Rs 62.46 trillion which is more than the same period of last fiscal year, accounting for Rs 50.49 trillion.
The committee held a meeting under the chairmanship of Qasier Ahmed Sheikh. Members of the National Assembly from PML-N have expressed concerns over the continuous increase in inflation rate and higher dollar value.
Islamabad: Disruption in the supply of commodities due to the floods in Pakistan has increased the prices of petroleum products which has further resulted in a spike in the Sensitive Price Index to a record high at 44.58 percent indicating at skyrocketing inflation in the country. According to the State...
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Islamabad: Saudi Arabia has announced a USD 1 billion investment in cash-strapped Pakistan which is currently in a state of both economic and political upheaval. This development came during a phone call between Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah, and his Pakistani counterpart Bilawal Bhutto Zardari, where...
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