KARACHI: Pakistan’s risk of default is over. FER (Foreign Reserves) with State Bank of Pakistan increased by $30 million to $9.466 billion in September 2024.
According to the latest data released by State Bank of Pakistan, interest rates of banks have also been reduced by 200 basis points. It is the most significant decline since April 2020, while the value of the dollar is also showing stability. The situation is improving significantly especially in the economic condition of the country.
According to the report, in August 2024, the federal government has announced a reduction in fuel prices, which will certainly encourage investor confidence in Pakistan.
The inflow of remittances to Pakistan is increasing during the current financial year. which is likely to exceed $28 billion. The country’s positive economic indicators will further increase.
According to the report, Pakistan’s inflation rate decreased to 9.6% in August 2024. It fell to 11.1% in July and is at the lowest level since October 2021.
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According to the data, the meeting of the Executive Board of the International Monetary Fund (IMF) is going to be held on September 25. In which a 7 billion dollar loan agreement will be negotiated.
A number of positive economic indicators emerging from the last few months clearly indicate that Pakistan has started to become a stable economy in the region.
