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Express Tribune
6 days ago
- Business
- Express Tribune
FX dips to $19.96b despite SBP's uptick
Listen to article Pakistan's total liquid foreign exchange reserves stood at $19.96 billion as of July 11, 2025, marking a marginal decline of $71.6 million over the previous week, according to data released by the State Bank of Pakistan (SBP) on Thursday. The reserves held by the SBP rose by $23 million, reaching $14.53 billion, compared to $14.50 billion recorded a week earlier. This reflects the second consecutive weekly increase in central bank reserves. However, commercial banks saw a notable dip in their net foreign holdings, which fell by $95 million to $5.43 billion. The current foreign reserves provide Pakistan with over three months of import cover. Out of the SBP's total foreign exchange holdings of $14.5 billion, approximately $9.4 billion comprises deposits from friendly countries. In June 2025, China rolled over $3.4 billion in commercial loans, with $2.1 billion deposited directly with the SBP. Saudi Arabia and the UAE have provided up to $2 billion and $1 billion, respectively, while Qatar has contributed around $3 billion through deposits and direct investments. Moreover, the central bank conducted two separate Open Market Operations (OMOs) on Thursday to inject a liquidity of Rs902.5 billion into the banking system - one under the Shariah-compliant Mudarabah-based framework and the other through a conventional reverse repo arrangement. Both operations were conducted with an eight-day tenor. In the Shariah-compliant OMO, the central bank accepted all three submitted quotes within a narrow rate band of 11.13% to 11.15% per annum. The total injection was Rs37.39 billion (realised value) against a face value of Rs37 billion, with the rate of return fixed at 11.13%. Simultaneously, the SBP carried out a conventional reverse repo OMO, receiving 13 quotes, of which 11 were accepted. The accepted bids amounted to a face value of Rs883.2 billion, with a realised value of Rs865.13 billion. The rate of return was 11.08% per annum. In the latest Pakistan Investment Bonds' (PIBs) auction held on July 16, the government raised Rs311.82 billion, surpassing its target of Rs300 billion, mainly through five-year bonds. Cut-off yields dropped significantly across all tenors by 19 to 54 basis points compared to June, which reflected strong market confidence and expectations of policy rate cut amid easing inflation and improving macroeconomic indicators. Notably, the two-year and five-year bonds saw the steepest decline in yields, while the 15-year bond got no bids. "The sharp decline in yields signals growing market anticipation of a policy rate cut in the upcoming monetary policy, likely driven by easing inflation and improved macro indicators," noted Ali Najib, Deputy Head of Trading at Arif Habib Limited. The Pakistani rupee remained stable against the US dollar on Thursday, closing at 284.97, down by just one paisa from 284.96 a day earlier. Meanwhile, gold prices in Pakistan continued to slide, mirroring a downturn in the international market, where bullion extended losses following robust US economic data. The data bolstered expectations that the Federal Reserve would remain cautious in resuming monetary easing this year, putting pressure on safe-haven assets like gold. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold dropped by Rs900 per tola, settling at Rs355,100. Interactive Commodities Director Adnan Agar noted, "After dipping slightly, the market has rebounded somewhat. The $3,300 level is acting as a strong support," he said. "If prices fall below that, we could see a bearish trend. However, if this level holds, resistance lies ahead at $3,350, then $3,380 and eventually at $3,400."
Express Tribune
14-07-2025
- Business
- Express Tribune
In fresh peak, PSX rises past 136,000 mark
Continuing its remarkable rally, the Pakistan Stock Exchange (PSX) touched another all-time high on Monday as it surged past 136,000 points over encouraging economic developments and robust interest from mutual funds and institutional investors. The benchmark KSE-100 index added another 2,202.77 points, or 1.64%, to settle at 136,502.54 at the close of trading. Since the commencement of the session, the market began its gradual ascent and didn't look back, reaching the intra-day high at 136,841 just before the end of the day's proceedings. According to Topline Securities, the KSE-100 index surged to intra-day high of 2,542 points before closing at a new all-time peak of 136,503, registering a remarkable gain of 2,203 points, or 1.64%. "The rally was fuelled by strong participation from local mutual funds and institutional investors," it said in a report. Banking sector heavyweights led the momentum, with UBL, HBL, Fauji Fertiliser Company, Bank AL Habib and MCB Bank collectively contributing 1,443 points to the benchmark index. Overall market activity remained vibrant where trading volumes surpassed 841 million shares, while the total traded value climbed to Rs37 billion. Crescent Star Insurance emerged as the volume leader, which saw trading in 47 million shares, Topline added. Arif Habib Limited (AHL), in its report, called Monday's trading a very strong start to the week with the KSE-100 gaining 1.64% day-on-day to clear the 136k level. Some 62 shares rose while 36 fell on the index, where UBL (+5.45%), HBL (+9.43%) and Fauji Fertiliser Company (+1.67%) contributed the most to index gains. In contrast, Pakistan Petroleum (-0.69%), PSO (-0.91%) and National Foods (-2.47%) were the biggest drags, it said. Among major economic news, it cited that the International Monetary Fund (IMF) had expressed satisfaction with Pakistan's economic progress as its Resident Representative Mahir Binici described the country's performance under the Extended Fund Facility (EFF) as "strong so far". Earlier, Pakistan and Vietnam agreed to launch negotiations for a preferential trade agreement in 2025, following the revival of high-level economic dialogue between the two countries. Among corporate developments, Honda Atlas Cars (+2.45%) is set to introduce its first-ever hybrid SUV in Pakistan – the HR-V e:HEV. This launch marks Honda's official entry into the hybrid C-segment SUV, where the HR-V e:HEV will compete directly with established players. Concluding its report, AHL expected further gains in the stock market with near-term support rising to 135k. During the day, shares of 475 companies were traded. Of these, 264 stocks closed higher, 195 decreased and 16 stood unchanged. Among the volume leaders, Crescent Star Insurance registered trading in 47.2 million shares, rising 97 paisa to close at Rs4.34. It was followed by K-Electric, which recorded trading in 42.8 million shares and gained 26 paisa to Rs5.33. First Dawood Properties was the third in the list, which saw trading in 35.6 million shares, up 64 paisa to close at Rs5.55. Foreign investors were sellers of shares worth a net Rs16.7 million.
Express Tribune
28-06-2025
- Business
- Express Tribune
Pakistan's poverty is political
The writer is a Lecturer in English at the Higher Education Department, Khyber Pakhtunkhwa. Email him at namdar057@ Listen to article By any decent standard, Pakistan is broke: not in fiscal lingo or glossy budgetary graphs but broke in a way that gnaws at the stomach. World Bank numbers show a shocking 44.7% of Pakistanis stay below the global poverty line. That works out to more than 107 million people scraping by on less than $4.20 a day (under Rs1,200 for the full twenty-four hours). That's not even the worst of it. Upwards of 39 million — 16.5% of the country - live in what the world euphemistically calls 'extreme poverty'. That's not living, that's barely hanging on, that's economic abandonment. These numbers are long past their expiry. They're based on a 2018-19 survey, like diagnosing a patient today using a six-year-old X-ray. They don't reflect the 2022 floods that drowned homes and livelihoods alike. They don't account for the punishing inflation of the past few years, turning grocery, gas and electricity bills into waking nightmares. Imagine the horror the real numbers would reveal if they reflected today's reality. We're flying blind or pretending the plane is fine while it plummets. World Bank says this surge in poverty isn't from worsening conditions per se but from a shift in how poverty is now measured globally. In other words, people didn't suddenly get poorer, the goalposts just moved. About 82% of that spike is due to the new poverty line; the rest — 18% — is thanks to Pakistan's own price surges from 2017 to 2021. We'll get the full picture in September. Maybe then we'll finally see the truth for what it is. Maybe it'll stir someone awake in Islamabad. Maybe that'd serve as a reality check for those still playing policy ping-pong in air-conditioned offices. Meanwhile, the HRCP is done mincing words. It has called for a living wage - not just a minimum wage. That's not semantics. There's a world of difference. A minimum wage keeps you just above the grave. A living wage lets you breathe with dignity. The HRCP says a family of six needs at least Rs75,000 a month to live with basic dignity while the government pegs it at Rs37,000. Never mind that the government leaves it to rot on paper. It's policy on paper and paper doesn't quiet hunger or pay the rent when the month is up. What's the value of a policy if it never touches the ground? I know teachers in private schools pulling in Rs9,000 a month. A woman in my neighborhood teaches at a government primary school for Rs3,000 a month. That's not a wage. That's an insult! A middle-aged bakery salesman I know was earning Rs7,500 until recently. Yes, he finally got a raise, but you can guess how far that crumb really goes. Maybe enough for an extra packet of tea. These aren't rare outliers. This is business as usual. Employers operate with impunity because labour laws exist like paper tigers; because they (employers) exploit loopholes and underpay at will; because there are always others desperate enough to take the same job for even less. And then we wonder why our young people drown off Greek shores, fleeing a country that gave them nothing but unpaid internships, underpaid jobs and broken promises. They know the risks. They know they might not make it. They still go. Because hope — even a sliver — feels worth dying for when home offers only hunger, humiliation and hopelessness. We're not just poor in numbers; we lack the will, the compassion and the basic belief that a citizen deserves more than just survival. We're not poor because poverty sneaked up on us. We are poor because we've been kept poor by policies that drone on about 'reforms' while people can't afford 'daal', by leaders who hold pressers on economic growth while schoolteachers earn less than what a politician's tie costs, by a system that only works for those already at the top. This country is starving. Not just for food but for fairness.
Express Tribune
27-06-2025
- Business
- Express Tribune
SESSI asked to expand registration of workers
Sindh Assembly Public Accounts Committee Chairman Nisar Khuhro has said that since its inception, the Sindh Employees Social Security Institution (SESSI) has not undergone an audit. SESSI informed the PAC that its governing body had decided against conducting an audit, but Khuhro questioned whether SESSI considers itself above the constitution, refusing to undergo an audit. He stressed that SESSI is not exempted from audits and therefore ordered an audit of the institution. Khuhro, the president of the Sindh chapter of PPP, expressed these views while addressing a ceremony to mark the 72nd birth anniversary of Shaheed Benazir Bhutto, organised by the People's Labour Bureau at the SESSI headquarters on Thursday. Provincial Labour Minister Shahid Abdul Salam was also present on the occasion. Nisar Khuhro pointed out that SESSI's medical supplies worth Rs8 billion are not being audited. He questioned the functioning of hospitals under the institution despite the large amount of funds allocated for medicines. He stressed that an audit of the Rs8 billion allocation is essential to determine the proper utilisation of funds and the functioning of hospital equipment. The SESSI informed that out of the Rs13 billion funds, 70 per cent were spent on healthcare services, including medicines for hospitals, and 30 per cent on SECCI's directorate. Khuhro suggested that the Labour Department should focus on ensuring the provision of medicines to workers through SESSI hospitals. He pointed out that out of 670,000 industrial units, only 240,000 are registered with SESSI, whereas the actual number of workers is around six million. Khuhro said, non-registration of industrial units and their workers is a major weakness of the welfare institution. He suggested that the Labour Department should take steps to register workers, including those working in shops. He pointed out that the minimum wage of Rs37,000 for workers in the private sector is not being implemented. If the minimum wage of Rs37,000 is not being enforced, then how can the implementation of a higher wage of Rs42,000 be expected? Therefore, the Labour Department should ensure the implementation of the Sindh government's minimum wage policy for workers in both public and private sectors.
Express Tribune
19-06-2025
- Business
- Express Tribune
HRCP terms federal budget regressive
The HRCP has criticised the 2025-26 federal budget, calling it regressive and detached from the lived realities of Pakistan's working class and marginalized communities. At a press briefing held in Lahore on Tuesday, the commission expressed concern that the new fiscal plan — shaped heavily by IMF conditions and austerity measures — fails to address the severe socioeconomic challenges faced by low-income households amid a lingering cost-of-living crisis. While the budget includes a modest reduction in income tax rates for salaried individuals, HRCP officials said the move does little to restore the eroded purchasing power of workers whose incomes have been decimated by prolonged inflation from 2022 to 2024. Of particular concern is the government's decision to maintain the federal minimum wage at Rs37,000 per month — a figure the commission says is insufficient to support a family of six. Even in provinces such as Punjab and K-P, where the minimum wage has been increased to Rs40,000, the hike is far from adequate when adjusted for inflation, said HRCP.
