The US dollar on Wednesday gained 11 paisas against the Pakistani currency and reached Rs278.45.
Earlier, the final approval of Pakistan's much-anticipated $7 billion bailout package from the International Monetary Fund (IMF) remains uncertain, as the IMF Executive Board’s schedule until August 28 has been released.
Notably, Pakistan's name has yet to be included in the board's agenda, raising concerns about the timeline for the disbursement of the loan.
Despite the exclusion, sources indicate that the Executive Board has the discretion to add agenda items outside of the official schedule, leaving room for optimism. This development follows the staff-level agreement between Pakistan and the IMF, which was signed on July 12.
According to recent data released by the State Bank of Pakistan (SBP), the trend of taking loans for vehicles, houses, and personal needs has significantly decreased.
The data reveals that in July 2024, the total loans taken for vehicle purchases stood at Rs228 billion, marking a 20% decline from Rs285 billion in July 2023. This sharp decrease reflects the financial strain on consumers amid escalating inflation.
Similarly, borrowing for housing also saw a downturn. In July 2024, loans for house purchases amounted to Rs203 billion, a 4% drop from the previous year. Overall consumer financing, which includes various types of personal loans, fell by 6% on an annual basis, with the total volume recorded at Rs802 billion in July 2024.
