Recent economic indicators suggest Pakistan's economy is showing signs of improvement. The State Bank of Pakistan (SBP) has announced a reduction in the basic interest rate to 17.5%, citing a rapid decrease in inflation over the past two months.
The country's foreign exchange reserves have increased by $562 million, reaching $14.79 billion as of September 6, 2024. The SBP's reserves rose to $9.46 billion, while commercial banks' reserves increased to $5.32 billion.
The Pakistan Stock Exchange also saw positive activity, with the KSE-100 index closing at 79,017 points, an increase of 365 points. The market capitalization increased by 36 billion rupees to 10,506 billion rupees.
In the currency market, the US dollar depreciated by 10 paisas in the interbank market, closing at 278.44 rupees. The open market rate remained stable at 280.85 rupees.
The International Monetary Fund (IMF) has scheduled a board meeting for September 25, where Pakistan's special loan program is expected to be ratified. Finance Minister Muhammad Aurangzeb stated that all matters regarding the $7 billion loan program have been settled amicably.
These developments come as the government continues efforts to control inflation and stabilize the economy.
