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In late January, Pakistan lifted the artificial cap on its currency, causing the rupee to plunge 20% against the dollar in a few days. The government raised fuel prices by 16%. And the Pakistani central bank raised its interest rate by 100 basis points to battle the country's highest inflation in decades, expected to be as high as 26% in January.
The Pakistani rupee depreciated against the US dollar until around the start of the 21st century, when Pakistan's large current-account surplus pushed the value of the rupee up versus the dollar. Pakistan's central bank then stabilized by lowering interest rates and buying dollars, in order to preserve the country's export competitiveness.
The rupee was pegged to British Pound until 1982 when the government of General Zia-ul-Haq changed to a managed float. As a result, the rupee devalued by 38.5% between 1982–83 and 1987–88 and the cost of importing raw materials increased rapidly, causing pressure on Pakistani finances and damaging much of the industrial base.
24 Digital (Urdu: ٢۴ ڈیجیٹل) is an Urdu language current affairs news television channel based in Lahore, Pakistan, and launched in 2015. [1][2] The channel is owned by Mohsin Naqvi who is the founder of City News Group.
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September 12, 2024 at 12:03 PM. (Reuters) -The U.S. State Department on Thursday imposed sanctions on a Chinese research institute and several companies it said have been involved in supplying ...
Pakistan's economy remains under severe strain due to a debt crisis, with the country facing challenges in repaying $1.2 billion in outstanding payments. [27] In Pakistan, inflation maintains its upward trajectory, as indicated by the most recent official data, which shows a year-on-year increase of 35.4% in the consumer price index for March 2023.
People in Pakistan reported much slower internet over the past several days with some experts on Monday estimating its speed falling to less than half its usual capacity at times. Several people ...