News Update: – 30th May 2020
According to the recent statement presented by The State Bank of Pakistan in which they revealed that the country’s overseas exchange capitals fell 20 million dollars to 18.59 billion dollars.
While, already Pakistan is going through a tough and slightly off phase and an unprecedented economic shock due to the corona virus pandemic. The country is set to miss almost all economic targets during the current fiscal year.
Furthermore, The State Bank of Pakistan said to ease the impact of the closure on the country’s economy, has cut interest rates to 8%, the fourth rate cut by the bank in two months.
In the meantime, the Communist Party of China said its reserves amounted to 12.07 billion dollars, after facing a drop of 55.4 million dollars. Besides, the authority added that “the reserves of private banks increased by 35 million dollars to reach 6.52 billion dollars.”
Earlier this month, the International Monetary Fund for Pakistan confirmed that it would support the country in the face of a financial crisis.
The official statement cleared that “The International Monetary Fund will continue to cooperate with Pakistan to achieve sustainable economic growth in the future,” said Teresa Daban Sanchez.
While Kamraj enterprises will advise the dealers and stock share depositors to not capitalize much at this time. The present situation circumstances can befall in which taxes and new rules can be executed. Furthermore, The IMF official further said that Sanchez agreed with the minister on the need to cooperate to overcome the challenges arising from the new Coronavirus. We will support and help Pakistan.
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