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Economic Progress and Policy Adjustments in Pakistan: October-November 2024

Remittance Surge Bolsters Pakistan’s Foreign Exchange Reserves: Pakistan experienced a substantial increase in remittances, crossing the $3 billion mark in October. State Bank of Pakistan (SBP) Governor Jameel Ahmed announced this development, noting its potential to strengthen foreign exchange reserves. The country anticipates an additional $500 million from the Asian Development Bank (ADB), projected to enhance reserves further, enabling Pakistan to meet foreign debt obligations and stabilize its currency amidst ongoing economic challenges. Record-Breaking Performance of Pakistan Stock Market: In anticipation of an expected rate cut by the SBP, the Pakistan Stock Exchange (PSX) saw an unprecedented surge, with the KSE 100 index reaching a historic peak of 92,159.08 points. Investors were buoyed by positive factors, including Qatar’s investment commitments of $3 billion and Saudi Arabia’s pledge of $2.8 billion. The SBP subsequently reduced the interest rate by 250 basis points, refle…

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