Treasury Management Division of the National Bank of Pakistan (NBP) on Thursday issued the following exchange rates.
Treasury Management Division of National Bank of Pakistan (NBP) on Thursday issued the following exchange rates.
Currency Symbol TT Selling TT Buying
Read more: SBP decides to raise the key interest rate
Conversion Rate for Frozen FCY Deposits
SETTLEMENT DATE: 04-10 2021
The second month of the current fiscal year 2022 saw the widening of the trade deficit by 133 per cent, data released for the month of August 2021 showed.
The provisional data showed that the imports increased two times more than the increase in exports as the economy reopens. The trade deficit for August 2021 reached $4.05 billion compared to August 2020 when it was $1.740 billion.
The exports for August 2021 reached $2.26 billion compared to $1.58 billion in August last year, showing an increase in exports 42.5 per cent year-on-year. On the other hand, on a month-on-month basis, the exports went down 3.5 per cent from $2.34 billion in July 2021.
The imports, on the other hand, saw an 89.9 per cent increase year-on-year, reaching the highest ever of $6.31 billion in August 2021, and on a month-on-month basis, they increased 12.7 per cent from 5.6 billion in July 2021.
These trade figures became one of the important reasons for the market’s doubtfulness about the Pakistani Rupee.
Read More: Pakistan’s trade deficit widens 133pc in August
Managing Director Kasb Securities A A H Soomro commented on the situation saying that the 10% PKR depreciation in 3.5 months only deters investor & business confidence as the financial planning gets adversely impacted.” He called for action by the government.
Courtesy: APP
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