Inflation across the country fell to the lowest level in 3 and a half years

Islamabad: According to the monthly economic update outlook report of the Ministry of Finance, inflation across the country fell to the lowest level in 3 and a half years.

The Ministry of Finance claimed improvement in most of the indicators of the Pakistani economy. It has been stated in the report that inflation across the country fell to the lowest level in three and a half years. Growth in remittances, exports and investment was recorded.

According to the Ministry of Finance, the country’s economy showed a steady recovery in the first quarter. Inflation fell to a 44-month low of 6.9 percent in September. While receiving an installment of 1.03 billion dollars from the International Monetary Fund (IMF), the economy was strengthened. The SCO conference increased business and market confidence.

According to the report, the economy will continue on the journey of sustainable recovery in the coming months. Remittances increased by 38.8% and the volume reached 8.78 billion dollars. Pakistani exports increased by 7.8% and the volume was 7.49 billion dollars.

During the period under review, the total foreign investment increased by 70.4% and crossed $900 million. Foreign direct investment increased by 48% to $770 million.

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State Bank’s foreign exchange reserves increased from 7.61 billion to 11 billion dollars. The stock market rose by 78.4% and exceeded 90 thousand points. In one year, the dollar rate decreased from 280.29 to 277.62 rupees.

25.5% increase in tax revenue from July to September and 2 thousand 563 billion rupees collected. Non-tax revenue increased by 20.8 percent to 341 billion rupees.

According to the Ministry of Finance, the financial deficit increased by 4.3 percent in the first 2 months, while the volume was more than 841 billion rupees. The current account deficit narrowed by 92% to $98 million.