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Attracting investors to stock, debt markets a challenge Low-interest rates, rupee depreciation likely to discourage foreign investors PHOTO: REUTERS KARACHI: Pakistan’s economy is gradually moving towards stabilisation. The country’s foreign currency reserves hit a three-year high above $13 billion and the rupee consolidated at around Rs160 against the dollar. However, attracting foreign investment into the stock and debt markets remains a huge challenge. Foreign investors have continued to divest from Asia’s best performing stock market for the past four years. Similarly, they have aggressively pulled out investment from government debt securities since March 2020 after the central bank made a big cut in the benchmark interest rate to cope with the Covid-19 pandemic. ....
Current account makes new record Remains in surplus for fifth successive month at $447 million Despite the wide current account gap, the SBP s foreign currency reserves increased to $16.4 billion in May 2017 compared to $16.1 billion in April 2017 mainly due to a surge in fresh short and long-term loans. PHOTO: REUTERS Pakistan’s economy has continued to make and break historic records during the Covid-19 pandemic. Its current account balance stayed in surplus - meaning government’s foreign income exceeds its expenditures - for the fifth successive month in November at $447 million. The development partially helped the country’s foreign currency reserves stay near a three-year high above $13 billion. ....