The Finance Ministry has released the Monthly Economic Update Outlook Report, which forecasted a decline in inflation as the rupee has recovered and oil prices in the global market went down. The report also stated that the economy of Pakistan was facing challenges due to recent floods. However, it added that the economic conditions had started to recover, and the overall inflation would decrease in the upcoming months.
According to the report, the inflation rate in the upcoming month will stay between 21 and 22.5. It further added that in the current fiscal year, exports have increased by 5.5 per cent, imports have dropped by 6.3 per cent, and tax revenue has surged by 17 per cent.
The monthly economic report stated that action was taken against the commercial banks that increased the dollar’s value by artificial means. But, the six commercial banks which allegedly earned over Rs50 billion by manipulating the dollar rate were fined only Rs29 crores.