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In early September 2023, the Pakistani government under administration of the Pakistan Armed Forces initiated a crackdown targeting both individuals and organizations engaged in various forms of smuggling, with a particular focus on essential commodities such as wheat, sugar, urea, oil, dollars as well as power theft, hoarding, and illegal currency exchange.
Agriculture is considered the backbone of Pakistan's economy, which relies heavily on its major crops. [1] Pakistan's principal natural resources are arable land and water. Agriculture accounts for about 18.9% [2] of Pakistan's GDP and employs about 42.3% of the labour force. The most agricultural province is Punjab where wheat & cotton are the ...
Pakistan's largest food crop is wheat. In 2017, Pakistan produced 26,674,000 tonnes of wheat, almost equal to all of Africa (27.1 million tonnes) and more than all of South America (25.9 million tonnes), according to the FAOSTAT. [70] In the market year of 2018/19, Pakistan exported a record 4.5 million tonnes of rice. [71]
The Pakistani Rupee (PKR) has experienced a notable resurgence in both the interbank and open markets, attributed to the concerted efforts of Pakistani authorities in clamping down on currency smuggling and the black market. On September 7, 2023, the domestic currency showcased impressive gains, indicating a positive trend for the PKR. [11]
Lasalgaon is a prominent hub for onion cultivation and thus the onion's name is derived from this town, with 99% of its agricultural area dedicated to this crop, engaging over 1,000 farmers. The region's onion market is equally impressive, handling approximately 2.5 lakh tonnes of onions annually.
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In late January, Pakistan lifted the artificial cap on its currency, causing the rupee to plunge 20% against the dollar in a few days. The government raised fuel prices by 16%. And the Pakistani central bank raised its interest rate by 100 basis points to battle the country's highest inflation in decades, expected to be as high as 26% in January.
Pakistan Mercantile Exchange, formerly known as National Commodity Exchange Limited is a futures commodity exchange based in Karachi, Pakistan. It is the only company in Pakistan to provide a centralised and regulated place for commodity futures trading and is regulated by Securities and Exchange Commission of Pakistan (SECP). It began its full ...