ICT exports rise by record $234m in July-Oct period: IT minister

KARACHI: The exports of information technology and communications (ICT) from Pakistan has surged $234 million in the first four months of the fiscal year 2021-22 to stand at $830 million, said Wednesday the federal IT minister as he released stats, ARY News reported.

The July-Oct period recorded a record jump of about 28 per cent, $830 million, compared to the same period last year, said IT minister Aminul Haque.

The first four months of this financial year translated in the growth of 39.26 pc, he said. The July to October period amassed $630 million in net exports that is 75.9 pc growth. Last year this time it was 70.9 pc to $423 million, he said.

The IT companies deserve utmost praise for this growth and it is due to them we can achieve the target set for December 2022 that is $3.5 billion.

SBP announces to raise interest rate by 150 bps to 8.75pc

Separately today from the markets, the State Bank of Pakistan (SBP) announced to raise the interest rate by 150 basis points to 8.75 percent for the next two months while keeping in view the risks related to inflation and the balance of payments.

Sharing the details of the monetary policy committee (MPC) from its Twitter handle, the SBP said that the rise in interest rate reflects their view that since the last meeting, risks related to inflation and the balance of payments have increased while the outlook for growth has continued to improve.