Business
Current account posts $254 million deficit in July | The Express Tribune
KARACHI:
Pakistan’s current account (CA) posted a deficit of $254 million in July 2025, according to the latest figures released by the State Bank of Pakistan (SBP) on Tuesday.
Last month, the country recorded a CA surplus of $335 million, while in July 2024, the deficit had stood at $348 million.
The SBP data shows a CA deficit of $254 million in July 2025, reflecting a notable improvement compared to the $348 million deficit recorded in July 2024. This marks a year-on-year reduction of $94 million, indicating a positive shift in the country’s external sector dynamics as the new fiscal year begins. However, the monthly CA data from July 2024 to July 2025 highlights a period of mixed performance, with several months showing strong surpluses that helped offset periods of modest deficits.
The fiscal year began with three consecutive months of deficits; July ($0.35 billion), August ($0.08 billion), and September 2024 ($0.04 billion). However, this was followed by a shift in October 2024, which recorded a surplus of $310 million. The external position continued to improve in November and December 2024, with surpluses of $720 million and $470 million, respectively.
In early 2025, the trend briefly reversed. January 2025 posted the highest monthly deficit of the year at $380 million, followed by a smaller deficit of $80 million in February. March 2025 marked a strong recovery, as Pakistan recorded its highest monthly surplus during the period at $1.28 billion, reflecting either a surge in exports, remittances, or possibly one-off inflows.
The CA remained relatively stable in the closing months of the fiscal year, with April 2025 posting a marginal surplus of $20 million, May returning to a small deficit of $80 million, and June rebounding with a surplus of $340 million.
Speaking to The Express Tribune, JS Global Head of Research Waqas Ghani said, “The shortfall of $254 million in July 2025 as opposed to a surplus of $335 million last month was driven primarily by a widening trade deficit, as a strengthening domestic economy spurred a rebound in imports.”
He expected the CA to end the fiscal year in deficit, driven by the pickup in imports. Even so, stable global commodity prices should help limit import pressures, while resilient workers’ remittances are likely to anchor external stability.
He anticipated a further buildup in foreign exchange reserves going forward, with workers’ remittances expected to exceed $40 billion in FY26. Ghani believed that the sustained inflow of remittances are driven by a shift towards official channels which are a key support to the CA. He projected the external financing requirements for FY26 to remain broadly in line with last year’s levels.
REER
The Real Effective Exchange Rate (REER) index appreciated to 98.6 in July 2025, up from 96.6 in June 2025, according to data released by the SBP. This two-point increase reflects a slight strengthening of the rupee in real terms against a basket of trading partner currencies.
While the REER remains below the benchmark level of 100, the recent appreciation suggests a marginal rise in the relative value of the Pakistani rupee, which could impact export competitiveness if the trend continues. Nonetheless, the REER is still broadly aligned with historical averages, indicating relative external stability.
Meanwhile, the local currency extended its winning streak on Tuesday, August 19, 2025, appreciating 0.02% against the US dollar in the interbank market. The local currency closed at 281.96, strengthening slightly from the previous day’s rate of 282.02.
This marks the eighth consecutive session of gains for the rupee, reflecting continued stability in the foreign exchange market and improved sentiment around the economy.
Business
Top stocks to buy today: Stock recommendations for August 28, 2025 – check list – The Times of India
Top stock market recommendations: According to Aakash K Hindocha, Deputy Vice President – WM Research, Nuvama Professional Clients Group, Nykaa, Kaynes, and Dr Reddy’s Laboratories are the top buy calls for today. Here’s his view on Nifty, Bank Nifty and the top stock picks for August 28, 2025:Index View: NiftyAfter an inside bar formation on Monday, Nifty opened with a gap down reeling all throughout the session ahead of its trading holiday on Wednesday. The index has closed below its trailing support of 24800 allowing for further downside to be opened for 24500 / 24350. Nifty has also formed a bearish head and shoulders formation on daily charts with a neck line support seen at 24450. A break below the same post monthly expiry could reel in further pressure on the index.Bank NiftyUnderperforming Nifty, Bank has broken its support of 55050 opening for a test of sub 54000 odd levels to begin with. The index has also closed at a 3.5 month low on daily charts ahead of its monthly expiry scheduled on Thursday. 55000 is likely to act as resistance on the upside while the index slides below sub 54000 levels in the coming week.NYKAA (BUY):
- LCP: 231.65
- Stop Loss: 223
- Target: 252
Stock has been gaining traction ever since its 3 year triangle breakout seen in June 2025. For now NYKAA has given the highest ever close in past 3 years of trading along with a huge cup and handle breakout on daily and weekly charts. This opens up for a 18-20% trading buy target on the stock, yet we would advise for an initial uptick being 250+ on this leg.KAYNES (BUY):
- LCP: 6197
- Stop Loss: 5980
- Target: 6620
After a cup and handle breakout in early August 2025, stock has been consolidating near the breakout zone for the past 4 weeks now. Last week’s price action suggests further move northwards from CMP as the stock has completed multiple retests of its ongoing breakout.Dr Reddy’s Laboratories (BUY):
- LCP: 1263
- Stop Loss: 1230
- Target: 1355
Sustaining above its 200 DMA support, DRREDDY’s has also given a bullish flag breakout on daily charts. This allows its initial upside to open for the 1350-1360 zone where it could meet another potential breakout on upside.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
Business
White House fires CDC director Monarez after she refuses to resign; 4 top health officials quit
Susan Monarez, President Donald Trump’s nominee to be the Director of the Centers for Disease Control and Prevention (CDC), testifies during her confirmation hearing before the Senate Committee on Health, Education, Labor, and Pensions in the Dirksen Senate Office Building on June 25, 2025 in Washington, DC.
Kayla Bartkowski | Getty Images
The White House on Wednesday said it had fired Centers for Disease Control and Prevention Director Susan Monarez after she refused to resign. Four other top CDC officials announced they were quitting the embattled health agency.
The leadership crisis at CDC erupted the same day the Food and Drug Administration announced new limits on who can get the latest approved round of Covid vaccines in the U.S.
“Susan Monarez is not aligned with the President’s agenda of Making America Healthy Again,” White House Spokesman Kush Desai said in a statement to NBC News. “Since Susan Monarez refused to resign despite informing [Health and Human Services Department] leadership of her intent to do so, the White House has terminated Monarez from her position with the CDC.”
The statement comes hours after attorney Mark Zaid said he was representing Monarez and that she had not actually been fired yet or stepped down, adding that she would not resign.
“When CDC Director Susan Monarez refused to rubber-stamp unscientific, reckless directives and fire dedicated health experts, she chose protecting the public over serving a political agenda,” Zaid said in a statement. “For that, she has been targeted.”
Earlier on Wednesday, HHS said in a post on X that “Monarez is no longer director” of the agency.
Monarez, a longtime federal government scientist, was sworn in on July 31. She is the first CDC director to be confirmed by the Senate following a new law passed during the pandemic that required lawmakers to approve nominees for the role.
The Washington Post first reported her ousting on Wednesday.
At least four other officials also submitted their resignations on Wednesday in a massive shakeup at the agency: Dr. Debra Houry, the CDC’s chief medical officer; Dr. Demetre Daskalakis, director of the National Center for Immunization and Respiratory Diseases; Dr. Daniel Jernigan, the director of the National Center for Emerging and Zoonotic Infectious Diseases; and Dr. Jennifer Layden, director of the Office of Public Health Data, Surveillance and Technology.
Houry, in a resignation letter obtained by NBC News, wrote about the dangers of the spread of vaccine misinformation and said proposed budget cuts and reorganization plans would negatively impact the CDC’s ability to address conditions like hypertension, diabetes, cancer, overdoses and mental health issues.
In his resignation letter, also obtained by NBC News, Daskalakis said he was leaving the agency “because of the ongoing weaponizing of public health.”
Her departure comes at a tumultuous time for the agency, which is reeling from a gunman’s attack on its Atlanta headquarters on Aug. 8. A police officer died in the shooting.
Monarez on Friday canceled a meeting with CDC workers that had been scheduled for Monday, according to an email obtained by NBC News. She said she wanted to assure staff that the agency is working to restore their “trust in the safety and security of all CDC workplaces.”
President Donald Trump nominated Monarez after withdrawing his first pick to lead the CDC, former Republican congressman Dave Weldon, hours before his confirmation hearing. Weldon has been criticized for his views on vaccines.
— CNBC’s Michele Luhn contributed to this report.
NEW DELHI: Government is going to push for bridging the gaps on several contentious issues in trade talks with the European Union next month, while also demanding that the trading bloc offer concessions on carbon tax on the lines of the deal with the US, an official said Wednesday.“We are in the last mile, quite a few things are narrowing down. There are a handful of major issues and we are trying to narrow the gaps and then leave it to the leaders to take a political call,” the official said ahead of the next round of talks scheduled for Sept 8-12. EU commissioner for trade and economic security MaroS Šefcovicis also expected to travel to the Capital after the official level meeting to hold consultations with commerce and industry minister Piyush Goyal.Both sides have set an year-end deadline to finalise the agreement and India is keen that it fills the missing link in Europe, having signed agreements with the UK and the four nation European Free Trade Association, comprising Switzerland, Norway, Iceland and Liechtenstein.The deals are part of efforts to push for a diversified trade basket that provides Indian exporters access to crucial markets. India already has trade pacts, from Australia to Asean, the UAE and Mercosur countries, and is seeking more deals.Sources suggested that govt will help exporters diversify, with the focus expanded from 20 countries to 50, while also coming out with export promotion measures to overcome the challenge of US tariffs. Intensive consultations are lined up with exporters in the coming days.Govt officials said based on the feedback, strategies to offset the impact of the US tariffs, including support from the Centre, will be devised.Outreach in countries, including the UK, Japan, and South Korea, to push textiles exports are also planned, with similar initiatives planned for other sectors. In case of textiles for instance, 40 potential markets have been identified and in each case a targeted approach is proposed, positioning Indian companies as reliable suppliers of quality, sustainable, and innovative textile products. Official said that export promotion councils (EPCs) will be the mainstay of the diversification strategy.
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