Business
Reserves to hit $18b by June | The Express Tribune
Pakistan’s current account deficit (CAD) declined 86% to $74 million in February compared $519mn in the same month last year, according to the State Bank of Pakistan.—File photo
KARACHI:
The State Bank of Pakistan (SBP) has anticipated that its foreign currency reserves will rise to $18 billion by the end of June 2026, providing nearly three months of import cover. It will increase further in the next fiscal year.
It made the forecast in its bi-annual Monetary Policy Report, released on Monday, as part of efforts to improve communication with external stakeholders and bring greater transparency to monetary policy decision-making. The report reviews the macroeconomic developments and outlook that guided the Monetary Policy Committee’s decisions since the publication of the August 2025 Monetary Policy Report.
The report noted that macroeconomic conditions and the outlook had improved, supported by a prudent monetary policy stance and continued fiscal consolidation.
Inflation is projected to remain within the 5-7% target range during most of FY26 and FY27, despite some near-term volatility. The current account deficit is forecast to remain contained at 0-1% of GDP in FY26, with a higher trade deficit expected to be partly offset by robust workers’ remittances and planned official inflows. “As a result, the SBP’s forex reserves are expected to rise to $18 billion by June,” it said.
According to the report, economic activity has strengthened, amidst ongoing macroeconomic stabilisation, ease in financial conditions and the recent reduction in the Cash Reserve Requirement to 5%. Accordingly, economic growth prospects have improved, and real GDP growth is now projected in the range of 3.75-4.75% for FY26 and is expected to increase further in FY27.
The Monetary Policy Report also underscored the evolving risks to the macroeconomic outlook. While the risk of widespread impact from recent floods has receded, uncertainty from global tariff-related developments persists, alongside volatility in global commodity prices.
Domestically, challenges from below-target revenue collection and the impact of potential adverse climate events remain sources of vulnerability for the outlook of inflation, external account and GDP growth. “In this context, it is important to speed up progress on structural reforms to increase the economy’s resilience to adverse shocks and to improve productivity and plug losses of state-owned enterprises.”
The report features four box items that discuss key macroeconomic concepts related to the monetary policy. One box provides an update about the monetary policy transmission mechanism in light of the sizable earlier reduction in policy rate from June 2024 onwards and the transmission lag of six to eight quarters.
Another box explains the use of heat maps as an alternative tool for gauging the level of economic activity by consolidating signals from multiple indicators across different sectors into a single visual summary.
Business
Aye Finance IPO Day 2: GMP Remains Zero; Apply Or Not? Check Price, GMP, Financials, Recommendations
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Aye Finance IPO GMP: Unlisted shares of Aye Finance Ltd trade at Rs 129 apiece in the grey market, which is zero premium over the upper IPO price of Rs 129.
Aye Finance IPO GMP.
Aye Finance IPO: The initial public offering (IPO) of non-banking financial company Aye Finance Ltd is witnessing its second day of bidding on Tuesday, February 10. The Rs 1,010-crore IPO, whose price band has been fixed in the range of Rs 122 to Rs 129 apiece, will be closed on February 11. Till 5:50 pm on the second day of bidding on Tuesday, the IPO got a muted 0.16x subscription, receiving bids for 72,85,960 shares as against 4,55,32,785 shares on offer.
Its retail category got a 0.47x subscription. The non-institutional investors (NII) category has received a 0.02x subscription. The qualified institutional buyers (QIBs) category got 0.13x subscription.
Aye Finance IPO GMP Today
According to market observers, unlisted shares of Aye Finance Ltd were trading at Rs 129 apiece in the grey market, which is zero premium over the upper IPO price of Rs 129. It indicates a flat or negative listing. Its listing will take place on February 16, Monday.
The GMP was zero on Tuesday also.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Aye Finance IPO Lot Size
The IPO has a lot size of 116 shares. At the upper end of the price band, a retail investor will need to invest a minimum of Rs 14,964 for one lot. For small non-institutional investors (sNII), the minimum application size is 14 lots, or 1,624 shares, translating into an investment of Rs 2,09,496. Big non-institutional investors (bNII) must apply for at least 67 lots, or 7,772 shares, requiring an investment of Rs 10,02,588.
Aye Finance Mobilises Rs 454 Crore From Anchor Investors
Aye Finance on Friday collected Rs 454.5 crore from anchor investors, ahead of its initial share sale opening for public subscription. The anchor book saw participation from a mix of domestic mutual funds, insurance companies and foreign portfolio investors.
Aye Finance IPO: More Details
The IPO comprises a fresh issue of equity shares worth up to Rs 710 crore and an offer for sale (OFS) of up to Rs 300 crore by current shareholders.
The company proposes to utilise the net proceeds from the fresh issue to strengthen its capital base, supporting future capital requirements arising from the expansion of its business and asset base.
Aye Finance is scheduled to list on the BSE and NSE on February 16.
Classified as a middle-layer NBFC, Aye Finance focuses on lending to micro and small enterprises (MSEs), a segment that remains largely underserved by traditional banks. The company provides small-ticket business loans for working capital and expansion, secured through hypothecation of business assets or property, across manufacturing, trading, services and allied agriculture sectors.
As of September 30, 2025, Aye Finance operated across 18 states and three union territories, serving around 5.9 lakh active customers, with assets under management (AUM) of Rs 6,027.6 crore.
Retail investors can apply for the issue in a lot size of 116 shares and multiples thereof, translating into a minimum investment of Rs 14,964 at the upper end of the price band.
Under the allocation structure, qualified institutional buyers (QIBs) will receive 75 per cent of the issue, while non-institutional investors (NIIs) and retail investors will be allotted 15 per cent and 10 per cent, respectively.
The IPO is being managed by Axis Capital, IIFL Capital, JM Financial and Nuvama Wealth as book-running lead managers, while KFin Technologies is the registrar to the issue.
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February 10, 2026, 11:01 IST
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Cases of Coca-Cola brand soda are stacked at a Costco Wholesale store on November 13, 2025 in Simi Valley, California.
Kevin Carter | Getty Images
Coca-Cola is expected to report its fourth-quarter earnings before the bell on Tuesday.
Here’s what Wall Street analysts surveyed by LSEG are expecting the company to report:
- Earnings per share: 56 cents expected
- Revenue: $12.03 billion expected
Like rival PepsiCo, Coke has seen demand for its drinks soften in recent quarters as low-income shoppers look to save on their grocery bills. But the beverage giant’s pricier brands, like Fairlife and Smartwater, have been bright spots for the company, showing that high-income consumers are still willing to pay more for premium drinks.
This will mark CEO James Quincey’s last earnings report as chief executive. In December, the company announced that COO Henrique Braun will succeed him as CEO, effective March 31. Quincey will remain on Coke’s board as executive chair.
Shares of Coca-Cola have risen roughly 22% over the last year, raising its market value up to about $335 billion.
Overseas Pakistanis have expressed their confidence in the government by sending record remittances, contributing to a significant increase in foreign inflows.
According to the State Bank of Pakistan, remittances in the current fiscal year have risen by 11 percent.
In the first seven months of this fiscal year, Pakistan’s remittances have exceeded $23 billion, reaching $23.202 billion, the central bank reported.
In January 2026 alone, remittances amounted to $3.465 billion, reflecting a 15 percent year-on-year increase from $3 billion in January 2025.
Saudi Arabia emerged as the leading source of remittances, contributing $740 million in January 2026.
The United Arab Emirates followed closely with $694 million, while the United Kingdom sent $572 million, European countries $480 million, and the United States $295 million.
The growth in remittances during the current fiscal year indicates a continued trust of overseas Pakistanis in the country’s economic stability.
State Bank data shows that in the same seven-month period last fiscal year, remittances totaled $20.85 billion.
This year-on-year increase reflects both the resilience of the Pakistani diaspora and the government’s efforts to maintain stable economic policies.
The inflows are expected to play a crucial role in supporting Pakistan’s foreign exchange reserves and economic recovery.
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