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Underwater sculpture park revives coral reefs in Miami beach

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Underwater sculpture park revives coral reefs in Miami beach

MIAMI BEACH, Fla., Nov 4 (AP) – South Florida has welcomed a new wave of cars, but they are not meant for the roads. Instead, 22 life-sized concrete cars have been placed under the sea near Miami Beach to form part of a new underwater sculpture park. The project brings together art, science and nature to help restore coral reefs.

Art meets ocean conservation

The underwater installation, called Concrete Coral, is the work of the nonprofit group REEFLINE. It was created to blend creativity with marine protection and community learning. Over several days last month, the team lowered the sculptures into the ocean just a few hundred feet from South Beach.

The first phase will soon be seeded with 2,200 native corals grown in a nearby laboratory. The project has been funded in part by a five million dollar bond from the City of Miami Beach. REEFLINE plans to expand the project in 11 phases along the seven-mile coastline and hopes to raise another forty million dollars to continue the work.

Founder Ximena Caminos said the project is a new kind of partnership between art and science. She said it shows how people can take creative action to rebuild marine ecosystems.

Building a living reef

The design for the underwater park came from architect Shohei Shigematsu, while the car sculptures were created by artist Leandro Erlich. Colin Foord, who runs REEFLINE’s coral lab, said planting will begin soon. The concrete cars will become a living reef and a home for fish, crabs and soft corals.

He said the idea of a traffic jam beneath the sea has a symbolic meaning. It represents how nature can reclaim space that humans once changed. The selected coral species are strong because they were grown from survivors of Florida’s 2023 bleaching event.

Expanding the underwater gallery

The next stages of the project will feature new works. Heart of Okeanos by artist Petroc Sesti will resemble the heart of a blue whale. Another sculpture, The Miami Reef Star by Carlos Betancourt and Alberto Latorre, will form a star pattern made of starfish shapes.

These installations are expected to attract more marine life and accelerate the development of coral reefs. Foord said this approach will increase biodiversity and create a model for hybrid reef building in Florida.

Boosting eco-tourism and local jobs

Miami Beach Mayor Steven Meiner praised the project during a beachside ceremony. He said REEFLINE is turning Miami Beach into a global example of environmental innovation. He added that cooperation between public agencies and private donors will help protect marine habitats.

The reef is located about twenty feet below the surface and around eight hundred feet from shore. The easy access will allow visitors to snorkel, dive, kayak and paddleboard around the sculptures. Local businesses expect an increase in eco-tourism and new green jobs as a result.

Education and awareness

REEFLINE also runs community programs where volunteers can plant corals with scientists. A floating marine learning center will host monthly workshops to teach visitors about coral care and ocean health. These activities will involve local residents, students and tourists.

Caminos said the installation alone cannot solve large problems such as climate change or rising sea levels. However, she believes it can start important discussions about protecting the oceans. She said that creative and cooperative work can help address human-made problems with human-made solutions.

This news was originally published by The Associated Press.

Banks disburse Rs2.58tr in agricultural loans during FY25

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Banks disburse Rs2.58tr in agricultural loans during FY25

ISLAMABAD, Nov 4 (Wealth Pakistan) — Pakistan’s banking sector disbursed agricultural loans worth Rs2.58 trillion during fiscal year 2024-25, slightly exceeding the annual target, as the State Bank of Pakistan (SBP) introduced new initiatives to strengthen credit access for small farmers and promote financial inclusion in the rural economy.

Lending surpasses annual target

According to the SBP’s Agriculture Credit and Financial Inclusion Department, banks disbursed 100.2 percent of the annual plan, marking a 16.3 percent increase from Rs2.22 trillion in FY24. The rise reflects the steady expansion of agri-financing and greater participation by banks under the SBP’s Agriculture Credit Expansion Plans (A-CEPs).

Currently, 47 formal institutions provide farm credit — including five large commercial banks, 13 mid-sized and small banks, six Islamic banks, two specialized banks, 11 microfinance banks, and 10 microfinance institutions and rural support programs.

Credit growth and borrower expansion

The outstanding portfolio of agricultural loans rose to Rs995.3 billion by the end of June 2025, up 13.8 percent from Rs875 billion a year earlier. Active borrowers also grew 7.3 percent year-on-year, reaching 2.9 million — a strong indicator of deeper financial inclusion across rural Pakistan.

Punjab led the lending drive with Rs2,045.1 billion in disbursements, achieving 103.6 percent of its target. Sindh followed with Rs453.4 billion (93.1 percent), while Khyber Pakhtunkhwa received Rs55.2 billion (68.9 percent). The remaining regions — Balochistan, Azad Jammu and Kashmir, and Gilgit-Baltistan — collectively obtained Rs23.6 billion.

Institutional performance

Among lending institutions, five major commercial banks performed strongly, providing Rs1,442.3 billion and achieving 108 percent of their annual targets. Specialized banks, including Zarai Taraqiati Bank Ltd and Punjab Provincial Cooperative Bank Ltd, together lent Rs85.6 billion, achieving 81 percent and 119 percent respectively.

Microfinance banks disbursed Rs252.3 billion (102.9 percent of target), while microfinance institutions extended Rs30 billion (95.3 percent of target), confirming their role in small-scale rural financing.

Sectoral breakdown

The farm and crop sector received Rs1,443.8 billion — about 56 percent of total disbursements — representing a 19.3 percent annual rise. The non-farm sector, which includes livestock, dairy, poultry, and agri-services, accounted for Rs1,113.4 billion or 44 percent of total lending, showing a 12.8 percent increase over FY24.

New SBP initiatives to promote inclusion

To further accelerate agricultural credit, the SBP has launched several targeted initiatives. The Risk Coverage Scheme for Small Farmers and Underserved Areas offers banks first-loss coverage of up to 10 percent on loans extended to small farmers. It also provides a Rs10,000 subsidy per borrower to offset onboarding costs and will remain effective until FY28. The scheme aims to generate Rs100 billion in new loans annually, benefitting an estimated 250,000 new farmers each year.

The National Subsistence Farmers Support Initiative introduces collateral-free digital financing for landless and small-scale farmers through integrated banking portals, helping expand credit access in previously unbanked communities.

Youth and digital credit innovations

Under the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS), banks achieved 100 percent of targets in the first two phases, disbursing Rs32 billion through 20 partner institutions. The allocation for FY26 has been raised to Rs65 billion.

The Electronic Warehouse Receipt Financing (EWRF) system, launched in 2022, also gained momentum. It enables farmers, traders, and processors to borrow against stored commodities in accredited warehouses. During FY25, banks provided Rs1.996 billion to 518 borrowers, while total financing under the scheme has surpassed Rs10 billion.

Modernising credit infrastructure

The SBP, working with the Punjab Land Records Authority, has integrated 30 banks with the Land Record Management Information System for digital collateral verification. Satellite-based land mapping is also being adopted to improve transparency and efficiency in farm-loan processing.

Additionally, the Crop Loan Insurance Scheme and Livestock Insurance Scheme continue to protect borrowers from natural disasters and disease outbreaks. From July 2008 to December 2024, banks processed Rs11.93 billion in claims under these schemes, benefitting more than 7.1 million farmers nationwide.

ADB provides over USD 1.1 billion for Pakistan’s road projects

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ADB provides over USD 1.1 billion for Pakistan’s road projects

ISLAMABAD, Nov 4 (Wealth Pakistan) — The Asian Development Bank (ADB) has provided Pakistan with more than USD 1.1 billion in financial assistance over recent years to strengthen regional road connectivity and improve trade efficiency.

Five key infrastructure projects supported

According to documents available with Wealth Pakistan, the government received USD 1,105 million for five major road infrastructure projects aimed at enhancing national and cross-border transport links. Four of these projects are being implemented by the National Highway Authority (NHA).

The ADB-backed schemes include the Central Asia Regional Economic Cooperation (CAREC) Corridor Development Investment Program Tranche-I, Tranche-II, and Tranche-III, along with the Emergency Floods Assistance Project (EFAP).

Progress on CAREC Tranche-I

Approved in 2017, CAREC Tranche-I focuses on upgrading 143 kilometres of the National Highway (N-55) into a dual carriageway. The project covers three sections — 66 km Petaro–Sehwan, 43 km Ratodero–Shikarpur, and 34 km Dara Adam Khel–Peshawar.

ADB committed USD 80 million for this tranche, out of which USD 62.439 million has been disbursed so far. Two sections have already achieved full completion, while the Ratodero–Shikarpur portion — with 40 percent of work pending — is expected to be completed by December 31 this year.

Work on Tranche-II of CAREC Corridor

CAREC Tranche-II, approved in 2021 at a total cost of USD 190 million, is scheduled for completion by December 31 this year. So far, ADB has released USD 48.450 million to the NHA.

This project involves upgrading a 222-km section of N-55 between Shikarpur and Rajanpur into a two-lane dual carriageway. The stretch has been divided into four segments:

  • Shikarpur to Kandhkot (62.4 km) – 12% physical progress

  • Kandhkot to Kashmore (58.78 km) – 10% progress

  • Kashmore to Rojan (48.9 km) – 42% progress

  • Rojan to Rajanpur (51.85 km) – 42% progress

The project’s main goal is to enhance regional connectivity and improve institutional capacity for trade and transport along the CAREC corridor.

Tranche-III and pending works

CAREC Tranche-III, approved in 2023 at an estimated cost of USD 360 million, aims to further expand the corridor network. Although its completion was initially set for June 30, 2027, work has yet to begin due to PC-I revision and ongoing litigation.

Emergency Floods Assistance Project

The Emergency Floods Assistance Project (EFAP), approved in December 2022, carries a total value of USD 475 million. Out of this, USD 150 million has been earmarked specifically for road infrastructure.

EFAP was launched as a rapid-response initiative after the catastrophic 2022 floods, which damaged transport networks, irrigation systems, and agricultural infrastructure. The project supports the rehabilitation of key roads, drainage systems, and flood-protection structures while improving disaster-resilience and water-management capacity.

Boosting connectivity and resilience

ADB’s cumulative investment of over USD 1.1 billion in Pakistan’s road development sector reflects the bank’s long-term commitment to strengthening connectivity, improving logistics efficiency, and supporting climate-resilient infrastructure. The initiatives are expected to significantly improve trade flows between Pakistan and neighbouring countries within the CAREC region.

Pakistan’s cashless Eid markets record 731 percent surge in 2024-25

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Pakistan’s cashless Eid markets record 731 percent surge in 2024-25

ISLAMABAD, Nov 4 (Wealth Pakistan) — Pakistan’s livestock markets moved rapidly toward digitalisation during the fiscal year 2024-25. The State Bank of Pakistan’s Eid-ul-Azha Digital Acceptance Initiative reported an exceptional rise in cashless transactions, marking a breakthrough for rural financial inclusion.

Digital payments surge across Eid markets

The Annual Payment Systems Review FY2024-25 by the State Bank of Pakistan (SBP) shows that 64,553 electronic transactions worth PKR 4.66 billion were completed at 54 cattle markets nationwide. This represents a 396 percent increase in the number of transactions and a remarkable 731 percent jump in value compared with the previous year.

The initiative was launched jointly by SBP’s Banking Services Corporation and commercial banks to promote cashless payments in one of the country’s most informal but high-value sectors.

Support facilities and mobile connectivity

To make the process smooth, banks established digital booths, mobile vans, and help desks in livestock markets. These teams helped farmers and traders open accounts, verify biometrics, and generate QR codes on the spot. Connectivity vans provided reliable internet access in remote locations.

During the festival period, transaction and balance limits were temporarily raised to PKR 5 million to enable large-value animal purchases. A total of 24 banks — 50 percent more than last year — joined the initiative. Their staff worked in rotational shifts, ensuring round-the-clock service for digital buyers and sellers.

Inclusion through digital access

SBP officials said the programme went beyond payments. It brought thousands of unbanked participants into the formal financial system. The campaign also involved ancillary workers — fodder suppliers, transporters, and veterinary staff — encouraging them to receive payments digitally. Each market was connected with nearby bank branches to support account maintenance and cash-to-digital conversion.

Economists noted that the 731 percent rise in value highlights Pakistanis’ growing trust in digital payments even in rural, cash-oriented areas. They added that cashless transactions lower theft risk, improve transparency, and help document the livestock sector, which contributes more than 10 percent to GDP.

Expansion planned under Raast network

Encouraged by the initiative’s success, the State Bank plans to expand it nationwide next fiscal year. More districts will be added, and merchant onboarding will be automated through Raast’s Person-to-Merchant (P2M) module.

The review concludes that Pakistan’s cashless Eid markets demonstrate the country’s readiness to extend digital finance beyond cities. It also confirms progress toward a transparent and inclusive cash-lite economy.

PRISM+ launch marks new era in Pakistan’s large-value payments

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PRISM+ launch marks new era in Pakistan’s large-value payments

ISLAMABAD, Nov 4 (Wealth Pakistan) — Pakistan’s financial system has entered a new digital phase with the launch of PRISM+, an upgraded Real-Time Gross Settlement (RTGS) system designed to modernise inter-bank and securities-market settlements. The platform, launched during FY2024-25, represents a major leap toward a fully digital financial infrastructure.

Record transactions and rising volumes

According to the State Bank of Pakistan’s Annual Payment Systems Review FY2024-25, PRISM+ processed 5.8 million transactions valued at PKR 1,240 trillion — nearly 11 times Pakistan’s gross domestic product. The total value marked a 19 percent increase from PKR 1,043 trillion recorded the previous year, highlighting strong growth in large-value transactions.

Around 72.5 percent of these settlements involved government-securities trades, underscoring the system’s central role in the money and bond markets.

Global standards and automation

PRISM+ adopts the ISO 20022 global messaging standard, ensuring interoperability with advanced international payment systems. It integrates the RTGS with the Central Securities Depository, allowing straight-through processing for Treasury Bills and Pakistan Investment Bonds.

The system features real-time liquidity dashboards, automated queue management, and detailed audit trails. Role-based access controls and encrypted communication further enhance operational security and data integrity.

Efficiency and liquidity management

The upgraded system enables banks to monitor their liquidity positions in real time, transfer collateral, and meet settlement obligations with greater precision. Automation has reduced manual intervention and settlement risk, while improved transparency is expected to boost institutional confidence in Pakistan’s secondary bond market.

Economists believe that PRISM+ will strengthen the backbone of Pakistan’s financial markets and enhance the efficiency of monetary-policy transmission. Real-time liquidity data will also help regulators in managing financial stress and maintaining system stability.

Expanding digital integration under Vision 2028

The State Bank plans to extend PRISM+ connectivity to non-bank financial institutions and integrate its data with Raast, Pakistan’s instant retail payment system. This linkage will allow comprehensive oversight of payment liquidity and improve the overall resilience of the financial ecosystem.

According to the central bank’s review, PRISM+ aligns Pakistan’s payment architecture with international best practices and signals the country’s readiness for a fully digital, transparent, and secure financial-market infrastructure under Vision 2028.

Quarterly trade deficit widens, but exports show resilience

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Quarterly trade deficit widens, but exports show resilience

ISLAMABAD, Nov 4 (Wealth Pakistan) — Pakistan’s external trade showed mixed performance during the first quarter of the fiscal year 2025-26. While exports posted a gradual recovery in September, rising month-on-month, imports expanded more sharply, widening the overall trade deficit.

Exports rise in September despite global slowdown

According to data released by the Ministry of Commerce, Pakistan’s exports in September 2025 stood at 2.5 billion dollars compared to 2.4 billion dollars in August, showing a month-on-month increase of 3.48 percent. In rupee terms, exports rose 3.04 percent to 703 billion rupees from 683 billion rupees in the previous month.

On a yearly basis, however, exports declined 11.85 percent from 2.8 billion dollars recorded in September 2024. For the first quarter (July–September) of FY26, exports reached 7.6 billion dollars, marking a mild contraction of 3.88 percent compared to 7.9 billion dollars in the same quarter of last fiscal year. In rupee terms, quarterly exports totalled 2,149 billion rupees, slightly lower than 2,200 billion rupees a year earlier.

Imports rebound on rising energy and machinery demand

Imports grew strongly during the same period, reflecting higher inflows of petroleum products, industrial machinery, and raw materials. Total imports in September 2025 reached 5.9 billion dollars, up 11.63 percent from 5.3 billion dollars in August. In rupee terms, imports rose 11.33 percent to 1,664 billion rupees from 1,495 billion rupees a month earlier.

Compared with September 2024, imports increased 15.16 percent in dollar terms and 16.49 percent in rupees, driven by higher global commodity prices and improved supply chain conditions. Cumulative imports for July–September 2025-26 stood at 17 billion dollars, up 13.88 percent from 14.9 billion dollars in the same period last year. In rupee terms, imports grew 15.57 percent year-on-year to 4,818 billion rupees from 4,169 billion rupees.

Trade deficit expands but remains within range

As a result, Pakistan’s trade deficit widened in September 2025 but stayed within a manageable range. The monthly trade gap increased to 3.4 billion dollars compared to 2.8 billion dollars in August, showing an 18.49 percent rise. In rupee terms, the deficit rose 18.30 percent to 960 billion rupees from 812 billion rupees.

On a year-on-year basis, the deficit expanded 48.58 percent in dollar terms and 50.16 percent in rupees compared to September 2024. For the first quarter, the trade deficit stood at 9.4 billion dollars, showing a 33.80 percent rise from 7 billion dollars in the same quarter of FY25. In rupee terms, the deficit widened 35.57 percent to 2,668 billion rupees from 1,968 billion rupees.

Officials see signs of external sector recovery

Officials noted that the recent uptick in exports, despite weak global demand and a stable exchange rate, highlights resilience in Pakistan’s external sector. They said import growth, mainly in petroleum and machinery, reflects improving industrial demand and gradual reactivation of economic activity.

“The narrowing quarterly export contraction and higher import volumes indicate normalisation in trade flows and an improving business environment,” said an official.

Although the deficit widened, analysts believe the broader increase in trade activity signals renewed momentum in the external sector. The export-to-import ratio, which stood at 42.3 percent in September 2025 compared to 45.7 percent in August, shows room for improvement but confirms steady export engagement as the fiscal year advances.

Key textile value-added categories drive Pakistan’s export growth

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Key textile value-added categories drive Pakistan’s export growth

ISLAMABAD, Nov 4 (Wealth Pakistan) — Pakistan’s textile exports continued to show steady improvement during the first quarter (July–September) of the fiscal year 2025-26, with major value-added categories driving growth. The upward trend signals a gradual recovery in external demand and stronger performance compared with the same period of the last fiscal year.

Textile exports rise 5.6 percent

According to data released by the Ministry of Commerce for 1QFY26, textile group exports climbed to 4.7 billion dollars from 4.5 billion dollars in 1QFY25, registering a growth of 5.63 percent. The sector’s share in overall national exports also expanded from 57.18 percent to 62.83 percent, reaffirming its dominant position in Pakistan’s export profile.

Value-added segments lead growth

The value-added textile categories showed the most significant gains. Knitwear exports rose by 12.21 percent, reaching 1.4 billion dollars compared with 1.2 billion dollars a year earlier. Bedwear exports increased 7.28 percent to 852.87 million dollars against 794.97 million dollars previously. Towel exports edged up 1.44 percent to 265.07 million dollars, indicating stable orders from global buyers in the home textile segment.

Tents, canvas, and tarpaulin products posted the strongest growth, surging 37.93 percent to 39.72 million dollars from 28.80 million dollars in 1QFY25. This reflected renewed international demand for technical and specialised textile products.

Garments and synthetic textiles improve

Exports of readymade garments grew 6.07 percent to 1.05 billion dollars from 996 million dollars in the same quarter last year, supported by improved shipments of fashion and finished apparel. Art silk and synthetic textiles also rose 1.62 percent to 98.04 million dollars from 96.48 million dollars, indicating steady performance in blended fabric categories.

Mixed performance in basic textiles

In contrast, raw and semi-processed textile exports remained subdued. Cotton yarn exports dropped 8.97 percent to 2.5 billion dollars from 2.7 billion dollars, while cotton cloth declined 4.96 percent to 5.1 billion dollars compared to 5.4 billion dollars last year. Analysts said the lower global demand for basic textile materials was offset by the continued expansion of value-added exports, which now represent a larger share of Pakistan’s textile earnings.

Industry outlook and policy support

Industry observers believe the overall 5.63 percent growth highlights resilience in Pakistan’s textile industry despite soft global demand and weak cotton prices. “The improvement in knitwear, bedwear, and garments is a positive signal for export diversification and competitiveness in value-added categories,” said a market analyst.

Made-up articles, including other textile items, recorded an increase to 206 million dollars, while other textile materials rose 1.58 percent to 190 million dollars. The Pakistan Textile Council (PTC) has urged the government to ensure regionally competitive energy tariffs, rationalised taxation, and a legally backed five-year export policy to sustain growth and encourage further investment in the textile sector.

Egypt unveils Grand Egyptian Museum after two-decade wait

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Egypt unveils Grand Egyptian Museum after two-decade wait

CAIRO, Nov 3 (Reuters) – Egypt has finally opened its long-awaited Grand Egyptian Museum (GEM), a sprawling cultural complex near the Giza Pyramids designed to house one of the world’s richest collections of ancient artefacts. The inauguration marks the end of a two-decade construction journey delayed by political upheavals, the pandemic, and regional conflicts.

A global cultural showcase

Prime ministers, presidents, and royalty gathered in Cairo on Saturday to witness the grand opening ceremony. Prime Minister Mostafa Madbouly described the project as “a gift from Egypt to the whole world from a country whose history goes back more than 7,000 years.”

The evening spectacle included dazzling drone light shows, fireworks, and performances by Egyptian pop artists and an international orchestra. Dancers in pharaonic-inspired costumes performed before a giant screen projecting images of the country’s most iconic archaeological sites.

President Abdel Fattah al-Sisi said Egypt was “writing a new chapter in the story of this ancient nation’s present and future.” Distinguished guests included German President Frank-Walter Steinmeier, Dutch Prime Minister Dick Schoof, Hungarian Prime Minister Viktor Orban, Palestinian President Mahmoud Abbas, and the crown princes of Oman and Bahrain.

Home to Tutankhamun’s treasures

The museum’s centrepiece is the complete collection of treasures from the tomb of Pharaoh Tutankhamun, discovered in 1922. Among the artefacts are his golden burial mask, throne, sarcophagus, and thousands of other relics that have fascinated archaeologists for generations.

A massive statue of Ramses II now dominates the museum’s entry hall, having been relocated from its previous home in Cairo’s Ramses Square. The museum’s sleek, pyramid-inspired design contrasts sharply with the ageing neoclassical Egyptian Museum in downtown Cairo, which opened more than a century ago.

Restoring Egypt’s heritage image

The new complex aims to move beyond the controversies that dogged the old museum, which suffered theft and damage during Egypt’s 2011 uprising. One infamous incident occurred in 2014 when the beard of Tutankhamun’s burial mask broke off during maintenance and was hastily glued back on before being properly restored the following year.

Officials hope the GEM will restore Egypt’s reputation for cultural stewardship and strengthen its calls for the repatriation of artefacts held in foreign museums.

State-run Al-Ahram Weekly described the museum as “a philosophy as much as a building,” writing: “The GEM is not a replica of the Louvre or the British Museum. It is Egypt’s response to both. Those museums were born of empire; this one is born of authenticity.”

A $1 billion monument to national pride

Designed by Irish firm Heneghan Peng Architects, the $1 billion museum spans more than 120 acres, roughly the size of Vatican City. Much of the funding came from Japanese development loans.

Officials believe the museum, one of several mega-projects completed under Sisi’s leadership, will help revive tourism and boost foreign currency inflows. Tourism remains a cornerstone of Egypt’s economy, which has struggled amid regional wars and global financial uncertainty.

Although parts of the museum opened to limited visitors last year, the full collection is now ready to welcome the public, offering Egypt a powerful new showcase for its cultural legacy.

This news was originally published by Reuters.

Signs of resilience

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Signs of resilience

Pakistan’s external trade landscape presents a mixed picture in the first quarter of FY2025-26: a widening deficit but also clear signs of resilience in exports and underlying industrial recovery. The latest official data suggests that while import demand is rebounding faster than export earnings, the composition of trade flows indicates renewed momentum in domestic production and supply chains.

Encouraging uptick in monthly exports

According to the Ministry of Commerce, exports in September 2025 stood at $2.5 billion, compared with $2.4 billion in August — a modest but positive increase of 3.48 percent. In rupee terms, exports rose 3.04 percent to Rs703 billion from Rs683 billion.

However, on a year-on-year basis, exports declined 11.85 percent from $2.8 billion recorded in September 2024, reflecting the lingering impact of slower global demand and commodity price adjustments.

For the first quarter (July–September 2025-26), exports totalled $7.6 billion — a 3.88 percent decline from $7.9 billion during the same period last year. In rupee terms, quarterly exports amounted to Rs2,149 billion, down 2.32 percent compared to Rs2,200 billion in the corresponding period of FY2024-25.

Imports rebound amid industrial recovery

Imports showed a sharper rise, pointing to recovering domestic activity and higher energy inflows. Total imports during September reached $5.9 billion, up 11.63 percent from $5.3 billion in August. In rupee terms, imports climbed 11.33 percent to Rs1,664 billion from Rs1,495 billion.

Compared with September 2024, imports were up 15.16 percent in dollar terms and 16.49 percent in rupees, indicating stronger import demand as industrial and infrastructure projects gain traction.

Cumulatively, imports during the first quarter of FY2025-26 stood at $17 billion — an increase of 13.88 percent from $14.9 billion in the same quarter last year. In rupee terms, imports reached Rs4,818 billion, up 15.57 percent from Rs4,169 billion.

Trade deficit widens but remains manageable

As a result, the trade deficit widened in September but stayed within a manageable range. The gap expanded to $3.4 billion from $2.8 billion in August — an 18.49 percent month-on-month increase. In rupees, the deficit rose 18.30 percent to Rs960 billion from Rs812 billion.

Year-on-year, the deficit widened 48.58 percent in dollar terms and 50.16 percent in rupees. For the July–September quarter, the overall trade deficit reached $9.4 billion, up 33.80 percent from $7.0 billion during the same period last year. In rupees, the gap increased 35.57 percent to Rs2,668 billion from Rs1,968 billion.

Exports show resilience despite global slowdown

Despite these pressures, officials note that export performance — though below last year’s peak — remains relatively stable in the face of weak global demand and domestic cost challenges. The recent pickup in monthly exports and the steady rupee-dollar exchange rate suggest that Pakistan’s manufacturing and agro-based exports are holding ground.

“The narrowing quarterly export contraction and higher import volumes suggest normalisation in trade flows and improving industrial sentiment,” a senior official observed.

Cautious optimism for coming months

While the export-to-import ratio slipped to 42.3 percent in September from 45.7 percent in August, the underlying trends show that Pakistan’s export base remains active. Stronger energy imports, machinery inflows, and improving order books point to early signs of reactivation in industrial production.

Economists argue that the coming quarters will test whether the modest export revival can sustain against a strengthening import rebound. Nonetheless, the momentum seen in September underlines that Pakistan’s external sector is gradually moving from contraction to recovery — a sign that policy stability and improved logistics are beginning to yield results.

Mobile banking apps drive 52pc surge in digital transactions

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Mobile banking apps drive 52pc surge in digital transactions

ISLAMABAD, Nov 3 (Wealth Pakistan) – Mobile banking has become the dominant force in Pakistan’s digital-finance landscape, with smartphone applications now serving as the primary financial access channel for millions of users.

Record expansion in mobile transactions

According to the Annual Payment Systems Review FY2024-25 released by the State Bank of Pakistan (SBP), mobile-banking transactions soared 52 percent year-on-year to 6.2 billion, carrying a cumulative value of PKR 97 trillion. In the previous year, users executed 4.1 billion transactions worth PKR 63 trillion. This represents the fastest expansion among all banking channels and marks a significant shift from branch-based to mobile financial behaviour.

The report highlighted that registered mobile-banking users reached 24.1 million by the end of FY2024-25, while branchless-banking app users surged to 79.2 million. Internet-banking customers also rose to 14.9 million, underscoring that digital access has moved beyond urban centres to become mainstream across the country.

Fintechs and e-wallets on the rise

Electronic-money wallets showed a sharp 56 percent rise, reaching 5.8 million active users. Electronic-Money Institutions (EMIs) processed PKR 471 billion in transactions during FY2024-25 — almost double the previous year’s value — reflecting their growing importance in reaching unbanked populations.

The SBP credited this performance to improved regulatory clarity, stronger Know Your Customer (KYC) protocols, and real-time settlement through the Raast instant-payment network. These measures have enhanced trust and accelerated adoption among low-income and first-time users.

Digital Pakistan Vision driving transformation

The central bank attributed the rapid growth to its multi-year Digital Pakistan Vision 2028, which promotes interoperability, innovation, and inclusion. Increased competition among commercial banks to offer zero-fee transactions, better mobile interfaces, and faster onboarding has further accelerated the digital shift.

Features such as push notifications, biometric logins, and instant QR payments have made mobile apps more secure and convenient. Analysts note that Pakistan’s young population — with 65 percent under the age of 35 — naturally prefers smartphone-based financial services, which are now expanding faster than traditional deposit growth in many banks.

Financial inclusion through mobile channels

SBP officials said mobile banking is transforming the economics of financial intermediation. With low infrastructure costs and automated onboarding, banks can profitably reach rural and remote customers, bridging the gap between deposits and access to credit.

Small-value transactions below PKR 10,000 recorded the fastest growth, signalling deeper everyday use of mobile platforms. Agricultural workers, students, and small vendors increasingly use wallet and app-based systems for payments, supporting inclusive economic participation.

Shift in consumer payment habits

The report also revealed that nearly 93 percent of e-commerce transactions were conducted through digital wallets or bank accounts rather than debit or credit cards. This shift reflects growing confidence in instant, low-cost digital options.

As financial-literacy initiatives and dispute-resolution systems mature, SBP expects consumer trust in mobile payments to strengthen further.

Outlook for FY2025-26

Looking ahead, the central bank projects another year of double-digit growth in mobile banking as it introduces open-API standards, enhances cybersecurity oversight, and links fintechs with the new PRISM+ and Raast systems.

Experts predict mobile transactions could exceed 10 billion annually by FY2025-26, positioning Pakistan among the fastest-growing digital-payment markets in Asia.

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