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Furniture conglomerate IKEA to launch Pakistan operations

This picture taken on March 18, 2020 shows the Ikea store entrance in Delft, Netherlands. (AFP)
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Updated 30 December 2020
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Furniture conglomerate IKEA to launch Pakistan operations

  • Pakistan’s envoy to Germany meets IKEA’s Dieter Mettke who is going to Pakistan to start IKEA operations there
  • IKEA started its Asia push in the early 2000s and opened its first store in India in 2018
Updated 30 December 2020
Arab News Pakistan

ISLAMABAD: Pakistani ambassador to Germany, Dr Mohammad Faisal, said on Tuesday he had met Dieter Mettke from the multinational IKEA conglomerate who was en route to Pakistan to start IKEA operations there.

IKEA is a multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories. Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, IKEA is one of the world's largest furniture retailer since 2008.

“Met Dieter Mettke @IKEA_Deutchland. He is going to #Pakistan to be Incharge of #ikea operations,” Ambassador Faisal said on Twitter. “We look forward to #ikea opening up stores in major cities of #Pakistan.”

IKEA started its Asia push in the early 2000s and opened its first store in India in 2018.

The group has already taken its huge out-of-town stores packed with modern Scandinavian style to more than two dozen markets, with the product and experience instantly recognizable across them all.

In developed markets, IKEA is positioned as a low-priced mass-market brand, but in emerging markets where low prices are the norm, it targets a growing middle class that aspires to international lifestyle products.

Topics: Pakistan IKEA

Pakistan cuts key rate by 50 bps to 10.5% in surprise move after holding for four meetings

Updated 9 sec ago
Reuters
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Pakistan cuts key rate by 50 bps to 10.5% in surprise move after holding for four meetings

  • An IMF staff report last week warned against premature easing, with analysts expecting SBP to hold the policy rate
  • Inflation remains within the bank’s target band, but analysts expect price pressures to rise later in the fiscal year
Updated 9 sec ago
Reuters

KARACHI: Pakistan’s central bank cut its key interest rate by 50 basis points to 10.5 percent on Monday, the bank said on its website, breaking a hold on the rate for four meetings in a move that surprised analysts and came despite IMF warnings to avoid premature easing.

All 12 analysts in a Reuters poll had expected the State Bank of Pakistan (SBP) to hold the policy rate at 11 percent.

Monday’s reduction takes the total easing since rates peaked at 22 percent to 1,150 basis points, after the SBP delivered 1,100 bps of cuts between June 2024 and May 2025 and then held the rate steady for four meetings before Monday’s move.

Inflation edged down to 6.1 percent in November from 6.2 percent in October, within the SBP’s 5 percent–7 percent target band, with analysts expecting it to rise again later in FY26 as base effects fade and food and transport prices stay volatile.

An IMF staff report last week warned against premature easing, calling for policy to remain data-dependent to anchor expectations and rebuild external buffers, even as Pakistan received a $1.2 billion disbursement under its loan program.

Topics: State Bank of Pakistan

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