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Pakistan’s weekly inflation rate increased by 0.45%.

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The SPI in the aforementioned category was 309.91 points for the week under review, compared to 308.52 points for the previous week, based on PBS data.

The SPI for the combined consumption group saw a 21.69 percent increase in the week under review compared to the same week the previous year.

51 basic goods for all expenditure groups and 17 urban centers are covered by the weekly SPI with the base year 2015–16 = 100.

From 298.82 points the previous week, the SPI for the lowest consumption category, up to Rs 17,732, increased by 0.81 percent to 301.25 points.

The SPI climbed by 0.70 percent, 0.56 percent, 0.51 percent, and 0.33 percent, respectively, for the consumption groups of Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175.

Nineteen (37.26%) of the fifty-one items had price increases over the week, fourteen (27.45%) had price decreases, and eighteen (35.29%) had unchanged prices.

A weekly average price drop was seen for the following items: bread (3.02%), garlic (2.00%), petrol (1.74%), pulse masoor (1.43%), diesel (1.42%), rice basmati broken (1.32%), chili powder (1.31%), eggs (0.94%), wheat flour (0.77%), and mustard oil (0.46%).

The commodities that experienced a weekly increase in average prices were onions (33.21%), tomatoes (15.34%), bananas (4.93%), potatoes (2.62%), georgette (1.57%), gur (1.45%), onions (33.21%), lawn (0.66%), cigarettes (0.41%), and energy saver (0.38%).

Chicken (29.00%), wheat flour (28.35%), bananas (25.69%), cooking oil (5 liters; 17.05%), vegetable ghee 2.5 kg (15.12%), vegetable ghee 1 kg (14.19%), mustard oil (9.73%), eggs (8.73%), and lpg (5.47%) were among the items that lost value year over year.

The following commodities saw an increase in average price year over year: gas for Q1 (570.00%), onions (100.37%), garlic (43.40%), chili powder (57.89%), tomatoes (36.23%), salt powder (31.30%), shirting (30.52%), men’s sandals (25.01%), pulse mash (25.00%), beef (21.86%), energy saver (20.53%), and sugar (19.85%).

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Tourism boom: During Eidul Azha, more than 400,000 people travel to KP

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Over 400,000 people travelled to several beautiful locations in Khyber Pakhtunkhwa between June 17 and June 19, celebrating the recently ended Eidul Azha festivities.

With over 174,000 visitors in one day, Naran Kaghan emerged as the most popular location. Visitors looking for a getaway from the city are still drawn to Naran Kaghan’s calm scenery and charming valleys.

A total of 162,000 visitors to Galiyat took in the city’s rich history at its cultural institutions and historical landmarks. In addition, more than 46,000 people visited Malam Jabba in Swat, and 23,000 people visited Upper Dir to take in its stunning surroundings.

Khyber Pakhtunkhwa is becoming a popular domestic vacation destination due to its unique combination of natural beauty, cultural legacy, and adventure options, as seen by the rise in visitor numbers.

Businesses and local government agencies have been collaborating to make sure tourists have an unforgettable time while appropriately handling the inflow.

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Pakistan currently has $14.41 billion in foreign exchange reserves.

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In a statement, the central bank stated that as of June 14, 2024, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) stood at $9.135 billion, following the increase.

The announcement also stated, “SBP reserves increased by US$ 31 million to US$ 9,134.7 million during the week ended on June 14, 2024.”

The State Bank of Pakistan (SBP) stated that the nation had $14.415 billion in total liquid foreign reserves. Commercial banks own $5.28 billion of the total in net foreign reserves.

It was announced earlier on June 13 that Pakistan’s foreign exchange reserves reached US$14.38 billion, up US$168 million in the first week of June.

Pakistan’s reserves held by commercial banks rose by US$174 million to $5.28 billion for the week that ended on June 7, according to a statement released by the central bank.

The SBP now has US$9.10 billion in reserves, down US$6.2 million from before. The central bank did not provide an explanation for why its reserves fell.

“SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on July 7, 2024,” the SBP said in a statement.

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In a first for history, PSX crosses the 77,000 milestone.

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At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

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