Connect with us

Business

SBP-held reserves tick up by $18m

Published

on

  • Central bank did not mention any specific reason.
  • Net forex reserves held by commercial banks stand at $5.5bn.
  • Total liquid foreign reserves clock in at $9.8 billion.

Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) rose to $4,319 million in the week ending on March 10, the central bank said on Thursday.

Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) rose to $4,319 million in the week ending on March 10, the central bank said on Thursday.

The central bank, in its weekly bulletin, said that its foreign exchange reserves have increased by $18 million to $4,319.1 million as of the week ended March 10, which will provide an import cover of around a month.

A trend curve of foreign exchange reserves and import cover. — Arif Habib Limited
A trend curve of foreign exchange reserves and import cover. — Arif Habib Limited 

The net forex reserves held by commercial banks stand at $5,527.7 million, $1,208.6 billion more than the SBP, bringing the total liquid foreign reserves of the country to $9,846.8 million, the statement mentioned.

The central bank did not mention any specific reason behind an increase in SBP-held reserves.

Pakistan faces the renewed risk of recession amid a deepening political and economic crisis and a delay in the revival of the International Monetary Fund’s (IMF) bailout programme.

Bloomberg survey showed that the probability of the economy slipping into recession stands at 70%, according to the median forecast of 27 economists.

In the last few months, the cash-strapped nation has failed to meet several deadlines to secure funds to stave off a default, which has raised concerns that Pakistan might have to pause debt repayments.

In order to woo the IMF, Prime Minister Shehbaz Sharif-led government have raised taxes, cut energy subsidies, and hiked interest rates to a 25-year high to tamp down prices, but some issues are yet to be resolved.

Pakistan needs funds to revive its $350 billion economy, ease widespread shortages and rebuild its foreign currency reserves. 

The nation’s dollar stockpile has fallen to less than a month’s worth of imports, restricting its ability to fund overseas purchases, stranding thousands of containers of supplies at ports, forcing plant shutdowns and putting tens of thousands of jobs at risk.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

on

By

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Continue Reading

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

on

By

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Continue Reading

Business

The price of gold has drastically dropped in Pakistan.

Published

on

By

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

Continue Reading

Trending