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EURO Dips close to Dollar
On 5th July 2022, the Euro fell to a 20 year low of Euro 1.031 to US$1, which is close to the price of the US$.
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Roshan Digital Account at Historic Level
The State Bank of Pakistan managed Roshan Digital Accounts touched inflows of $4.6 billion by the end of June 2022, which is a historic level. RDA inflows for FY22 rose by 195% to $4.61 billion, from $1.56 billion in FY21.
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Pakistan Inflation Rises
Pakistan’s Consumer Price Index for June ’22 increased by 21.3% (last: 9.7%). The average inflation for FY22 was 12.2% (last: 8.9%). According to the PBS data, the prices of the following food and non-food items increased: tomatoes, potatoes, eggs, cooking oil, vegetable ghee, masoor, wheat, rice, milk, electricity charges, motor fuels, construction input items,…
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Current Account Deficit for July – May
Pakistan’s current account deficit for July – May FY22 crossed $15 billion mark (last: $1.2 billion). This rise is mainly due to higher import values, which are due to higher oil prices and a lower rupee.
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NCOC Issues COVID Guidelines
Pakistan’s National Command and Operation Center (NCOC) reissued the directives and guidelines regarding COVID, as cases have started to reappear. Masks have been recommended in domestic interaction and travel.
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India Blocks Pakistan BRICS Attendance
Pakistan’s Foreign Office confirmed that Pakistan’s participation as a non-member state in the “High-level Dialogue on Global Development” on the sidelines of BRICS (Brazil, Russia, India, China, South Africa) meetings was blocked by “a member”. This one member is considered to be India. The ‘High-level Dialogue on Global Development’ was virtually held on 24th…
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Russia Defaults on Debt
It was reported that Russia defaulted on its foreign debt. This was the first time it defaulted since the Bolshevik revolution in 1917. Reportedly, Moscow failed to pay $100 million in interest on two bonds during a 30-day grace period which expired on 26th June 2022. The US said that the sanctions on…
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Government Announces Super Taxes
Pakistan‘s government announced the imposition of super taxes of a max of 10% on big but profitable industries. The GoP said that the decision was a difficult decision but had to be taken in the larger interest of the country. The industries covered in this super tax regime are cement, steel, sugar, oil and…
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Market View: Consolidation Expected
TANGENT‘s View: The Pakistan stock market will consolidate yesterday’s activity. Agreements with International Financial Institutions are expected but the finality is still awaited. To receive reviews and services, send a WhatsApp / WeChat msg to (+92) 0333 5108910. *TANGENT* disclaimer applies. https://youtu.be/R9HOmxbZO5k
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Russia Causing Famine: EU
EU foreign policy chief Josep Borrell said that Russia is putting the world at risk of famine through its blockade of Ukraine’s shipments of grains and restrictions on its own exports. He further said, “We are ready to work with the UN and our partners to prevent any unwanted impact on global food security.”
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FATF Requirements Met
The Financial Action Task Force (FATF) acknowledged, at its its plenary meetings held in Berlin on 13-17 June 2022, that Pakistan has completed all 34 items of the two separate action plans, bringing it nearer to finally exit the country out of its grey list, which will be discussed in October 2022. This will be…
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Exports and Deficit Up
Pakistan’s exports for July – May FY22 increased 28% and touched $28.9 billion (last: $22.6 billion). Imports for the same period increased 45% and touched $72.3 billion (last: $50 billion). Textile Group exports were $17.623 billion (last: $13.7 billion).
