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Russia Has 20% of Land: Ukranian President
The Ukranian President Volodymyr Zelensky said that Russia had taken control of 20% of Ukrranian land. He said this in another attempt to get the EU and US to increase support in fighting Russia.
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World Food Prices Dip, Except for Wheat
The Food and Agriculture Organization reported that there was a slight easing in food prices in May, when its index averaged 157.4, as compared to April’s 158.3. These prices peaked in March. The May dip is still 23% higher than last year. The FAO said that it expects cereal production to fall by 16…
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EU Attempts Russian Oil Embargo
Ambassadors from the 27 European Union member states met again to come to an agreement that would enable them to break the deadlock on a sixth round of economic sanctions against Russia. This included a severe sanction on Russian oil exports to EU members. The latest round of proposed sanctions was blocked by landlocked…
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Sri Lanka Gets Russian Oil
Sri Lanka received Russian oil, which was expected to restart operations in Sri Lanka’s only refinery, Ceylon Petroleum Corporation. Sri Lanka had become cash strapped due to heavy indebtedness which had become apparent, for the past 4 years. As a result Sri Lanka defaulted on its debt payment and ran out of oil and…
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US Fed To Bring Down Inflation
The US Fed said that it is committed to bring down inflation, through successive increases in interest rates. The US Fed said, “While the world’s largest economy is in a solid position, the Federal Reserve must move expeditiously to increase the benchmark borrowing rate and offload the massive bond holdings to tamp down inflation”.…
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Current Account Deficit Dips
Pakistan’s current account deficit dipped 39% in April over the previous month, to touch $623 million (March: $1.02 billion). This happened due to a lower goods import bill and record workers’ remittances. Pakistan received an all time high remittance of more than $3 billion in April, which helped reduce the deficit. Pakistan’s current…
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Pakistan Exports Up 26%, But Deficit Widens
Pakistan exports for the July – April FY22 were up 26% to touch $26.25 billion (last: $20.91 billion). Imports for the same period increased 47% to touch $65.54 billion (last: $44.73 billion). Textile group exports :were $15.98 billion (last: $12.69 billion) and Cotton yarn touched $1.01 billion (last: $824 million). Petroleum group imports…
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Pakistan Remittances Rise, Monthly Record Touched
Pakistani workers’ remittances coming into the country touched a monthly record high of $3.1 billion in April 2022. The total remittances for the July – April FY22 period were $26.1 billion (last: $24.23 billion).
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Roshan Digital Accounts Grow
Growth of funds coming into Pakistan’s Roshan Digital Account (RDA) as of end April 2022 touched $4.2 billion. The RDA’s offer an attractive rate of return for overseas Pakistani’s, and despite political uncertainty, the funds have continued to come in. The largest investment was in Naya Pakistan Certificates which received investments of $2.75 billion.…
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World Food Prices
World Food Prices in April 2022 dipped slightly with vegetable oil showing the largest dip in a group of food items comprising of vegetable oil, cereals, dairy, meat and sugar.
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Inflation in Pakistan
Inflation in Pakistan calculated by the Consumer Price Index (CPI) in April 2022, on a year on year basis, increased by 13.4% (last: 11.1%). Inflation for the July to April period averaged 11% (last: 8.6%). The prices of food and non-food items including fruits, cooking oil/ghee, milk, meat, wheat flour, basen, vegetables, pulses, construction…
