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July – April Trade Deficit Widens
Pakistanās trade deficit for the July to April period in FY 21 increased by 21.6% to $23.83 (last: $19.59 billion). Imports for the period increased 17.7% to touch $44.71 billion (last: $37.99 billion). Exports increased by 13.5% to touch $20.88 billion (last: $18.4 billion). Corporate Advisory VIDEO.
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High Growth Main Target: Pakistan Finance Minister
Pakistan’s Finance Minister Shaukat Tarin said that the economy policy is now shifting from stabilization to economic growth, and the International Monetary Fund (IMF) will be approached for providing relief on certain conditions e.g. electricity tariff and the circular debt. Quarterly Review Video.
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April Inflation Up
The Consumer Price Index (CPI)-based inflation in Pakistan for the month of April 2021 increased by 11.1% on YoY as compared to an increase of 8.5% in last year, mainly due to increase in prices of food items, fruits and clothing and footwear. The monthly review of price indices by the Pakistan Board of…
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July – April Tax Collection, Refunds In Pakistan
Pakistan’s Federal Board of Revenue (FBR) collected for the period July – April FY21, net revenue of Rs 3.78 trillion (last: Rs. 3.32 trillion) against the assigned target of Rs. 3.64 trillion, reflecting a higher than target collection of Rs. 143 billion, and a growth of 14% over last year. On the other…
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Not seeking conflict with China or Russia: US
US President Joe Biden said, in his first address to the Congress, that he was not seeking conflict with China or Russia as he put a renewed focus on diplomacy. He said “We are in a competition with China and other countries to win the 21st century. Autocrats think democracies can’t compete”. The US…
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Australia Cancels BRI Deals
AustraliaĀ cancelled deals struck by its state of Victoria with China on Beijing’s flagship Belt and Road Initiative, prompting the Chinese embassy in Canberra to warn that already tense bilateral ties were bound to worsen. Under a new legal procedure in Australia, Foreign Minister Marise Payne has the power to review deals reached with…
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Non Cash Banking Tax Collection Up
Withholding income tax collection from non-cash banking transactions in Pakistan in July to March, increased 21% to Rs. 7 billion (last: Rs. 5.8 billion).
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Credit to Private Sector & Bank Investments
The credit to the private sector in Pakistan increased 17% to Rs. 399.7 billion in the period under review, but the banksā investment in the risk-free government securities remained higher. Pakistan’s Banks’ outstanding investment in the government debt securities rose to Rs. 10.1 trillion at the end of January 2021 (last: Rs. 8.79 trillion).
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GOP Borrows Rs. 1.8 trillion in July – April Period
The GOP (Government of Pakistan) borrowed Rs. 1.8 trillion (last: Rs1.79 trillion) from the banking sector in the July – April FY21 period. This increase is up by 1.8%. This borrowing has been due to the repayment of previous loans, lower than expected revenue growth and the expenses in fighting COVID. The GOP…
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Saudia Arabia & Iran Hold Peace Talks
Saudi and Iran held direct peace talks in April to ease tensions. This comes at a time when the US wants to revive a 2015 nuclear pact with Tehran and end the Yemen conflict. The first meeting was on 9th April held in Iraq, did not lead to any breakthroughs. The topics were Yemen…
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Complaints to Pakistan Banking Ombudsman Rise
Complaints against banks lodged with the Pakistan banking Ombudsman for the 1QFY21 i.e. January – March increased by 135%. These complaints concerned frauds, forgeries and other issues. āAlmost 11,732 complaints were received by the Banking Mohtasib Secretariat from 1st January to 31st March, 2021 as against 4,994 complaints received in the same period of…
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Turkey Maintains Interest Rates at 19%
Turkey’s central bank maintained its interest rate (policy rate in Pakistan) at 19%, keeping a tight monetary stance. Inflation had been 16.2% in March 2021, which has forced the Central Bank to maintain a high rates.
