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Taming Inflation in US Will Be Painful: US Fed
US Fed Chair Jerome Powell said that taming inflation in the US will be painful. He said that it may slow growth and create joblessness. He said that this needs to be done to douse a 40 year high inflation. Borrowing costs will be raised to restrict growth, and would keep them there “for…
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SBP Sets Rs. 1.8 trillion Agri Target
The State Bank of Pakistan (SBP) set the new agriculture credit disbursement target for FY23 of Rs 1.8 trillion to the financial institutions. Specific targets of Rs. 140 billion for production loans of wheat crop, Rs. 45 billion for tractor financing and Rs. 20 billion for financing for harvesters, planters and other farm machinery…
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Pakistan Current Account Deficit Down 45%
Pakistan’s current account deficit for July 2022 reduced by by 45% to $1.2 billion, which in June was $2.2 billion. This has happened due to a 26 fall in imports (goods and services) to $6.2 billion.
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India Sacks Officers for Accidental Missile Fire
The Indian Air Force said the Indian government sacked three officers for the accidentally firing of a Bhramos missile into Pakistan on 9 March 2022. Pakistan reacted calmly as it had been monitoring the event. India did not admit to this for a considerable elapsed time. Pakistan demanded answers, which were provided with considerable delay.…
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Russia Becomes 3rd Largest Yuan Market
Russia became the third largest market for the Chinese Yuan, followed by Hong Kong and UK. This comes in the wake of the Ukraine centered sanctions on Russia. According to SWIFT, in July, Russian institutions were involved in almost 4% of international yuan payments, which was 1.42% in June and zero in February. …
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Need of National Dialog: Pakistan PM
Pakistan’s Prime Minister Shehbaz Sharif emphasized on Pakistan’s Independence Day, the need for initiating a national dialogue and developing consensus on a ‘charter of economy’ to transform Pakistan into an economic power. The Prime Minister was addressing the national flag-hoisting and unveiling of re-recorded national anthem after 68 years here at the Jinnah Convention…
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US Dollars in Pakistan Homes
Mr. Malik Bostan, President of the Pakistan FOREX Association of Pakistan spoke to electronic media about the recent rise in the Pakistan Rupee from approximately Rs. 250 / $US to Rs. 226 / $US. The Rupee experienced a considerable fall in value from Rs. 180 to the mentioned level in a matter of 4 months…
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Pakistan Reiterates its Staunch Adherence to the “One-China” Policy
It was reported that the “One-China” Policy and Pakistan‘s support for China’s sovereignty and territorial integrity have both been reiterated by Pakistan. Foreign Office Spokesperson Asim Iftikhar Ahmad issued a statement in which he said Pakistan is gravely worried about the developing situation in the Taiwan Strait, which has major ramifications for regional peace and…
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WeChat Service Launched By SECP To Aid Chinese Investors
It was reported that the Securities and Exchange Commission of Pakistan (SECP) has become the first government agency to offer WeChat services. Now Chinese investors can quickly incorporate businesses in Pakistan with the aid of the WeChat service and make informed investment selections. The users will rapidly obtain information on name availability and company incorporation…
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FBR Tax Collection Goal Surpassed
It was reported that the tax collection for July, of the Federal Board of Revenue had exceeded the target of Rs. 443 billion, and touched Rs. 458 billion. FBR said that these July collections were 10% more than last July when Rs. 417 billion were collected.
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US GDP Dip
It was reported that the US GDP dipped for the second quarter. For the period April – June, it dipped by -0.9%. Mention of a recession is being denied as reportedly, businesses remained confident of growth.
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S&P Downgrades Pak Ratings
S&P Global Ratings downgraded its outlook on Pakistan’s long-term ratings to negative from stable on the weakening external position, caused primarily due to higher commodity prices, rupee depreciation, and tighter global financial conditions. S&P affirmed its “B-” long-term and “B” short-term sovereign credit ratings on Pakistan, as well as “B-” long-term issue rating on Pakistan’s…
