【Daily】15 Aug. Brief of Pak BizNews
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KSE 100 42,858 ▲1.45% KMI 30 70,255 ▲1.67% KASB Tech Index 418 ▲1.32%
KASB Market View
· PKR gained 3.85% against the USD amidst the positive news on LOI from IMF. · SBP foreign reserves fell by $2bn in 5-weeks.
National News
IMF money may arrive in Pakistan’s account by August-end The International Monetary Fund (IMF) has convened a meeting of its executive board on August 29 to approve a bailout package for Pakistan, including disbursement of about $1.18bn, before the close of current month. https://www.dawn.com/news/1704590/imf-money-may-arrive-in-pakistans-account-by-august-end
S Arabia to renew $3bn deposit for Pakistan this week Saudi Arabia plans to renew its $3 billion deposit in assistance to Pakistan, as the South Asian nation looks to rein in one of Asia’s highest inflation rates and stave off a current-account crisis, according to people familiar with the matter.
Budget deficit soars to Rs5.5tr Pakistan booked a record federal budget deficit of nearly Rs5.5 trillion in the last fiscal year, breaching the annual target by a wide margin of Rs1.5 trillion due to imprudent fiscal policies of the Pakistan Tehreek-e-Insaf (PTI) government that led to the overshooting of expenditures. https://tribune.com.pk/story/2371058/budget-deficit-soars-to-rs55tr
Oil refineries’ estimates: POL products’ prices may soar by up to Rs16.48 per litre The federal government may increase the prices of petroleum products by up to Rs16.48 per litre with effect from August 16, according to the estimates of oil refineries.
Oil companies seek revised margins The Petroleum Division has proposed to the Economic Coordination Committee (ECC) to raise margins of oil marketing companies (OMCs) by 63% following an increase in cost of doing business and revision in oil prices on a weekly basis. https://tribune.com.pk/story/2371061/oil-companies-seek-revised-margins
SBP injects Rs743b into banks Pakistan’s central bank has injected almost Rs743 billion into commercial and Shariah-compliant banks for up to 63 days at a return of 15.11% in an attempt to encourage the financial institutions to provide financing to the government at stable rates. https://tribune.com.pk/story/2371045/sbp-injects-rs743b-into-banks
Auto sales plunge 50pc in July as prices go north Passenger car sales crashed 50 percent in July compared to the same month last year, chiefly owing to extravagant auto prices, high interest rates, and waning affordability, data showed on Friday. https://www.thenews.com.pk/print/981794-auto-sales-plunge-50pc-in-july-as-prices-go-north
Export-oriented sectors granted subsidised energy tariffs The government has formally decided to supply electricity at a rate of 9 cents per kWh and RLNG at $9 per MMBtu without any disparity to zero-rated five export-oriented sectors across the country for existing connections till end-June 2023, The News has learnt. https://www.thenews.com.pk/print/981791-export-oriented-sectors-granted-subsidised-energy-tariffs
Discos allowed Rs9.9 tariff hike for June The National Electric Power Regulatory Authority (Nepra) on Friday notified ex-Wapda distribution companies (Discos) to charge Rs9.90 per unit additional fuel cost adjustment (FCA) on electricity they sold in June to collect an extra Rs132 billion during August. https://www.dawn.com/news/1704569/discos-allowed-rs99-tariff-hike-for-june
Pakistan, Turkiye sign agreement to boost trade Pakistan and Turkiye have signed a preferential trade agreement (PTA) to boost trade in certain products between the two countries. https://www.dawn.com/news/1704588/pakistan-turkiye-sign-agreement-to-boost-trade
SBP to issue MPMG scheme with revised features by August end The State Bank of Pakistan (SBP) on Friday said the Mera Pakistan Mera Ghar (MPMG) Scheme would be relaunched by end August with revise features in light of changed macroeconomic situation. https://www.thenews.com.pk/print/981797-sbp-to-issue-mpmg-scheme-with-revised-features-by-august-end
Uniform tariff policy: Power Div seeks Rs1.55/unit hike in KE tariff Power Division has reportedly requested Cabinet Division to expedite final approval of Rs1.55 per unit hike for K-Electric consumers under the quarterly tariff adjustment (QTA) mechanism for ensuring uniform tariff across the country. |
Commodities and Currency: 1-Day Change
Gold: USD 1810 ▼0.30%
Silver: USD 21 ▼0.39%
Crude Oil: USD 91 ▼0.88%
USD-PKR: Rs 212 ▼3.10%
