【Daily】7 Jan. Brief of Pak BizNews
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KSE 100 45,082.30 ▼ 0.72% KMI 30 73,146.21 ▼ 3.09% KASB Tech Index 475.54 ▼ 3.09%
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National News Forex reserves fall to $24.02bln Pakistan’s foreign exchange reserves fell to $24.02 billion in the week ended December 31, from $24.27 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday. https://www.thenews.com.pk/print/923043-forex-reserves-fall-to-24-02bln
40pc of agreed amount: 12 IPPs paid over Rs60bn as first instalment Power Division is said to have paid over Rs 60 billion to 12 IPPs of Power Policy 2002, 40 per cent of total agreed amount as first instalment, well informed sources told Business Recorder.
Banks disburse Rs355bln housing loans in 2021 Credit to the housing and construction sector increased by record Rs163 billion or 85 percent in 2021, mainly driven by the central bank’s rules to encourage mortgages and incentives and penalties for lenders with respect to achieving or failing housing finance targets https://www.thenews.com.pk/print/923033-banks-disburse-rs355bln-housing-loans-in-2021
Fuel oil stocks pile up to 145,000 tonnes; IPPs limit buying Furnace oil glut in the domestic market is touching 145,000 tonnes now; with independent power producers (IPPs) continuing to practice restraint in buying stocks held by refineries, latest figures available with The News showed on Thursday. https://www.thenews.com.pk/print/923036-fuel-oil-stocks-pile-up-to-145-000-tonnes-ipps-limit-buying
IMF Board to meet on 12th The IMF Executive Board calendar updated on its website shows that its meeting has been scheduled for January 12, 2022, and the agenda includes, Pakistan - 2021 Article IV Consultation, Sixth Review under the Extended Arrangement, under the Extended Fund Facility, and Requests for Waivers of Nonobservance of Performance Criteria and Rephasing of Access”. https://www.brecorder.com/news/40145381/imf-board-to-meet-on-12th
Govt raises Rs167.4bln via Ijara Sukuk The government on Thursday raised Rs167.4 billion through the auction of five-year fixed rate Government of Pakistan (GIS) Ijara Sukuk to help plug the budget gap. https://www.thenews.com.pk/print/923034-govt-raises-rs167-4bln-via-ijara-sukuk
CY21 housing finance soars 85pc to Rs355bn YoY Housing and construction financing by banks posted an unprecedented growth of 85 percent during calendar year 2021 (CY21) supported by the government of Pakistan special markup subsidy scheme “Mera Pakistan Mera Ghar”. https://www.brecorder.com/news/40145384/cy21-housing-finance-soars-85pc-to-rs355bn-yoy
Govt to hold bidding round for HEC on January 12 The government has planned to invite financial bids for privatizing state-run Heavy Electrical Complex (HEC) by the second week of January, a statement said on Thursday. https://www.thenews.com.pk/print/923038-govt-to-hold-bidding-round-for-hec-on-january-12
ECC seeks analysis for shifting towards ARR from LIBOR The Economic Coordination Committee (ECC) of the Cabinet has directed Economic Affairs Division (EAD) to prepare an analysis to shift toward Alternative Reference Rate (ARR) in place of London Interbank Offer Rate (LIBOR) to be adopted, like other countries, and submit recommendations to the ECC for consideration, sources close to Finance Minister told Business Recorder. https://www.brecorder.com/news/40145382/ecc-seeks-analysis-for-shifting-towards-arr-from-libor
FBR chief speaks about IMF’s tax outlook, priorities Federal Board of Revenue (FBR) Chairman Dr Muhammad Ashfaq Thursday said all-out efforts are being made to fix the distortion in the tax system, so that the ongoing Extended Fund Facility should be last programme of the International Monetary Fund (IMF). https://www.brecorder.com/news/40145385/fbr-chief-speaks-about-imfs-tax-outlook-priorities
International News Hawkish Fed sees rate hikes ‘sooner’ as inflation spikes A “very tight” job market and unabated inflation might require the Federal Reserve to raise interest rates sooner than expected and begin reducing its overall asset holdings as a second brake on the economy, U.S. central bank policymakers said in their meeting last month. https://www.brecorder.com/news/40145371/hawkish-fed-sees-rate-hikes-sooner-as-inflation-spikes
Commodities and Currency: 1-Day Change
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