【Daily】24 May Brief of Pak BizNews
KSE 100 42,440.25 ▼ 1.53 %
KMI 30 63,029.12 ▼ 2.09 %
KASB Tech Index 256.89 ▼ 2.83 %
· Market witnessed a bloodbath on Monday due to political noise and uncertainty that has prevailed in the market.
· With the monetary policy at 13.75%, the market might take another dip.
· We expect the macroeconomic situation of the country to remain uncertain, that will adversely affect the stock market.
Key policy rate hiked to 13.75pc
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) Monday announced increase in the key policy rate by 150 basis points to 13.75 percent aimed at containing the rising inflation and mitigating the risks to external stability.
Over $13bn debt incurred in 10 months: EAD
Pakistan incurred a foreign debt of $13.033 billion from multiple financing sources in the first 10 months (July-April 2021-22) including $ 2.623 billion from foreign commercial banks (20 percent) against the total budgeted external loans of $ 14.088 billion for the entire fiscal year.
Economy to improve only after IMF deal: minister
Federal Minister for Planning, Development & Special Initiatives Ahsan Iqbal Monday said that previous government signed agreements with the International Monetary Fund without considering the interests of the country.
Export Finance Scheme: SBP announces increase in markup rate
Following the policy rate hike, the State Bank of Pakistan (SBP) on Monday announced an increase in the markup rate for financing under Export Finance Scheme (EFS) as well, taking it from 5.5% to 7.5%.
5G launch: No consulting services procured so far
The government has revealed that 4G coverage is considered a pre-requisite for 5G launch and 5G services can be deployed in the area where 4G services have already been provided.
IB seeks additional Rs1bn to meet shortfall
Intelligence Bureau (IB) has sought additional funds of Rs1 billion to meet shortfall in the budget allocated for current financial year 2021-22.
Rs374m earmarked for Power Division as provisional IBCs
Finance Division has earmarked Rs 374 million for Power Division as provisional Indicative Budget Ceilings (IBCs) for FY 2022-23 for civil expenditure, and directed that IBCs may be prepared in accordance with budgetary allocations.
Commodities and Currency: 1-Day Change