【Daily】22 Sept. Brief of Pak BizNews
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THE RUPEE: PKR declines for 14th consecutive session The rupee's woeful fall continued as it neared its all-time low against the US dollar, depreciating for the 14th successive session to settle at 239.65 on Wednesday, driven by expectations of a rising import bill and a strong USD on the international front. https://epaper.brecorder.com/2022/09/22/1-page/943168-news.html
PM apprises IMF, WB heads of scale of monsoon mayhem World Bank Group President David Malpass and International Monetary Fund (IMF) Managing Director Karis-talina Georgieva separately called on Prime Minister Muhammad Shehbaz Sharif here on Wednesday. https://epaper.brecorder.com/2022/09/22/1-page/943161-news.html
Jul-Aug CAD shrinks 19pc YoY The country’s current account deficit shrank by 19 percent during the first two months of this fiscal year (FY23) due to lower import bill and increase in exports. The State Bank of Pakistan (SBP) Wednesday night reported that cumulatively the country recorded a current account deficit amounting to $1.92 billion in Jul-Aug of FY23 compared to $2.374 billion in the same period of last fiscal year, depicting a decline of $ 456 million. https://epaper.brecorder.com/2022/09/22/1-page/943163-news.html
Headline inflation revised up to 18.0pc Pakistan’s economy is forecast to slow to 3.5 percent in the fiscal year 2023 (ending 30 June 2023) from 4.5 percent (projected in April 2022) amid devastating floods, policy tightening, and critical efforts to tackle sizable fiscal and external imbalances. The forecast for headline inflation revised up to 18.0 percent from the earlier 8.5 percent projection due to a potentially strong second-round impact from the rupee’s depreciation and fuel and energy price adjustments, says the Asian Development Bank (ADB). https://epaper.brecorder.com/2022/09/22/1-page/943167-news.html
Economist suggests debt swap in the wake of flood losses In Pakistan, every year the quantum of loans is increasing as the nation is securing new loans for the repayment of old ones and the interest thereon. https://www.brecorder.com/news/40198898/economist-suggests-debt-swap-in-the-wake-of-flood-losses
Russian plane with relief goods arrives The first flight from Russia carrying a consignment of relief goods for the flood-hit people arrived in Pakistan on Wednesday. https://www.brecorder.com/news/40198920/russian-plane-with-relief-goods-arrives
Plant may be available for 10 more years: Kapco steps up efforts for renewal of its PPA Kot Addu Power Company (Kapco) has expedited its efforts for renewal of its Power Purchase Agreement (PPA), saying that the plant can be available for another 10 years.
Last phase of G20 DSSI: Pakistan, Japan agree on $160m debt deferral The governments of Japan and Pakistan have agreed on debt deferral amounting to around $160 million, as the last phase of “the G20 Debt Service Suspension Initiative (DSSI)”.
FY22 KE net profit declines YoY K-Electric has posted a net profit of Rs 8.52 billion for the fiscal year 2022 as against Rs 11.99 billion during fiscal year 2021. https://www.brecorder.com/news/40198955/fy22-ke-net-profit-declines-yoy
Banned items that landed till Aug 18th: ECC takes step to clear consignments stuck at ports The Economic Coordination Committee (ECC) of the Cabinet Wednesday directed that the consignments of previously banned items that landed in Pakistan till 18th August 2022 may be released at the rate of surcharge to clear consignments stuck at ports.
Fed delivers big rate hike The Federal Reserve raised its target interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday and signalled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023 to battle continued strong inflation. https://epaper.brecorder.com/2022/09/22/1-page/943165-news.html
Commodities and Currency: 1-Day Change
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