【Daily】7 Oct. Brief of Pak BizNews
KSE 100 42,161 ▲1.32%
KMI 30 70,170 ▲1.94%
KASB Tech Index 517 ▲4.60%
KASB Market View
Moody's cuts Pakistan's rating to Caa1
Moody's cut Pakistan's sovereign credit rating on Thursday by one notch to Caa1 from B3, citing increased government liquidity and external vulnerability risks, following the devastating floods that hit the country earlier this year.
10th straight gain: Rupee settles below 222
Pakistan’s rupee maintained its upward trajectory against the US dollar for the tenth straight session, appreciating 0.9% in the inter-bank market on Thursday.
Alarming level: SBP-held foreign exchange reserves decline $106mn to $7.9bn
Foreign exchange reserves held by the State Bank of Pakistan (SBP) dipped $106 million, clocking in at an alarming level of $7.9 billion as of September 30, 2022, according to data released on Thursday.
Power tariff for five export-oriented sectors
The government has announced a power subsidy of Rs100 billion to five export-oriented sectors for providing electricity at Rs19.99 per unit (all inclusive) rather than nine cents.
Growth to slow to around 2pc: WB
The World Bank has projected Pakistan’s GDP growth to slow from 6 percent in the fiscal year 2022 to around 2 percent in the fiscal year 2023, while inflation will rise to 23 percent from 12.2 percent.
The Federal Board of Revenue (FBR) requires growth of 21.5 percent in revenue collection to meet the annual target of Rs7,470 billion set for 2022-23 as compared to the tax collection in the previous fiscal year (2021-22).
Commodities and Currency: 1-Day Change