April,20(Agencies)— Asian currencies slipped on Thursday as a cautious mood set in among investors in a subdued market contemplating the implications of an expected interest rate hike by the US Federal Reserve next month.Thailand’s baht and Malaysia’s ringgit notched small gains, while South Korea’s won depreciated 0.2% to hit a five-month low. The Taiwanese dollar also fell, sinking to its lowest level since mid-March. “The main theme right now is that higher interest rates in major markets including the Fed (in the US) are pressuring Asian currencies,” said Ken Cheung, Chief Asian FX Strategist at Mizuho Bank.Money markets are now pricing in a more than 90% probability that the Fed will raise interest rates by 25 basis points...
April 25, 2023 at 11:38 am | Economic Affairs
April,19(E. A Report) —State Bank of Pakistan (SBP) on Wednesday announced bank holidays for Eid-ul-Fitr. This is an annual Islamic festival celebrated by Muslims worldwide after the holy month of Ramadan.The central bank has declared that it will remain closed from 21st to 25th April, 2023 (Friday to Tuesday) on the occasion of Eid-ul-Fitr.SBP has also issued guidelines for banks to ensure that customers can conduct their transactions smoothly during the holiday period.After the holidays end on April 25, 2023, banks will resume operations on April 26 and revert to their normal banking hours. This means that customers can continue their financial transactions without any disruption.In conclusion, the announcement of bank holidays for Eid...
April 19, 2023 at 9:53 pm | Economic Affairs
April,19(Agencies)——China’s yuan weakened as investors awaited further direction on lending benchmark rates that could hold the key to injecting more momentum into the country’s post-COVID recovery.Trading was subdued in a tight range, with volume dropping to $11.1 billion around midday compared with an average of $15 billion.China will set its benchmark lending rates, the one-year and five-year loan prime rates (LPRs) on Thursday.Used in the pricing of retail and corporate loans, the LPRs are published by the central bank on the 20th of every month. The benchmarks had stayed unchanged for the seventh straight month in March.Some analysts believe China’s faster-than-expected economic expansion in the first quarter of 4.5 % year-o...
April 19, 2023 at 5:31 pm | Economic Affairs
April,19(Agencies)——Oil dropped on Wednesday on indications of slow growth and dampen oil consumption following potential interest rate hikes from the US Federal Reserve leading to offsetting falling US inventories and strong Chinese economic dataBrent crude futures shed 35 cents, or 0.4%, to $84.42 a barrel as at 0641 GMT.West Texas Intermediate US crude fell 33 cents, also 0.4%, to $80.53 a barrel.US central bank likely has one more interest rate rise in store to fight inflation, Atlanta Fed President Raphael Bostic said on Tuesday.Markets are pricing in an 86% chance the Fed raises rates by 25 basis points at its May policy meeting. In Europe, European Central Bank officials are also wary of inflation and suggesting interest rates m...
April 19, 2023 at 2:32 pm | Economic Affairs
April,19(E. A Report) — President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) Moazzam Ghurki called for utilization of local coal reserves of PakistanDuring a think-tank session here at PCJCCI secretariat here Wednesday, he cited that coal is the most widely used cheap electricity producing source, which is currently generating 36 percent of world's electricity., he added that Pakistan has large reserves of coal specially lignite coal which China has imported for US $ 8 billion in 2021 from other countries instead of Pakistan due to the lack of technology and modern methods. The government of Pakistan should introduce modern technology to facilitate the miners with latest mechanisms, to work on the coal reserves.Fang Y...
April 19, 2023 at 2:30 pm | Economic Affairs
April,19(Agencies)——Asian markets were largely subdued on Wednesday, with currencies and shares both trading slightly weaker where Thailand’s baht and the Singaporean dollar slipped 0.5% and 0.2%, respectively, while the yuan depreciated 0.2%.Investors look for fresh cues on the future path of interest rates in the US.Dollar index ticked up 0.2% to 101.90 in Asian trading.St. Louis Federal Reserve chief James Bullard told the Fed should continue raising interest rates to subdue persistent inflation.Atlanta Fed President Raphael Bostic said he expects just one more quarter-point hike, followed by an extended pause.“The market is currently pricing in the near-certainty of a 25-basis point hike, but there is really a lot of uncertaint...
April 19, 2023 at 2:28 pm | Economic Affairs
April,18(Agencies)—— Asian currencies were weaker on Tuesday even as China’s economy grew at a faster-than-expected pace in the first quarter, while Indonesia’s rupiah depreciated ahead of an interest rate decision by its central bank.China’s economy expanded at an annual rate of 4.5% in the first quarter, outpacing an expected 4.0% growth, as the end of strict COVID-19 curbs lifted businesses and consumers.Separate data on March activity showed China’s retail sales growth beat expectations and hit a near two-year high, while factory output growth also sped up.Investors have been closely watching first quarter data for clues on the strength of the recovery after Beijing abandoned its zero-COVID policy in December and eased a th...
April 19, 2023 at 9:49 am | Economic Affairs
April,18(E. A Report)—Pakistan’s textile witnessed a significant decline of 22.6%, around at $1.26 billion in March 2023 compared to $1.63 billion recorded in the same month of the previous year, latest released Pakistan Bureau of Statistics (PBS) shows.Data showed the country’s textile exports in the first nine months of FY23 decreased by 12.4% to $12.48 billion, declining from $14.24 billion a year earlier.The decrease in the key textile exports is concerning for the South Asian economy, which is dealing with low foreign exchange reserves where Forex reserves held by the State Bank of Pakistan (SBP) are currently at $4.04 billion, barely enough for a month of essential imports.On a month-on-month basis, textile exports registered a...
April 19, 2023 at 9:48 am | Economic Affairs
April,17(E. A Report)— Pakistan Stock Exchange (PSX) announced market closure from April 21 to April 25 on account of Eid-ul-Fitr.In a notification issued on Monday, PSX stated, “all TRE Certificate Holders, staff and concerned are hereby informed that PSX shall remain closed from Friday, April 21, 2023 till Tuesday, April 25, 2023 on account of Eid-ul-Fitr holidays.”On Thursday, the federal government announced a five-day-long holiday for Eid-ul-Fitr in Pakistan.According to a statement issued by Ministry of Interior, Eid-ul-Fitr holidays will be observed from Friday, April 21 to Tuesday, April 25. The holidays were approved on the recommendation of the Cabinet Division. A formal notification will be issued by the interior ministry....
April 18, 2023 at 3:25 am | Economic Affairs
German technology firm (SAP) extends partnership with Pakistani retail store Imtiaz Supermarket for seamless operations Islamabad, April 17, 2023: Saquib Ahmad, Managing Director SAP, Pakistan, Iraq and Afghanistan, has said that the provision of better and timely services is being ensured, owing to SAP's seamless modern technology and software in public and private institutions in Pakistan. He said this with regards to the recent collaboration between SAP and Imtiaz Supermarket, Pakistan's biggest retail company, to continue uninterrupted business and operations. Saquib Ahmad said that there has been a visible improvement in the quality of public services and the provision of services, within Pakistani government institutions, wh...
April 17, 2023 at 8:25 pm | Economic Affairs
April,17(E. A Report)—Pakistani rupee couldn’t sustain its three-session winning streak against the US dollar by taking a dip of 0.11 percent in the inter-bank market on Monday.According to the State Bank of Pakistan (SBP), local currency settled at 284.71, a decrease of Re0.31.US dollar bounced from a one-year low on start of week as resilience in core US retail sales, a rise in short-term inflation expectations and impressive Wall Street bank earnings raised market expectations for an interest rate hike in May.During the previous week, the rupee had depreciated a marginal 0.09% against the US dollar on account of recovery on the final two days.News of a $2-billion inflow from Saudi Arabia and another $1 billion from the UAE had helpe...
April 17, 2023 at 8:23 pm | Economic Affairs
April,17(Agencies)—Gold continued to hold above the key $2,000 level on Monday, undeterred by the previous session’s correction, while investors assess the U.S. Federal Reserve’s interest rate hike trajectory.Spot gold was up 0.2% to $2,007.17 per ounce at 1055 GMT, while U.S. gold futures were 0.3% higher at $2,021.10.Friday’s price correction hasn’t affected the positive trend for gold, said Carlo Alberto De Casa, external analyst at Kinesis Money, adding that despite the profit-taking, the $1,980-$2,000 zone was promising support for the metal.Gold dropped 2% on Friday after the dollar bounced and Fed officials flagged the need for another interest rate hike.Fed Governor Christopher Waller and Atlanta Fed President Raphael Bos...
April 17, 2023 at 8:19 pm | Economic Affairs
April,17(Agencies) ——Asian currencies took broadly dip against a firmer dollar on Monday, expecting US Federal Reserve interest rates hike.South Korean won fell below 1% in its biggest single-day dip within two weeks, whereas Malaysian ringgit , Indonesian rupiah and Thai baht weakened between 0.4% and 0.5%.Last week data showed a resilience in core US retail sales and a rise in short-term inflation expectations that led markets to re-calibrate the likelihood of a Fed hike at its next meeting.Money markets are now pricing in an 81.4% chance the Fed will hike rates by 25 basis points next month, compared to a 69% chance last week.A slew of Chinese economic data due on Tuesday will provide some insight on how the end of China’s strict ...
April 17, 2023 at 1:34 pm | Economic Affairs
April,15 (A. E Report) ——Kingdom of Saudi Arabia (KSA) is going to deposit $2 billion with State Bank of Pakistan’s (SBP) account “within the next seven working days”,.The development was confirmed by KSA Ambassador to Pakistan Nawaf bin Said Al-Malki during a meeting with Special Assistant to Prime Minister (SAPM) Muhammad Jawad Sohrab Malik in Islamabad, said a SAPM TweetAccordingly, the envoy said the Kingdom is committed to building long-term, sustainable investment transactions between Saudi Arabia and Pakistan.The ambassador is said to reiterate Saudi Crown Prince Mohammed bin Salman’s pledge to increase Saudi Arabian investments to $10 billion in Pakistan’s energy and IT sectors within the next few years.During the mee...
April 15, 2023 at 10:07 pm | Economic Affairs
Pakistan has strongly objected to India's decision to host the G20 Tourism Working Group meeting in Srinagar on 22-24 May 2023 By Prof. Engr. Zamir Ahmed Awan The G20 is the forum of 19 countries and the European Union that addresses major issues concerning the global economy, including sustainable development, international financial stability, and climate change mitigation. It comprises most of the world's largest economies, accounting for 80% of gross world product, 75% of international trade, two-third of the global population, and 60% of the world's land area. India's decision to host G20 events in IIOJK is just another self-serving measure aimed at perpetuating its illegal occupation of Jammu and Kashmir. G20 was establis...
April 15, 2023 at 2:25 pm | Economic Affairs
April,14 (A. E Report)——Pakistani rupee continued to gain against US dollar by appreciating 0.18% in the inter-bank market on Friday.According to the State Bank of Pakistan (SBP), the local currency settled at 284.40, an increase of Re0.51.Rupee maintained its upward trajectory, a day before settling at 284.91 in the inter-bank market after a gain of Rs1.71 or 0.60%.In a major development towards revival of the stalled bailout programme, United Arab Emirates (UAE) authorities have assured the International Monetary Fund (IMF) that it will provide $1 billion as bilateral support to Pakistan, said Finance Minister Ishaq Dar on Friday.Pakistan was required to give an assurance that its balance of payments deficit is fully financed for the...
April 14, 2023 at 7:26 pm | Economic Affairs
Pakistan Rupee Exchange Rate