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
Pakistan Rupee Exchange Rate