EA ReportLAHORE, Dec. 07— Pakistan's rupee was registered yet another historic low against US dollar, depreciating 0.18% in the inter-bank market on Tuesday.As per the State Bank of Pakistan (SBP), the PKR closed at 176.79 against the USD after a day-on-day depreciation of 31 paisas or 0.18%. Market showed little excitement a day ago, after getting $3 billion deposit from Saudi Arabia as PKR made marginal gains to appreciate 35 paisas against USD.analysts also expressed concern over the bulging imports bill, which hit $8 billion in the month of November. “The $8 billion import figure is unsustainable, and there is no other option than to curtail it,” Khan said, calling for proper lockdown on the import of unnecessary items.On Friday,...
December 8, 2021 at 12:11 am | Economic Affairs
Islamabad(Press Release)A meeting was presided over by Mr. Abdul Razak Dawood, Advisor to the Prime Minister on Commerce and Investment to examine progress made towards export of locally-manufactured mobile phones from Pakistan under the Make-in-Pakistan policy.At the outset, the Advisor was informed that in Pakistan, about 80 to 85percent of the market is for phones priced at $200 or below. He was informed that as a result of Mobile Phone Manufacturing Policy, which contains duty incentives for enhancing mobile phone assembling in Pakistan, the majority of phones cheaper than $200, are now assembled in Pakistan. He was also informed that this was complemented by Pakistan Telecommunication Authority (PTA)’s Device Identification and Regi...
December 7, 2021 at 8:27 pm | Economic Affairs
AgenciesKUALA LUMPUR—Malaysian palm oil futures hit a one-week high in their second consecutive day of gains on Tuesday, as industry surveys pointed to tightening November production and inventory.The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained 146 ringgit, or 3.07%, to 4,896 ringgit ($1,157.72) a tonne by the midday break, its highest since Nov. 29.It had gained 0.6% during its first night trading session on Monday. Malaysia's palm oil inventories at end-November likely slipped 3.5% from the previous month to a four-month low of 1.77 million tonnes, a Reuters survey showed on Monday.The market was also supported by Malaysian Palm oil Association (MPOA) data showing November product...
December 7, 2021 at 12:17 pm | Economic Affairs
December 6,2021Islamabad (Press Release) Prevalent COVID situation across the globe has been reviewed at NCOC in order to revise the policy for categorization of air travel and Cat C list. Revised categories basing on disease profile and health / testing protocols applicable to travelers from these countries are given in ensuing paragraphs:- Cat ‘C’ Lista. Fresh List of Cat ‘C’ countries is as under: -(1) Croatia.(2) Hungry.(3) Netherlands.(4) Ukraine.(5) Ireland.(6) Slovenia.(7) Vietnam.(8) Poland.(9) South Africa.(10) Mozambique.(11) Lesotho.(12) Eswatini.(13) Botswana.(14) Zimbabwe.(15) Namibia.b. Health / Testing Protocols for Inbound Air Travel from Cat C countries are as under: -(1) Complete ban on Inbound travel from Cat ...
December 6, 2021 at 4:57 pm | Economic Affairs
December 3,2021Rawalpindi (ISPR)His Excellency Mr Andrei Metelitsa, Ambassador of Belarus called on General Qamar Javed Bajwa, Chief of Army Staff (COAS) at GHQ, today.During the meeting, matters of mutual interests, potential in defence cooperation, regional security, current situation in Afghanistan & collaboration / partnership in Humanitarian measures were discussed. COAS said that Pakistan values Belarus's role in global and regional affairs and we look forward to enhance our bilateral relationship. COAS also emphasized on the urgency for swiftly devising an institutional mechanism for channeling humanitarian assistance to Afghanistan in order to avert a looming humanitarian catastrophe.The visiting dignitary appreciated Pakistan'...
December 3, 2021 at 6:27 pm | Economic Affairs
December 2,2021Vienna(Press Release)Pakistan has been elected as a member of the Industrial Development Board (IDB) and Programme and Budget Committee (PBC) of United Nations Industrial Development Organization (UNIDO). Elections were held in Vienna earlier today during the ongoing General Conference of UNIDO.Pakistan's term as a member is for four years for IDB (2022-2025) and two years for PBC (2022-2023). Since Pakistan’s membership of UNIDO in 1985, Pakistan has been playing its active role as a member of IDB for 30 years and PBC for 18 years.The international community has once again reposed confidence in Pakistan, recognizing Pakistani’s contribution and efforts for inclusive and sustainable industrial development. Being the memb...
December 2, 2021 at 11:35 pm | Economic Affairs
EA ReportLahore, Dec2—Pakistan stocks got a hammering on Thursday with the benchmark KSE-100 index losing over 1,400 points or nearly 3.2% during the first half of the trading session as the market reacted sharply to the widening trade deficit data.Index was hovering around the 43,900-point level -- a fall of 3.2% -- and heading for one of its worst days of the calendar year at noon,The sell-off comes after Pakistan posted a massive trade deficit in November, denting economic sentiment.Stocks fell across-the-board, following inflation reading that touched a 21-month high.This has raised interest-rate hike expectations, analysts told Business Recorder, and could put the central bank on the path of even more aggressive monetary tightening....
December 2, 2021 at 12:29 pm | Economic Affairs
November 24,2021Islamabad(Press Release) As a goodwill gesture towards the brotherly Afghan people, the Government of Pakistan has decided to allow the transportation of 50000 Metric Tonnes of wheat and life saving medicines from India to Afghanistan via Wagah Border on an exceptional basis for humanitarian purposes.The decision of the Government of Pakistan to this effect was formally conveyed to the Charge d’ Affaires of India at the Ministry of Foreign Affairs today.
November 24, 2021 at 4:28 pm | Economic Affairs
SINGAPORE, Nov. 24— Gold prices edged up on Wednesday, although strength in the US dollar and bets that the Federal Reserve could raise interest rates sooner kept the metal below the key $1,800 mark. FundamentalsSpot gold rose 0.3% to $1,794.96 per ounce by 0239 GMT, after slipping as much as 1.4% to its lowest since Nov. 5 on Tuesday. US gold futures added 0.6% to $1,793.90 per ounce. The dollar index was steady and remained close to its highest in 16 months, raising bullion's cost to buyers holding other currencies. Gold slides over 2pcInvestors are betting that the newly renominated Fed Chairman Jerome Powell will need to step up the pace at which the central bank is normalizing monetary policy to better grapple with surging ...
November 24, 2021 at 4:26 pm | Economic Affairs
November 23,2021Islamabad(Press Release)The National Assembly Special Committee on the Agricultural Products recommended that the Minimum Indicative Price of Tobacco should be fixed at Rs. 260/kg. The Committee instructed the Pakistan Tobacco Board to ensure that no stock of tobacco is left unsold with the farmers and urgent steps should be taken to ensure that the cigarette manufacturers purchase 1.4 million kg surplus tobacco as per assigned quota under the PTB Marketing Rules. Speaker National Assembly Asad Qaiser presided the meeting attended by Syed Fakhar Imam, Federal Minister for National Food Security and Research, Shahram Khan Taraki, Minister for Education, KP and members of the Special Committee on Agricultural Products.The mem...
November 23, 2021 at 7:47 pm | Economic Affairs
Media ReleaseWashington, Nov. 23–White House on Tuesday said it would make 50 million barrels of oil available from the U.S. Strategic Petroleum Reserves to help cool oil prices.The release, a combination of a loan and a sale from the reserve was being in made concert with other releases from strategic reserves by China, India, South Korea, Japan and Great Britain, the White House said.The move is designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington and other consumer nations to pump more quickly to match rising demand.U.S. President Joe Biden is facing low approval ratings due to high prices for gasoline and other consumer items in the recovery from the coronaviru...
November 23, 2021 at 5:44 pm | Economic Affairs
AgenciesTOKYO, Nov. 23– Gold prices edged up on Tuesday but hovered close to their lowest level in more than two weeks hit in the previous session, as the dollar gained on US President Joe Biden's nomination of Federal Reserve Chair Jerome Powell for a second term.Spot gold rose 0.2% to $1,809.40 per ounce, after sliding 2.1% to its lowest since Nov. 5 on Monday. US gold futures gained 0.2% to $1,809.60 FundamentalsSpot gold rose 0.2% to $1,809.40 per ounce by 0048 GMT, after sliding 2.1% to its lowest since Nov. 5 on Monday. US gold futures gained 0.2% to $1,809.60. The dollar index held near a 16-month peak after Biden on Monday nominated Fed Chair Powell for a second four-year term, bolstering bets the central bank might raise i...
November 23, 2021 at 2:06 pm | Economic Affairs
AgenciesMELBOURNE, Nov. 33. Oil prices fell on Tuesday on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe.The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said.US West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.8%, to $76.17 a barrel at 0423 GMT.Brent crude futures fell 42 cents, or 0.5%, to $79.28 a barrel."US President Biden is said to be preparing to announce a release of oil from its strategic petroleum re...
November 23, 2021 at 2:04 pm | Economic Affairs
AgenciesHONG KONG, Nov. 23–US Dollar hit a new four-and-a-half-year top against the yen on Tuesday after Federal Reserve Chair Jerome Powell was renominated for a second term, reinforcing bets that US interest rates would rise next year and diverge from Japan's.The greenback rose as much as 0.24% to 115.13 yen, its highest since March 2017, having jumped 0.77% on Monday."We expect the weak JPY narrative to continue finding support amid attention to monetary policy divergence," Barclays analysts said in a note.They said 115.5, the dollar's March 2017 high, would be one key level to watch, when it came to dollar gains, and, "above that, we caution that there is no clear resistance until 118.7 (the end-2016 high)."The Japanese currency is s...
November 23, 2021 at 2:02 pm | Economic Affairs
November 22,2021Islamabad Press ( EA Report) A delegation of Lahore Chamber of Commerce and Industry calls on the President Arif Alvi here on Monday at at Aiwan-e-Sadr. Members of the delegation discussed economic environment of the country and give some suggestions to help improve the business conditions. The delegation on the behalf of the trade industry and business community expressed full confidence on the economic policies of the government. The appreciated the reform agenda of the government. President Arif Alvi thanked and told that government is fully committed to provide conducive business environment for the economic growth of the country. President Arif Alvi also told the positive impact of the Ease of the Doing Business initia...
November 22, 2021 at 11:25 pm | Economic Affairs
EA ReportLAHORE, Nov. 19— All Pakistan Textile Mills Association (APTMA) has rejected sudden hike in gas prices from $6.5/MMBTU to $9/MMBTU for Export Oriented Units.Addressing a hurriedly-called press conference here at APTMA House, the leadship remarked that Punjab was being rapped and penalized through abnormal increase in gas tariff rendering it in competing against other provinces, adding that a wide gulf between the gas prices of Punjab and rest of the country would lead to national disharmony and jeopardise the sustainability of textile business in Punjab.Chairman APTMA, Abdul Rahim Nasir marked upward revision in gas tariff a sheer contradiction of the commitment of federal government for continuous supply of gas/RLNG on $6.5/MMB...
November 19, 2021 at 9:20 pm | Economic Affairs
Pakistan Rupee Exchange Rate