5.97pc GDP growth likely in 2021-22: NAC on May 19, 2022The provisional growth in the gross domestic product (GDP) for the financial year 2021-22 (FY22) is estimated at 5.97 percent against the growth of 5.74 percent in FY 2020-21. The National Accounts Committee (NAC) said this in a meeting on Wednesday. The meeting was held under the chairmanship of secretary Planning Commission. Based on the […]
IMF chief warns of acute food insecurity amid record inflation on May 19, 2022With inflation reaching the highest levels seen in decades, vulnerable households in low- and middle-income countries are most at risk of acute food insecurity. Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva stated this on Wednesday, following the publication of the ‘Joint International Financial Institution (IFI) Plan to Address Food Insecurity.’ She said […]
Rupee nears 196 vs dollar in interbank as rout continues on May 18, 2022ollarMaintaining its downturn for the eighth consecutive session, the Pakistani rupee continued to tumble against the US dollar and breached yet another important threshold of 195 in the interbank market to hit its new weakest level on Tuesday. The State Bank of Pakistan said in a statement that the rupee opened at 194.18 against the […]
Banks’ deposits decline 2.1pc to Rs20.1t in April: SBP on May 18, 2022The total deposits held by banks declined by Rs424 billion (2.1 percent) on a month-on-month basis to stand around Rs20.1 trillion in April 2022. According to the data released by the State Bank of Pakistan on Tuesday, investments jumped to Rs15.2 trillion in April, showing a growth of 22.5 percent on a yearly basis. The […]
$6.1b FDI recorded in telecom industry in over 3 years: Haque on May 18, 2022Federal Minister for IT and Telecommunication Syed Amin Ul Haque has said that foreign direct investment (FDI) in the telecommunication industry remained $6.1 billion from 1st July 2018 to 30th March, 2022. In his message on the occasion of the World Telecommunication and Information Society Day, the minister said that revolutionary steps have been taken […]
Covid haunts G20 economies amid weak labour market recovery: IMF on May 18, 2022G20 members face long-term “scarring” from the Covid-19 pandemic due to a weak recovery in labour markets in emerging economies and severe school disruptions in the group’s developing and advanced economies, according to the International Monetary Fund (IMF). In G20 emerging markets, employment rates remain below pre-pandemic projections due to weaker economic recoveries, the Washington-based […]
Brent, WTI stay above $115 as oil rally continues on May 18, 2022Crude oil prices surged on Tuesday after reports emerged that coronavirus cases in China are declining while the European Union’s diplomats and officials expressed optimism about reaching a deal on a phased embargo of Russian oil. As of 1205 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.21 (+1.06 percent) […]
Rupee plunges to 194.18 vs dollar as freefall continues unabated on May 17, 2022Keeping its spree of setting new lows intact for the fifth straight session, Pakistani rupee suffered another massive hit on Monday when the dollar rose to an all-time high in the interbank market at Rs194.18. The rupee’s weakest closings prior to this were 192.53, 191.77, 190.02 and 188.66 during the last four sessions of the […]
Conflict of interest in PTA chief’s appointment costs kitty $10m on May 17, 2022While earmarking 10 MHz cellular spectrum to state-owned Special Communication Organisation (SCO), the people at the helm of affairs in top regulatory body – Pakistan Telecommunication Authority (PTA) – have allegedly dented the national kitty with a loss of around $10 million, creating apprehensions in the market about fair competition and level playing field in […]
Weekly inflation rises 0.49pc as flour, chicken prices fly higher on May 14, 2022The Sensitive Price Indicator (SPI) based inflation increased by 0.49 percent for the week ended on May 12. According to the data released by Pakistan Bureau of Statistics (PBS) on Friday, inflation on a year-on-year basis increased to 15.85 percent. The weekly inflation for the lowest income group (Q1) witnessed an increase of 0.94 percent, […]