LATEST ARTICLES

CPI Inflation clocked in at 23.84% in November

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Consumer Price Index (CPI) inflation during the month of November was recorded at 23.84% YoY compared to 26.6% YoY in Oct’22. On MoM basis, CPI inflation was up 0.8% as compared to increase of 4.7% last month.

Pakistan has received USD500Mn from AIIB

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Pakistan has received $500 million from the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance stated on Tuesday.

“Government of Pakistan has today received $500 million from AIIB. The funds are deposited with the State Bank of Pakistan (SBP) and will augment our reserves,” the ministry said in a post on its Twitter handle.

MPC of the SBP has raised the Policy rate by 100BPS to 16%

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The Monetary Policy Committee (MPC) decided to raise the policy rate by 100 basis points to 16%.

This decision is aimed at ensuring that elevated inflation does not become entrenched & that risks to financial stability are contained, thus paving the way for higher growth on a more sustainable basis. Higher food & core inflation are key contributors to elevated inflation.

After incorporating the Post-Disaster Needs Assessment of the floods and latest developments, the FY23 projections for growth of around 2% and a current account deficit of around 3% of GDP shared in the last monetary policy statement are re-affirmed.

President Arif Alvi approves Lt Gen Asim Munir’s appointment as COAS

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President Dr. Arif Alvi has approved the appointment of Lt General Asim Munir as the new Chief of Army Staff. The president also approved Lt General Sahir Shamshad Mirza’s name for Chairman of the Joint Chiefs of Staff.

The development comes after Prime Minister Shehbaz Sharif decided to appoint Lt Gen Munir as Chief of the Army Staff and Lt Gen Mirza as Chairman of the Joint Chiefs of Staff.

This was announced by Information Minister Marriyum Aurangzeb on Thursday in a tweet earlier in the day. She said that the decision was made by the PM by using constitutional authority.

CPI Inflation clocked in at 26.6% in Oct

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CPI inflation increased to 26.6% on year-on-year basis in Oct 2022 as compared to an increase of 23.2% in the previous month and 9.2% in Oct 2021, according to data released by Pakistan Bureau of Statistics.

On month-on-month basis, it increased to 4.7% in Oct 2022 as compared to a decrease of 1.2% in the previous month and an increase of 1.9% in Oct 2021.

CPI inflation Urban, increased to 24.6% on year-on-year basis in Oct 2022 as compared to an increase of 21.2% in the previous month and 9.6% in Oct 2021. On month-on-month basis, it increased to 4.5% in Oct 2022 as compared to a decrease of 2.1% in the previous month and an increase of 1.7% in Oct 2021.

#Just-In: FATF has removed Pakistan from Grey List

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Pakistan is “no longer subject to FATF‘s increased monitoring process; to continue to work with APG (Asia/Pacific Group on Money Laundering) to further improve its AML/CFT (anti-money laundering & counter-terrorist financing) system,” states FATF

In a meeting in June, the FATF said it was keeping Pakistan on the list — also known as the ‘grey list’ — but said it might be removed after an on-site visit to verify progress.

Last month, the Foreign Office said a FATF technical team had conducted a “successful” visit and Islamabad was expecting a “logical conclusion” of the evaluation process in October. China has once again thwarted an Indian move in the United Nations to malign Pakistan just days before an important meeting of the Financial Action Task Force (FATF).

#Breaking: ECP disqualifies Imran Khan in Toshakhana reference

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The Election Commission of Pakistan (ECP) has disqualified former prime minister and Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan in the Toshakhana disqualification reference.

A five-member ECP bench headed by Chief Election Commissioner Sikandar Sultan Raja and comprising Nisar Durrani, Shah Muhammad Jatoi, Babar Bharwana, and former Justice Ikramullah Khan announced the verdict.

Police, Rangers and Frontier Corps personnel were also deployed on site in large numbers.

Earlier, the ECP approached Islamabad Police for the provision of security to “avoid any untoward incident” today.

Tosha­khana is a department under the administrative control of the Cabinet Division and stores precious gifts given to rulers, parliamentarians, bureaucrats, and officials by heads of other governments and states and foreign dignitaries.

MPC of the SBP maintained the Policy rate at 15%

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The Monetary Policy Committee (MPC) decided to maintain the policy rate at 15 percent. Based on currently available info, growth could fall to around 2% in FY23, compared to the previous forecast of 3-4%. Despite lower demand-side pressures, higher food prices could raise average headline inflation in FY23 somewhat above the pre-flood projection of 18-20%.

With pressures from higher food and cotton imports and lower textile exports largely likely to be offset by slower domestic demand and lower global commodity prices, the current account deficit in FY23 is expected to remain close the previously forecast 3% of GDP.

Avanceon Ltd going to Acquire Empiric AI (Pvt) Ltd from Dawood Hercules Corp

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The Board of Directors of the Avanceon Limited (“Company”) has approved the purchase/acquisition of EmpiricAI (Pvt) Limited, wholly owned subsidiary of Dawood Hercules Corporation Limited (DAWH), under a share swap arrangement, and has authorized Chief Executive Officer of the Company to enter into a share purchase agreement (“SPA”) with Dawood Hercules Corporation Limited (DAWH), on behalf of the Company, on such terms and conditions as specified in “SPA”.

The entire shareholding of EmpiricAI (Pvt) Limited shall be acquired in exchange for certain percentage of shares of Octopus Digital Limited (subsidiary of Avanceon Limited) held/owned by Avanceon Limited as per the terms of “SPA”.

World Call Eyeing to List on NASDAQ to Finance 2nd Phase of FTTH

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WorldCall Telecom Limited (WTL) technology transformation project is progressing as per plan. After completion of pilot project of Fiber to The Home (FTTH), we have embarked on 2nd phase of FTTH conversion.

To finance next phase of the program; as informed by our Parent Company, Worldcall Services (Pvt.) Limited (WSL), is concluding arrangements that would open access to quality capital markets outside Pakistan for the Company. WSL has selected National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ) for its listing.