Remittances surged by 13% YoY in Feb’24

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Remittances surged by 13% YoY in Feb’24

According to the latest data from the SBP, Workers’ Remittances dropped by 6.18% MoM in February to $2.25 billion, down from $2.4 billion in the previous month.

However, on a yearly basis, remittances increased by 13.03% compared to the same month last year, reaching $1.99 billion.

The majority of these inflows originated from Saudi Arabia, contributing $539.84 million, followed by the UAE with $384.71 million, the U.K. with $345.97 million, the USA with $287.39 million, and EU countries with $263.38 million.

Cumulatively, for the first eight months of FY24, total remittances amounted to $18.08 billion, down 1.23% year-on-year from the $18.31 billion received in the same period of FY23.

Moody’s has revised Pakistan’s banking sector outlook from Caa3 negative to stable

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Moody’s has revised Pakistan’s banking sector outlook from Caa3 negative to stable

Moody’s Investors Service (Moody’s) has upgraded the outlook for Pakistan’s banking sector from Caa3 negative to stable

The report highlights the banks’ resilient profitability and consistent funding and liquidity, offering a sufficient cushion against the nation’s macroeconomic and political uncertainties.

With economic and fiscal strains easing, Moody’s anticipates Pakistan’s economy to rebound modestly by 2% in 2024 after a subdued performance in 2023. Additionally, it foresees a decrease in inflation from 29% to around 23% this year.

Despite these improvements, Pakistani banks’ heavy reliance on government securities, constituting approximately half of their total assets, means their creditworthiness remains closely tied to the sovereign’s. Furthermore, ongoing external pressures and a challenging operating environment will marginally impact the performance of Pakistani banks’ loan portfolios.

SAZEW Three-Wheeler sales declined by 31.6% in Feb

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SAZEW Three-Wheeler sales declined by 31.6% in Feb

The Sazgar Engineering Works Limited (PSX:SAZEW) announced the production & sales data for the month of February, 2024.

Three-Wheelers:

The company produced 1,518 units in the month of February, down by 9.4% on Monthly basis.

While 1,524 units were sold in February declined by 31.6% as compared to the sales of 2,229 units during the last month.

Four-Wheelers:

The company produced 416 units in the month of February declined by 18.3% on Monthly basis.

While 414 units were sold in February showing a decline of 57.2% as compared to the sales of 967 units during the last month.

NA speaker summons Parliament’s joint session for presidential election on March 9

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NA speaker summons Parliament’s joint session for presidential election on March 9

National Assembly Speaker Ayaz Sadiq has summoned the joint session of the Parliament on March 9 to elect the next president of Pakistan.

The speaker called the joint session in exercise of the powers conferred by clause (b) of Rule 9 of the Presidential Election Rules, 1988, said a notification issued by the National Assembly secretariat.

Former President Asif Ali Zardari is contesting for the President’s Office for the second time. He will be up against Pashtunkhwa Milli Awami Party (PMAP) chief Mehmood Khan Achakzai, who has the backing of Sunni Ittehad Council (SIC) lawmakers.

The Election Commission of Pakistan on Thursday appointed five presiding officers to conduct the election to the office of the President of Pakistan, in Islamabad and four provincial capitals.

The president is elected by an electoral college comprising members of the Senate, the National Assembly and the four provincial assemblies.

Shehbaz Sharif elected as 24th Prime Minister of Pakistan

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Shehbaz Sharif elected as 24th Prime Minister of Pakistan

Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif has been elected the 24th prime minister of Pakistan, according to National Assembly Speaker Sardar Ayaz Sadiq.

Shehbaz received 201 votes while Omer Ayub Khan, premier candidate of the Sunni Ittehad Council (SIC), received 92 votes.

In his victory speech following his election, Shehbaz Sharif expressed gratitude to his older brother Nawaz Sharif, and all of his friends for having faith in him and selecting him to serve as the nation’s 24th prime minister.

“The developments that occurred in the country after my quaid was elected prime minister three times are illustrative of their own,” he said.

The newly elected prime minister Shehbaz Sharif claimed that his older brother has never considered posing a threat to the country.

“This is the difference between this leadership and that leadership,” he said, adding that the “entire assembly is witness to the fact that we never thought of the politics of revenge”.

Shehbaz stated that while Pakistan faced great obstacles, they could be overcome.

“Salaries are being paid with debt,” he stated.

He asserted that Pakistan can prosper provided “deep surgery and fundamental reforms are implemented”.

CPI Inflation declined to 23.1% in Feb

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CPI Inflation declined to 23.1% in Feb

CPI inflation clocked in at 23.1% on a year-on-year basis during the month of February, the Pakistan Bureau of Statistics (PBS) data showed on Friday.

While the CPI Inflation reading in January was recorded at 28.3%. On a month-on-month basis, the reading remained unchanged.

Weekly SPI declined by 0.78%

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Weekly SPI declined by 0.78%

The Weekly Sensitive Price Indicator (SPI) declined by 0.78% during the week ended on February 15, 2024, while the SPI increased by 34.25% YoY compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 315.18 compared to 317.65 on February 08, 2024, while the index was recorded at 234.77 a year ago, on February 16, 2023.

Out of 51 items, the average price of 22 items increased, 11 items decreased, and 18 items remained stable.

MARI has discovered Gas at Maiwand Exploration well in Balochistan

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MARI has discovered Gas at Maiwand Exploration well in Balochistan

MARI Petroleum Company Ltd (PSX: MARI) in a notification to PSX has announced a Gas Discovery at Maiwand X-1 ST-1 exploration well drilled in Block 28 in kohlu District of Balochistan. The well was spudded-in on June 12, 2023 and successfully drilled down to 2,516 meters on Nov 12, 2023.

Trade Deficit declined by 24.8% to $1.95Bn in Jan

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Trade Deficit declined by 24.8% to $1.95Bn in Jan

According to the PBS, the country’s trade deficit shrunk by 24.8% to $1.95 billion in January 2024 from $2.59 billion in the same period of the last year.

Exports improved significantly by 24.72% to $2.79 billion in January 2023 from $2.24 billion in the same month of the previous year. On the other hand, imports reduced marginally by 1.84% to $4.74 billion in January 2024 from $4.83 billion in the same month last year.

However, on a month-on-month basis, trade deficit increased by 6.5%, as compared to $1.83 billion in December 2023.

The data showed exports decreased while imports posted a marginal improvement on a monthly basis.

Exports declined by 1.13% when compared monthly to $2.82 billion in the preceding month of December. Meanwhile, imports inched up by 1.87% to $4.74 billion from $4.65 billion last month.

Earlier, Caretaker Minister of Commerce Dr Gohar Ejaz on Thursday had celebrated the year-on-year increase in exports during January.

Weekly SPI declined by 0.28%

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Weekly SPI declined by 0.28%

The Weekly Sensitive Price Indicator (SPI) for the the week ended on Feb 01, 2024, declined by 0.28% WoW. On the flip side, The SPI increased by 39.45% YoY compared to the corresponding period from last year.

Out of 51 items, the average price of 12 items increased, 17 items decreased, and 22 items remained stable.

During the week, a major decrease was observed in the prices of Tomatoes (18.28%), Eggs (7.77%), Onions (6.99%), LPG (1.53%) and Tea Lipton (1.29%),

On the other hand, a major increase was observed in the prices of Petrol (5.20%), Chicken (1.88%), Diesel (0.95%), Energy Saver (0.70%) and Bananas (0.68%),

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