Pakistan Daily Economy Update - 19 December

Transcription

1. Dec 19 , 2020 KCCI - eBulletin PKR PKR 160.09 160.50 -0.01% -0.12% KSE-100 index FIPI 18-Dec 18-Dec Pts. $ Mn 43,741 -2.88 -0.06% NM** Crude (AP'19) 18-Dec $/bbl 49.10 1.53% Gold (MA'19) 18-Dec $/oz 1,888.9 -0.08% Gold (10g) Local 18-Dec PKR 95,680 0.00% Silver (MA'19) 18-Dec $/oz 26.03 -0.57% Cotton(KHI)-40 kg 18-Dec PKR 10,556 1.02% Kibor-6M 18-Dec % 7.35 0.00% Forex Reserves 11-Dec $ Bn 20.38 WoW -0.11% Remittances Jul-Nov 20 $ Bn 11.77 26.58% Exports* Jul-Nov 20 $ Bn 9.74 2.11% Imports* Jul-Nov 20 $ Bn 19.42 1.29% Trade Balance* Jul-Nov 20 $ Bn -9.69 -0.48% Current Account Foreign Direct Inv. Jul-Oct 20 Jul-Nov 20 $ Bn $ Bn 1.16 0.72 181.75% -18.87% YoY Jul-Oct 20 LSM Growth* % 5.46 % 8.76 Jul-Nov 20 Avg. CPI Discount Rate % 7.00 Jul-20 Sources: KCCI Research, PMEX , NCCPL, KSE, SBP, PBS* ** Not Meaningful, WoW= week on week; YoY=Year on Year Major Currencies 235 GBP, 18-Dec-20, 216.4 225 215 205 195 EUR, 18-Dec-20, 196.0 185 175 165 155 145 USD Dec-19 GBP Mar-20 FBR chairman holds E-Kutchery As a sequel to E-Kutcheries held on monthly basis to comply with the directions of PM, chairman FBR Javed Ghani held an E-Kutchery at FBR HQ to listen to the complaints and issues of taxpayers. He appreciated the suggestions put forth by the taxpayers and assured them that their comments and suggestions would be looked into. The Nation. Corrective measures underway to fix Karachi’s faulty firefighting system: LG minister Sindh Information and Local Govt. Minister Nasir Hussain has said that the provincial govt. is taking corrective measures on an emergency basis to repair the faulty fire engines and overcome the shortage of staff at the Karachi’s fire brigade department. Only 14 fire tenders out of total 44 are operational in Karachi, while the city’s fire brigade is also facing acute shortage of staff. Only two of the five snorkels available with them was found functional. The News. A 10Bn-tree plan is restoring Pakistan’s lost forests Bloomberg has reported that Pakistan’s arid climate and rocky deserts may seem an unlikely place to look for a green revolution, but the nation of more than 200Mn people has begun one of the world’s largest reforestation programs. The govt. is in the first phase of planting 3.25Bn trees at an estimated cost of around $ 650Mn, Malik Amin, minister for climate change said in an interview. PM Imran Khan wants to extend that to almost 10Bn by the time his term in office ends in 2023. The News. Sep-20 “Instead of learning from other people's success, learn from their mistakes.” Jack Ma 10,000 5,000 1,622 15,000 13,267 20,000 19,958 Sales of Passenger Cars in Pakistan 25,000 - Cotton stockpiling down 35.6% Cotton arrivals in the ginning factories have dropped 2.8Mn bales, or 35.6% to 5Mn bales, by 15th Dec’20 compared with 7.86Mn bales during the same period last year. Arrivals from Sindh went down 39% to 2.07Mn bales. The News. USD, 18-Dec-20, 160.0 Source: KCCI Research ; Oanda.com Quote of the Day State Bank did not declare crypto currency illegal, SHC told SBP has not declared crypto currency illegal, a joint director of SBP told the Sindh High Court. Petitioner Waqar Zaka had filed a petition in the SHC against the SBP notification with regard to restriction on use of virtual currencies for trade and banking transactions and sought legality of virtual currencies and crypto mining. The News. Over 500 Japanese IT companies keen to invest in Pakistan:Zulfi Special Assistant on Overseas Pakistanis, Zulfikar Bukhari met with Japanese ambassador to Pakistan, Kininori Matsuda to discuss the export of Pakistani IT Engineers in Japan. Speaking on the occasion, Japanese IT Association said that the shortage of IT engineers is intensifying in Japan and according to Japan’s Ministry of Commerce and Industry, by 2030, Japan will face a shortage of 800,000 IT engineers. They further said that after the COVID-19 situation subsides, more than 500 Japanese IT companies will come to Pakistan. The Nation. EUR Jun-20 - Audit report reveals loss of PKR 700Mn in subsidized Ghee procurement Utility Stores Corporation, has met losses worth PKR 700Mn in procurement of subsidised ghee and cooking oil just in Jan to Mar’20. The \ News. 18-Dec 859 924 Former FATA becomes tax haven FATA has gradually started becoming a tax haven within Pakistan as businesses have either established shell or small setups to evade taxes due to a five-year tax holiday. FBR said that the incentives that had been given for bringing tribal areas to the mainstream and triggering development process are being abused by businesses that have presence in developed parts of the country. FBR had granted exemption from 17% GST on supplies and 2% withholding tax to the erstwhile FATA from Jun’18 to Jun’23. Tribune. 18-Dec 1,949 2,987 17% Karachiites declare PTI as first choice: survey According to a fresh survey conducted by Gallup Pakistan, 17% citizens in Karachi have declared PTI as first choice for their vote. The survey comprising interviews of over 500 respondents was conducted from 27th Oct’20 to 17th Nov’20. The News. USD-Interbank USD-Open MKT 3,339 4,539 Due to wrong PML-N pacts: Pakistan paying PKR 84.3Mn per day to LNG terminals, says Nadeem Babar Special Assistant on Energy Nadeem Babar has said that Pakistan was paying PKR 84.3Mn per day because of ill-conceived agreements of the previous govt. He said that the terminal was being paid in full for 10 months, but no gas was received. He claimed that it had become hard to supply cheap gas to domestic users due to the previous govt.’s agreements. The News. Change Daily 5,691 5,596 SBP defers PKR 657.8Bn under refinancing scheme during COVID-19 SBP, under its refinancing scheme for protecting businesses from the impact of COVID-19, has so far deferred PKR 657.3Bn principal repayments of loans up to one year. The bank also allowed restructuring or rescheduling of around PKR 238.24Bn so far. The number of borrowers that would benefit from this rescheduling relief has risen to 1,612,848 with an outstanding amount of PKR 2.52Bn. The Nation. Value 10,429 Bank deposits increase 18.5% to PKR 16.5Tn Bank deposits stood at PKR 16.5Tn at the end of Nov’20, up 18.5% from PKR 13.9Tn in Nov’19. Govt. deposits stood at PKR 2.3Tn compared with PKR 2Tn in Nov’19. Personal deposits rose 21% to PKR 8.3Tn while private sector deposits grew 23.6% to PKR 3.5Tn. The main drivers for the increased deposits accumulation are higher money supply growth and acceleration in the deposit of individual account holders. The News. Unit 9,657 6,632 November textile exports up 9.27% YoY The country's textile group exports have registered an increase of 9.27% on year-on-year basis as it reached $ 1.286Bn in Nov’20 compared to $ 1.176Bn in Nov’19, says the Pakistan Bureau of Statistics (PBS). However, textile exports declined by 0.20% in Nov’20, when compared to $ 1.288Bn in Oct’20. Cotton yarn registered massive decline of 24.65% in Nov’20, and reached $ 74.22Mn compared to $ 98.50Mn during Nov’19. BR. Date / Period 6,032 Issuer rating B3: Credit profile reflects country's 'baa2' economic strength: Moody's The credit profile of Pakistan (issuer rating B3) reflects the country's "baa2" economic strength, which is underpinned by the robust longterm GDP growth potential and large scale of the economy, balanced against low per capita incomes and global competitiveness, says Moody's Investors Service. BR. Economic Indicators List of Indicators 11,405 We are not taking advantage of Chinese market: Ishrat Advisor on Institutional Reforms and Austerity, Dr. Ishrat Hussain, while Speaking at the 2nd session of a webinar organized by KCCI to develop national consensus on the economic agenda, has said that Pakistan, instead of staying confined to exporting textiles only, needs to diversify its exports and move towards the sunrise industries for which the global demand is expanding in double digits otherwise we will remain stuck to $ 25-30Bn exports. He said, If we can capture just 1% of the Chinese market by providing components, raw materials, intermediate goods to Chinese supply chain, we can get $ 23Bn exports to China which is very favorably inclined towards Pakistan, and they have allowed a lot of room through the FTA. BMG chairman Zubair Motiwala, in his remarks, requested the govt. and the political parties to segregate politics and business. He said that though the govt. got 68% revenue from Karachi and 54% of exports took place from this city yet it was not getting anything in return. KCCI president Shariq Vohra said that, KCCI wants all chambers of commerce to come onboard so that we could collectively impress upon the parliamentarians and the policy makers to decide a broader level of charter of economy inside the parliament so that industrialists and businesses can have uninterrupted policies which would lead to industrial development domestically and attract foreign investment in Pakistan. BR. - 5MFY20 5MFY21 Source: KCCI Research, PAMA Trade Inquiries Members dealing in non-safety needles (hypodermic) and safety syringes/needle combo of various number gauges, lengths, bevels, walltypes and graduation scales are requested to send their company details including KCCI membership number at res@kcci.com.pk.