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Pakistan Daily Economy Update - 30 September

IM Insights
By IM Insights
1 month ago
Pakistan Daily Economy Update - 30 September

Reserves


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  1. September 30 , 2022 KCCI - eBulletin 229.63 228.50 -1.07% -1.30% KSE-100 index FIPI 29-Sep 29-Sep Pts. $ Mn 41,014 -4.45 -1.02% NM** Crude Oil 29-Sep $/bbl 81.68 -0.06% Gold 29-Sep $/oz 1,672.9 0.17% Gold (10g) Local 29-Sep PKR 125,090 1.60% Silver 29-Sep $/oz 18.88 0.02% Cotton(KHI)-40 kg 29-Sep PKR 21,970 -2.38% Kibor-6M 29-Sep % 15.93 -0.04% Forex Reserves 12-Aug $ Bn 13.61 WoW 0.38% Jul-Aug 22 $ Bn 5.25 -2.18% Exports* Jul-22 $ Bn 2.22 -4.76% Imports* Jul-22 $ Bn 4.86 -10.48% Jul-22 $ Bn -2.64 14.77% Jul-Aug 22 Jul-Aug 22 $ Bn $ Bn -1.92 0.17 16.24% -16.54% YoY Remittances Trade Balance* Current Account Foreign Direct Inv. Jul 22 LSM Growth* % 11.70 % 24.93 Jul-22 Avg. CPI Discount Rate % 15.00 Jul-22 Sources: KCCI Research, PMEX , NCCPL, KSE, SBP, PBS* ** Not Meaningful, WoW= week on week; YoY=Year on Year Major Currencies 305 295 285 275 265 255 245 235 225 215 205 195 185 175 165 155 145 Sep-21 GBP, 29-Sep-… EUR, 29-Sep-22, 218.3 USD, 29-Sep-… Tax return deadline extension under discussion: official Keeping in view presentations of the tax bars/chambers/trade associations, FBR is seriously discussing a possible extension in the filing of the income tax returns for the TY22. On 29th Sept’22, the FBR Chief IR (Operations), Arshad Nawaz Cheema, told the meeting of the advisory committee at the FTO Headquarters that FBR is discussing the extension at the Board’s level, but a final decision has yet to be taken. BR. Pakistan third among new sellers on Amazon Pakistan has retained its place among the top three nations selling a range of products worldwide while using the digital platform. While briefing the NA Standing Committee on Commerce, TDAP officials also sounded confident about the potential of the country, its exportable products and the skills of those individuals engaged with the platform hoping they would manage to maintain upward trend while capitalizing on the fast-growing opportunity. Dawn. FBR finds it hard to defend 10% super tax in courts LHC has conditionally suspended up to 10% super tax for companies, whose accounting year closed in Dec’21 but were still required to pay it, exposing the half-baked policies that were denting the govt.’s image. However, they were still supposed to pay the super tax despite the closing of their accounts. Tribune. Jun-22 Sep-22 Source: KCCI Research "Success is not final; failure is not fatal: It is the courage to continue that counts." Winston S. Churchill Liquid Foreign Exchange Reserves ($ Bn) 24.40 PSX bags ‘Best Islamic Stock Exchange Award 2022’ PSX has made a tremendous achievement by winning the Best Islamic Stock Exchange Award 2022 presented by Global Islamic Finance Awards (GIFA). This is the 2nd consecutive year in which PSX has been awarded this prestigious accolade. BR. FY18 FY19 FY20 FY21 Net Reserves with SBP 15.54 16.38 9.77 6.62 PQEPCL’s Thar coal blending proposal approved by PD Power Division has approved M/s Port Qasim Electric Power Company Limited (PQEPCL) proposal for onsite testing of 10% Thar coal blending with imported coal as a first step towards conversion of 1,320MW imported coal project. BR. Mar-22 EUR Quote of the Day Rabi 2022: IAC projects shortfall in water shares of Punjab & Sindh IRSA Advisory Committee (IAC) projected a shortfall of 18% in water shares of Punjab and Sindh during Rabi 2022 as total availability of water is estimated at 30.199 MAF. These figures were finalized by the IAC meeting convened to approve the Rabi 2022-23 anticipated water availability criteria from 1st Oct’ 22 to 31st Mar’23. BR. Cyber security: Constitutional, legal options to be exercised: govt. Federal Minister for Law and Justice Azam Nazeer Tarar has said that the govt. will exercise constitutional and legal options to ensure cyber security and avert audio leaks like incidents. Addressing a press conference, he said immediate steps have been taken by the state institutions by revisiting SOPs to ensure full security of important places following the emergence of audio leaks. BR. Dec-21 GBP USD 9.82 Massive floods: Country suffered economic loss of $ 30-32Bn: planning ministry Ministry of Planning, Development and Special Initiatives Secretary said that Pakistan approximately faced $ 30-32Bn in economic loss because of damage to infrastructure due to the massive floods across the country. He said that more than 33Mn people and 113 districts have been \ affected due to floods across Pakistan. In the meeting, matters were discussed pertaining to the EU’s efforts for rehabilitation of flood victims and for the contribution of future reconstruction of infrastructure deeply damaged due to torrential rainfall and the consequent floods. BR. PKR PKR 5.72 UN will launch revised humanitarian appeal of $ 600Mn on 4th UN will launch a revised humanitarian appeal on 4th Oct’22 in which additional $ 600Mn will be asked for immediate relief assistance and flood relief support as the first flash appeal with the assistance of $ 160Mn grant was not enough to meet the needs of the affected population. This was revealed during the 2nd meeting of the Steering Committee for Coordination Regarding International Assistance for Flood Relief Activities chaired by Humair Karim, acting secretary Economic Affairs Division. BR. 29-Sep 17.30 Pfizer Foundation donates Rs33m for flood victims Pfizer Foundation has announced donation of PKR 33Mn towards flood relief efforts in Pakistan. Funds will be disbursed to the UN World Food Program (WFP), supporting the relief efforts by NDMA across Pakistan. BR. 29-Sep 7.10 European destinations: Suspension of flights angers Senate panel Senate Standing Committee on Aviation took notice of the suspension of flights to key European destinations. The committee observed that Pakistani carriers had been restricted from since Jul’20 when the European Union Aviation Safety Agency (EASA) suspended PIA authorization to operate flights to EU member states and no efforts have been expedited even by the British Govt.. Consequently a reciprocal policy should be adopted and no European carriers should be allowed to Pakistan directly. BR. USD-Interbank USD-Open MKT 18.89 Innovation index relative to level of economic development: Pakistan performed ‘above expectation’: UN Funding for innovation swelled during the Covid-19 pandemic, with significant growth in developing countries, the UN said, warning though that the current geopolitical turmoil was threatening the advances. In a fresh report, the UN’s World Intellectual Property Organization (WIPO) found that research and development spending and other investments that drive innovative activities continued to boom last year despite the still-raging pandemic. Research and development investment by the top corporate spenders swelled by nearly 10% in 2021 to over $900Bn — higher than before the pandemic — with most going to areas including pharmaceuticals, biotechnology, and information and communications technology. Venture capital deals “exploded” by nearly 50% last year. BR. Change Daily 12.13 ECC will take up 11-point agenda today ECC of the Cabinet will take up 11-point agenda including urgent advice relating to the award of the 5th international wheat tender for 0.3 MT, and awarding of technical supplementary grant of PKR 2Bn in favor of Ministry of Housing, among several others. BR. Value 6.75 August 2022: Negative FCA in KE tariff, positive in Discos’ approved Nepra approved negative adjustment of PKR 4.88/unit in KE tariff and positive adjustment of PKR 0.20/unit in Discos tariff for the Aug’22 under monthly FCA mechanism. BR. Unit 14.48 Fuel prices to drop PKR 7-17 per liter if govt. maintains taxes Despite an impact of 11% depreciation in the rupee’s value, the prices of all petroleum products are estimated to go down by PKR 7-17/liter, provided the govt. maintains existing tax rates in line with relaxations secured from IMF. Based on prevailing tax rates, ex-depot, per-liter price of petrol has been estimated to go down by PKR 7.25, that of HSD by PKR 16.65, kerosene by PKR 14.20, and LDO by PKR 10.80. The reduction is, however, subject to change in two key factors — if the govt. allows an increase in commission to oil marketing companies or scales up the petroleum development levy. Dawn. Date / Period 7.29 PM approves 2,000MW public sector power projects PM Shehbaz Sharif gave in-principle approval for setting up 2,000MW of solar power projects in the public sector to generate low-cost and environment-friendly electricity in the country. PM gave the approval while chairing a high-level review meeting regarding the 10,000 MW polarization project in the country. Under the plan, agricultural tube wells in all four provinces will be shifted to solar on priority basis. BR. List of Indicators 7.20 CVT calculation: Value of foreign assets to be converted into PKR: FBR FBR has issued Capital Value Tax Rules, 2022 through an SRO1797(I)/2022, now value of foreign assets shall be converted into PKR for the calculation of CVT on foreign assets of resident individuals. The FBR has also issued the CVT recovery and refund rules. In this regard, the FBR has issued three different computerized payment receipts (CPRs) for the owners of the foreign assets (movable), foreign assets (immovable), and the CPR for CVT on motor vehicles. BR. FY22 Net Reserves with Banks Total Liquid FX Reserves Source: KCCI Research, SBP Note If any member is facing any issues pertaining to PakistanAfghanistan investment and trade policies or has project proposals is requested to share the information at secretary@kcci.com.pk for forwarding to the Board of Investment.