Pakistan Daily Economy Update - 8 March

Transcription

1. Mar . 8, 2017 KCCI - eBulletin Forex Reserves 24-Feb $ Bn 21.82 Jul-Jan 17 Remittances $ Bn 10.95 Jul-Jan 17 Exports* $ Bn 11.69 Jul-Jan 17 Imports* $ Bn 29.11 Jul-Jan 17 Trade Balance* $ Bn -17.43 Jul-Jan 17 Current Account $ Mn -4,716 % 3.85 Avg. CPI-FY17* Jul-Feb 17 Jan-17 Discount Rate % 5.75 Sources: KCCI Research, PMEX , NCCPL, KSE, SBP, PBS* ** Not Meaningful WoW= week on week; YoY=Year on Year Major Currencies 175 165 155 145 135 125 115 105 95 85 75 Mar-16 Pakistan, India to discuss Indus Waters Treaty on 20th Mar’17 Pakistan has formally conveyed a message about a two-day meeting of the Indus Waters Commission, scheduled to start from 20th Mar’17, to Indian delegation. The meeting agenda includes discussion on Pakal Dul, Lower Kalnai and Miyar power projects, being built by India on the Chenab River. The News. Debt of state-owned companies grows 36% SBP has reported that the loss-making PSEs accumulated another PKR 168.5Bn in debt during 2016 which is an increase of 36.7% compared to last year. The government has failed to privatize the loss-making PSEs and instead, it has been trying to sell stakes in PSEs like OGDC that are making huge profits. Dawn. Sep-16 GBP Dec-16 Mar-17 Source: KCCI Research ; Oanda.com EUR Quote of the Day “Women are the largest untapped reservoir of talent in the world.” Hillary Rodham Clinton Chart of the Day Bank Deposits at End of February Each Year 7 5 3 5.72 7.60 9 6.64 9.39 11 8.49 13 10.73 15 5.05 WB launches solar maps to underscore energy potential in Pakistan The World Bank (WB), in partnership with the Alternative Energy Development Board (AEDB), has launched a series of new solar maps for Pakistan in support of the efforts to increase the deployment of renewable energy in Pakistan. These new solar maps will ensure qualified improvement vis-à-vis previous studies, and will underscore the tremendous solar potential that exists across Pakistan. The project includes field data, generated by 9 solar measurement stations installed two years ago throughout the country. The News. Jun-16 4.40 Population census: PBS directed to ensure provision of timely information to public Finance Minister Ishaq Dar has directed Pakistan Bureau of Statistics (PBS) to ensure provision of timely information to the public about upcoming population census scheduled from Mar. 15, 2017. In a meeting to review preparations of population census, Chief Statistician Asif Bajwa said that campaign is meant to project the purpose and utility of the census exercise and that it also aims at encouraging the people to proactively and accurately provide relevant data. BR. EUR, 7-Mar-17, 110.2 USD, 7-Mar-17, 104.2 USD SBP initiates survey on portfolio investment SBP has initiated a survey to collect information on portfolio investment by Pakistani residents’ holding in equities and debt securities issued by unrelated non-residents as on Dec. 31, 2016. The survey is being conducted in co-ordination with other countries to facilitate international data comparability which will be used in the compilation of balance of payments and international investment position statistics of Pakistan. The banks and all nonfinancial institutions and asset management companies have been asked to submit the required information by Mar. 30, 2017. BR. Govt. to borrow $ 200Mn from ADB for NDRM The govt. would borrow $ 200Mn from Asian Development Bank (ADB), with $ 125Mn from special fund resources and $ 75Mn from ordinary capital resources, for the National Disaster Risk Management (NDRM). In this regard, ADB has shown an indicative assistance of $1.2Bn as loan for NDRMF and Economic Affairs Division (EAD) and have signed a loan agreement amounting to $ 200Mn in Dec.’16 as first tranche against the total amount. BR. GBP, 7-Mar-17, 127.3 3.90 900Mn in Asia had to pay bribes in last year: report A report by Berlin-based Transparency International has said that around 900Mn people living in Asia had to pay a bribe and forced to fork over "tea money" while trying to access a public service in the past year. The watchdog surveyed more than 20,000 people in 16 countries spanning the Asia Pacific region from Pakistan to Australia. While poorer people were more likely to be targeted in countries like Thailand, India and Pakistan, the reverse trend was found in places like Vietnam, Myanmar and Cambodia. Japan, South Korea, Hong Kong and Australia reported the lowest incidences of bribery. Japan, South Korea, Hong Kong and Australia reported the lowest incidences of bribery. BR. Crude (AP'17) Gold (MA'17) Gold (10g) Local Silver (MA'17) Cotton(KHI)-40 kg Kibor-6M -0.01% 0.14% 0.04% NM** -0.11% -0.85% -0.20% -1.63% -1.45% -0.01% WoW -0.49% YoY -1.86% -3.21% 13.65% -28.68% -90.24% 3.59 Health Park Project: Chinese giant shows interest in Sindh A delegation from China Communication Construction Company met with officials of the Sindh Board of Investment (SBI) and showed interest in a health park project in the province. SBI Chief has said that the Sindh government would welcome cooperation in the project. Tribune. Change Daily 104.84 107.15 49,453 -0.15 53.14 1,216 43,500 17.47 7,272 6.11% 3.03 Govt., Chinese company to ink agreement today The contract for the main civil works of the $ 4.5Bn Dasu Hydel power project (2,160MW) between Pakistan govt. and China Gezhouba Group Company (CGGC) will be signed on Mar.8, 2017 (today). The run-of-river hydro power project is being developed in two stages, stage-I (supposed to start in 2017 and completed by 2021) include installation of six hydropower units rated at 360MW each while stageII will also have the same capacity. World Bank is providing $ 588Mn as IDA-1 Credit for stage-I of Dasu project along with Partial Credit Guarantee (PCG) of $ 460Mn under the loan agreement signed on Aug. 25, 2014. The Nation. Value PKR PKR Pts. $ Mn $/bbl $/oz PKR $/oz PKR % 2.63 Power ministry hits back at German bank The Ministry of Water and Power has hit back at the KfW, a German government-owned development bank, for “scandalizing” its power sector turnaround story. The ministry deplored that the KfW did not refute figures reported by the ministry but attempted to taint its performance with “conjectures and twisted analysis”, and that the analysis released to the media was in “indecent haste” and against the norms of the development agencies as the ministry was not contacted to either ascertain the authenticity of facts or discuss its findings. Dawn. Unit 7-Mar 7-Mar 7-Mar 7-Mar 7-Mar 7-Mar 7-Mar 7-Mar 7-Mar 7-Mar 2.23 Auto parts export to Vietnam begins The quality and technology of Pakistani auto parts has reached the global standards as first shipment of 500 fuel tanks of vehicles has been exported to Vietnam. In this regard, Suzuki Pakistan has introduced the Lahore based Metaline Industries Pvt. Ltd to Suzuki Vietnam for its exports. PAAPAM delegation is going to meet Pak Suzuki officials in mid of Mar.’17 for finding similar business opportunities for other auto parts manufacturers. BR. Date / Period 1.85 Turkey links FTA to market access for auto sector Turkey has linked finalization of FTA with market access for Turkish auto sector in Pakistan. Turkey has linked giving market access to Pakistani textile and clothing sectors with auto sector’s liberalization. Data shows that Pakistan’s exports to Turkey declined by almost 19% annually after the imposition of additional duties by Ankara in 2011. Pakistan also imposed regulatory duties on imports from all countries including Turkey. Dawn. List of Indicators USD-Interbank USD-Open MKT KSE-100 index FIPI 1.55 Sindh wants Nepra, federal govt to stop KE from ‘fleecing’ consumers The Sindh Assembly has decided that the provincial government would approach Nepra and federal ministry of water and power to stop K-Electric from ‘fleecing’ consumers. Expressing their feelings over inflated billing, the legislators accused the power utility of fleecing the people and demanded that the Sindh government cancel the agreement with KE and ‘take over’ the company’s management. Some lawmakers also suggested that a parliamentary committee be formed so that the KE management could be summoned to the house and made ‘accountable’. Dawn. Economic Indicators 1.32 Kuwait lifts visa restrictions on Pakistanis after six years Authorities in Kuwait have decided to lift a 6-year-old ban on visas for Pakistani citizens. The decision reportedly came after PM Nawaz Sharif took up the matter of visa restrictions with his Kuwaiti counterpart. The premier insisted that lifting the restrictions would remove a major hurdle for the ‘free movement of the business community". Tribune. 1 Source: KCCI Research, SBP Amount in PKR Tn Disclaimer This report has been prepared by KCCI Research & Development Cell. The information contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified. icon represents the sole viewpoint of the KCCI R&D Cell, and is stated to enrich the readers' understanding of the news item. The R&D Dept. bears no responsibility for its correctness or accuracy. Contact: res@kcci.com.pk