MacroScope Pakistan

  • Home
  • MacroScope Pakistan

MacroScope Pakistan Get the latest insights & analysis of Pakistan's macroeconomic landscape with MacroScope Pakistan

The Central Directorate of National Savings (CDNS) in Pakistan has increased the profit rates on all national savings sc...
08/04/2023

The Central Directorate of National Savings (CDNS) in Pakistan has increased the profit rates on all national savings schemes by significant margins, with effect from April 10.

The new rates, the highest in more than a decade, have been increased following the State Bank of Pakistan's key interest rate hike to 21% and the surge in Treasury bills yields to around 22%.

The profit rates on various savings schemes have been increased as follows:

- Defence Saving Certificates: increased by 261 basis points to 14.87%

-Behbood Savings Certificates, Pensioners’ Benefit Accounts, and Shuhada Family Welfare Accounts: increased by 264 bps to 16.56%

-Regular Income Certificates: increased by 24 bps to 12.84% of total investment

-Special Saving Certificates and Special Savings Account: increased by over 400 bps to 17% for the first five profits and 17.8% for the sixth profit, with an average return of 17.13% compared to 13.1% previously

-Saving Accounts: increased by 400 bps to 18.5%

-Short-Term Savings Certificate: increased to 19.92%, 19.64%, and 19.82% for three-, six-, and 12-month tenors, respectively, after an increase of about 380, 364, and 386 bps.

The government is increasing the rates on savings schemes to offer better returns to small savers without affecting the government budget. The profit rates are linked to cut-off yields of long-term Pakistan Investment Bonds and are announced every two months

The Pakistani government has announced that Saudi Arabia has conveyed its commitment to provide $2 billion in bilateral ...
07/04/2023

The Pakistani government has announced that Saudi Arabia has conveyed its commitment to provide $2 billion in bilateral financial support to Pakistan, which could help unlock multilateral disbursements from the International Monetary Fund (IMF).

The IMF has been delaying the completion of the ninth review of Pakistan’s $7bn Extended Fund Facility (EFF) since October 2022.

The Saudi Arabian commitment follows an indication from the IMF that such support was forthcoming.

The government hopes that similar assurances from the United Arab Emirates or other countries will lead to a staff-level agreement (SLA) with the IMF.

Dr Aisha Ghaus Pasha, the Minister of State for Finance & Revenue, said that the IMF’s reforms and requirements were in Pakistan’s interest and the country was fully committed to the IMF program.

05/04/2023

The Asian Development Bank on Tuesday, called for timely general elections in Pakistan to restore investor confidence in the country.

The Asian Development Bank on Tuesday, warned that Pakistan's official reserves are around $4.2 billion, which is not en...
05/04/2023

The Asian Development Bank on Tuesday, warned that Pakistan's official reserves are around $4.2 billion, which is not enough to finance one month of imports, and projected a mere 0.6% GDP growth for the current fiscal year, the second worst among developing Asia after Sri Lanka.

The report also stated that average inflation in Pakistan is projected to be 27.5%, the highest in developing Asia, and that investors' confidence will be restored only after a new government is in place after the next scheduled general elections. The ADB called for the stalled IMF program to be resumed to buttress falling reserves and ease the balance of payments crisis, in part by catalyzing financing from other sources.

05/04/2023

The World Bank has revised its growth forecast for Pakistan's economy downward due to tighter financial conditions and limited fiscal space, as the country struggles with an acute balance of payments crisis.

The State Bank of Pakistan (SBP) has raised the policy rate by 100 basis points (bps) to 21%, which is its highest-ever ...
04/04/2023

The State Bank of Pakistan (SBP) has raised the policy rate by 100 basis points (bps) to 21%, which is its highest-ever level.

This decision was taken by the bank's Monetary Policy Committee (MPC) after observing that inflation in March 2023 rose to 35.4% and is expected to remain high in the near term.

The committee viewed this decision as an "important step" towards anchoring inflation expectations around the medium-term target, which is crucial for achieving price stability.

The committee also noted that Pakistan's financial sector remains broadly resilient, while economic activity continues to moderate.

However, uncertainties attached with the global financial conditions and the domestic political situation pose risks to this assessment.

The SBP has hiked rates by 1,125 bps since January 2022, with the last rise of 300bps coming in March. The worldwide growth in consumer prices has compounded high inflation in Pakistan caused by a weakening currency, energy tariff increases, and elevated food prices due to Ramazan.

The country is in talks with the International Monetary Fund (IMF) to unlock its next tranche worth around $1.1bn as part of a $6.5bn bailout agreement reached in 2019.

The Pakistani government has allocated PKR 103bn ($590m) to reduce the power sector’s circular debt. The funds, which we...
04/04/2023

The Pakistani government has allocated PKR 103bn ($590m) to reduce the power sector’s circular debt. The funds, which were unbudgeted, have been granted to settle claims from K-Electric and Azad Jammu and Kashmir.

The payment is the first tranche of a total of PKR 335bn in subsidies that have been agreed with the International Monetary Fund (IMF).

The move comes after Prime Minister Shehbaz Sharif said that Chinese power plants were owed PKR 450bn in outstanding dues, with some invoices unpaid despite the government having paid PKR 150bn in the past year.

Supreme Court on Tuesday, declared the Election Commission of Pakistan's (ECP) decision to postpone elections to the Pun...
04/04/2023

Supreme Court on Tuesday, declared the Election Commission of Pakistan's (ECP) decision to postpone elections to the Punjab Assembly until 8 October as unconstitutional, and restored the election schedule issued by the ECP on 8 March with modifications.

The court set the date for the polls as 14 May. It also instructed the electoral body to reinstate its previous election schedule and extend it by 13 days.

The court maintained that the ECP could not go beyond the 90-day stipulated time, and instructed the Punjab caretaker government, inspector general, and chief secretary (security) to assist the commission.

Dar set to attend IMF, World Bank meetings next weekPakistan's Finance Minister, Ishaq Dar, will attend the World Bank a...
04/04/2023

Dar set to attend IMF, World Bank meetings next week

Pakistan's Finance Minister, Ishaq Dar, will attend the World Bank and International Monetary Fund's spring meetings in Washington next week to campaign for the renewal of its IMF package. Due to financial constraints, Dar will attend with a small entourage, including the finance secretary and the governor of the State Bank of Pakistan. The meetings, taking place from April 10-16, will bring together finance ministers, central bank heads, parliamentarians, private sector executives, academics, and representatives of other financial institutions to discuss global economic issues. The IMF asked Pakistan to furnish loan assurances from other donors to qualify for the renewal of the Fund's package.

03/04/2023

Welcome to MacroScope Pakistan, your one-stop-shop for in-depth analysis of Pakistan's macroeconomic landscape. We're thrilled to launch this page and share our insights on the latest business and economic news from Pakistan and around the world.

At MacroScope Pakistan, we pride ourselves on offering unbiased, fact-based reporting and analysis of the most important economic issues facing Pakistan today. Our team of experts is dedicated to bringing you the latest news, data, and trends that impact the country's economic future.

Whether you're a business leader, investor, student, or simply interested in staying informed, our page is designed to keep you up-to-date on all the latest developments in the world of Pakistani business and macroeconomics. From policy changes to market movements, we'll be covering it all.

We look forward to engaging with our followers and building a community of individuals interested in the future of Pakistan's economy. So be sure to like and follow our page, and don't hesitate to reach out with any questions or feedback. Thanks for joining us on this exciting journey!

Address


54000

Website

Alerts

Be the first to know and let us send you an email when MacroScope Pakistan posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Videos

The Asian Development Bank on Tuesday, called for timely general elections in Pakistan to restore investor confidence in the country.

World Bank cuts Pakistans growth forecast to 0.4%

The World Bank has revised its growth forecast for Pakistan's economy downward due to tighter financial conditions and limited fiscal space, as the country struggles with an acute balance of payments crisis.

Shortcuts

  • Address
  • Alerts
  • Videos
  • Claim ownership or report listing

  • Want your business to be the top-listed Media Company?

Share