Tag: inflation

  • ‘An umpire has recently given a no-ball’; Imran Khan slams Supreme Court decision

    ‘An umpire has recently given a no-ball’; Imran Khan slams Supreme Court decision

    Imran Khan, former Prime Minister and Founder Chairman of Pakistan Tehreek-e-Insaf (PTI), engaged in an informal conversation with media representatives during the Toshakhana case hearing in Adiala Jail on Monday.

    He voiced concerns over the political and legal developments, particularly critiquing the Supreme Court’s decision regarding PTI’s electoral symbol, referring to the decision as an “umpire giving a no-ball”.

    Khan suggested that the Supreme Court should have formed a five-member bench rather than a three-member one, to address controversies surrounding PTI’s electoral symbol. These remarks were made amidst the Toshakhana case proceedings.

    He again reiterated his belief that the current situation in Pakistan is part of what he referred to as the “London Plan”, alleging that elements of this plan include his imprisonment before elections, the perceived decline of PTI, and the exoneration of former Prime Minister Nawaz Sharif.

    Imran Khan further highlighted the alleged misuse of state resources, asserting that Nawaz Sharif, his daughter Maryam Nawaz, and PPP co-chairman Asif Ali Zardari had obtained bulletproof vehicles from the ToshaKhana without being held accountable.

    “Something very bad is going to happen to them,” he predicted.
    He demanded that an open trial of the cipher case should be conducted so that the people know the facts. “They ask me why did I not keep the cipher secret.”

    He alleged that the expose of former Army Chief General Qamar Javed Bajwa and U.S. State Department official Donald Lu is responsible for what is happening with PTI now, adding that his party is the only one that has consistently struggled for 27 years to attain its current position.

    Imran Khan remarked that recent decisions by decision-makers fail to accurately gauge public sentiment.

    He predicted significant repercussions for those involved and emphasized the power of social media in bringing transparency to such issues.

    Talking about the upcoming elections, Imran Khan claimed that PTI candidates are not being allowed to run their campaign properly, but he anticipates that the people’s dissatisfaction will become evident on February 8th.

    Despite facing various challenges, Imran Khan stated that PTI has not been entirely eradicated as the people continue to support the party. However, he voiced concerns about the electoral process, stating that PTI intended to give tickets to 850 candidates for the national and provincial assemblies in the general elections but were allegedly not allowed to consult with registered members in jail.

    In response to a question, Imran Khan ruled out the possibility of an electoral alliance with Bilawal Bhutto’s party.

    He also reiterated his claims about biased umpires in the political arena, asserting that Nawaz Sharif has never played a match without favoritism.

    In a related development, PTI Vice Chairman Shah Mahmood Qureshi announced that the party’s candidates would contest the upcoming elections as independent candidates. Qureshi, while referring to the SC verdict, commented on the perceived lack of a level playing field for the PTI and criticized the Election Commission of Pakistan (ECP) for its stance on intra-party elections.

    He further said that his daughter’s nomination papers were snatched when she went for scrutiny. She was compelled to leave her native city, Qureshi added.
    “We accept the court’s verdict. History will certainly write its judgment on the SC’s verdict [on PTI election symbol]”

    Jail Trials Challenged

    Former Prime Minister and Founder Chairman of Pakistan Tehreek-e-Insaf (PTI), Imran Khan, has taken legal action by challenging the jail trial notifications related to the Toshakhana and Al-Qadir Trust cases at the Islamabad High Court.

    Both notifications, about the jail trial, have been contested by Imran Khan in the Islamabad High Court.

    Notably, the notification for the jail trial in the Al-Qadir Trust case was issued on November 14, while in the Toshakhana case, it was issued on November 28, as per the petitions filed on behalf of the PTI leader.

    The legal challenges assert that the notifications for the jail trial are deemed illegal and are allegedly motivated by malice.

    Imran Khan’s legal team has requested the court to declare the jail trial notifications null and void.

    Additionally, they seek a halt in the proceedings of the trial court until a resolution is reached on this matter.

    Imran Khan has named Chairman NAB (National Accountability Bureau) and others as respondents in both petitions, marking a significant development in the ongoing legal saga surrounding the Toshakhana and Al-Qadir Trust cases.

  • Pakistan’s weekly inflation soars beyond 44%

    Pakistan’s weekly inflation soars beyond 44%

    In the latest economic developments, Pakistan has witnessed a surge in weekly inflation for the third consecutive week, marked by a notable increase in the Sensitive Price Indicator (SPI) for the Combined Group.

    The SPI for the said group witnessed a significant rise of 1.36 per cent week over week (WoW) during the week concluded on January 11, 2024.

    Adding to the economic landscape, the SPI showcased a remarkable year-over-year (YoY) increase of 44.16 per cent, comparing the current statistics with the corresponding period from the previous year.

    Last week’s SPI for the Combined Group demonstrated a WoW increase of 0.81 per cent.

    Data released by the Pakistan Bureau of Statistics (PBS) reveals that the combined index stood at 317.92 in comparison to 313.66 on January 4, 2024.

    Notably, this index was recorded at 220.53 a year ago, specifically on January 12, 2023.

    Among the 51 items analysed, 21 experienced an increase in average prices, while prices for 8 items decreased, and 22 items remained stable.

    The noteworthy price hikes during the week were observed in tomatoes (15.63 per cent), onions (8.94 per cent), chicken (6.42 per cent), electricity charges for Q1 (5.11 per cent), and eggs (4.31 per cent).

    Conversely, significant decreases were noted in the prices of potatoes (5.92 per cent), vegetable ghee (1 KG) (0.84 per cent), sugar (0.43 per cent), vegetable ghee (2.5 KG) (0.29 per cent), and mustard oil (0.26 per cent).

    The weekly SPI percentage change, when categorised by income groups, indicated a uniform increase ranging between 1.2 per cent and 1.34 per cent across all quantiles. The lowest-income group experienced a 1.2 per cent rise, while the highest-income group recorded a 1.34 per cent increase.

    On a yearly basis, the analysis of SPI change across various income segments revealed an overall increase ranging from 36.06 per cent to 47.48 per cent.

    The lowest-income group witnessed a yearly rise of 36.06 per cent, whereas the highest-income group recorded a significant increase of 42.71 per cent.

  • Pakistani rupee records 9th consecutive surge, gains Rs1.04 against US dollar

    Pakistani rupee records 9th consecutive surge, gains Rs1.04 against US dollar

    In the currency markets, the Pakistani rupee (PKR) maintained its winning streak for the 9th consecutive week, appreciating by 1.04 rupees against the US dollar.

    The local unit closed at PKR 280.36 per USD, showcasing resilience in the face of economic fluctuations. During today’s trading session, the PKR experienced fluctuations, reaching an intraday high bid of 279 and a low ask of 281.5.

    Exchange companies in the open market quoted the dollar at 279.15 for buying and 281.50 for selling, reflecting the ongoing strength of the PKR against the greenback.

    Notably, the PKR also demonstrated gains against major currencies, gaining 78.58 paisa against the Euro, closing at 307.85.

    The British Pound saw a decrease of 58.38 paisa, settling at 358.18, while the Swiss Franc experienced losses of 1.41 rupees, closing at 329.08.

    However, the Japanese yen posed a slight challenge, as the PKR lost 0.09 paisa, closing at 1.934 against 1.933 from the previous session.

    Overall, the PKR’s robust performance against the US dollar and several major currencies underscores the resilience and stability of Pakistan’s currency in the global financial landscape.

  • IMF greenlights $700 million for Pakistan’s economic stabilisation programme

    IMF greenlights $700 million for Pakistan’s economic stabilisation programme

    In a significant development, the International Monetary Fund (IMF) successfully concluded its first review of Pakistan’s economic reform programme on Thursday.

    This programme, backed by a $3 billion and-by a arrangement (SBA), has now received a boost with the immediate approval and disbursement of $700 million, as confirmed by the finance ministry.

    According to an official statement from the ministry, the completion of the first review by the IMF’s Executive Board, coupled with the payment of $528 million in special drawing rights, has elevated the total disbursements under the SBA to $1.9 billion.

    The infusion of funds from the IMF, combined with recent inflows from multilateral lenders, is anticipated to contribute to the stability of the Pakistani rupee, which has demonstrated relative steadiness over the past few months.

    The finance ministry highlighted that this fresh tranche would play a crucial role in facilitating rollovers from allied countries, including the United Arab Emirates, China, and Saudi Arabia.

    Additionally, it is expected to alleviate external debt repayment pressures faced by Pakistan.

    This positive development traces back to June 2023, when the IMF Executive Board granted approval for a much-needed nine-month arrangement with Pakistan to support its economic stabilisation program.

    The initial disbursement of $1.2 billion was promptly released in July, with the remainder subject to two quarterly reviews over the programme’s duration.

    The current IMF programme is slated to conclude in the second week of April, with the recent disbursement marking a significant step towards its successful execution.

    Notably, a staff-level agreement was reached in November 2023 between the IMF staff and Pakistani authorities, paving the way for the first review under Pakistan’s SBA.

    This agreement was contingent upon subsequent approval by the IMF’s Executive Board.

    Looking ahead, Pakistan is poised to receive the remaining amount in March under the $3 billion SBA.

    Despite facing challenging conditions, particularly persistently high inflation, which rose to 29.7 per cent in December from 29.2 per cent in the preceding month, Pakistan remains committed to navigating through these economic challenges with the assistance of international financial institutions.

  • PKR gains 2 paisa to close at Rs281.11 against US dollar

    PKR gains 2 paisa to close at Rs281.11 against US dollar

    The Pakistani rupee sustained its upward trend against the US dollar for the seventh consecutive session, exhibiting a slight 0.01 per cent appreciation in the interbank market on Thursday. 

    According to the State Bank of Pakistan (SBP), the Pakistani rupee concluded at Rs281.11, marking an increase of Rs0.02. 

    In the preceding session, the rupee recorded a marginal gain, settling at Rs281.13 against the US dollar.

    Comparatively, the PKR experienced a decline of Rs1.47 against the Euro, closing at Rs308.63 compared to the previous value of Rs307.16. 

    The British Pound strengthened by Rs1.79, concluding at Rs358.77 in contrast to the previous day’s Rs356.98. 

    The Swiss franc witnessed an increase of 63.72 paisa, closing at Rs330.49 versus Rs329.85 from the prior session.

    Against the Japanese yen, the PKR gained 0.63 paisa, concluding at Rs1.9333 compared to Rs1.9396 a day ago. 

    On a global scale, the US dollar remained stable as traders awaited US inflation data to assess the validity of rate-cut predictions. 

    The dollar, which had experienced a decline in the latter months of 2023 following signals from the Federal Reserve indicating an end to rate hikes, has since stabilised in early 2024 as traders factored in substantial cuts.

  • 6th straight gain: Pakistani rupee closes at Rs281.13 against dollar

    6th straight gain: Pakistani rupee closes at Rs281.13 against dollar

    In a continued trend, the Pakistani rupee exhibited resilience against the US dollar, marking its sixth consecutive session of appreciation with a marginal uptick of 0.03 per cent in the inter-bank market on Wednesday. 

    The State Bank of Pakistan (SBP) reported a settlement at Rs281.13, reflecting an increase of Re0.09.

    This positive momentum follows Tuesday’s marginal gain when the rupee settled at Rs281.22 against the US dollar. 

    Against major currencies, the Pakistani rupee demonstrated notable strength, gaining 94.44 paisa against the Euro, closing at Rs307.16 compared to the previous value of Rs308.11.

    The British Pound observed a decrease of Rs1.38, closing at Rs356.98 in contrast to the previous day’s rate of Rs358.36. 

    Similarly, the Swiss franc experienced losses of Rs1.86, closing at Rs329.85 compared to Rs331.71 from the preceding session.

  • Interbank closing: PKR continues winning streak, settles at Rs281.22

    Interbank closing: PKR continues winning streak, settles at Rs281.22

    The Pakistani rupee (PKR) extended its upward trend against the US dollar for the fifth consecutive session, gaining 0.02 per cent in the inter-bank market on Tuesday.

    The State Bank of Pakistan (SBP) reported that the rupee concluded at Rs281.22 after a rise of Re0.06. In the preceding session on Monday, the rupee had experienced a slight increase, settling at Rs281.28 against the US dollar.

    On a global scale, the US dollar took a pause in its rally on Tuesday, with traders expressing confidence in multiple Federal Reserve rate cuts this year.

    This optimism is based on the belief that the slowdown in US inflation is significant.

    Meanwhile, in the cryptocurrency realm, bitcoin maintained its position near the highest level since April 2022, driven by growing expectations of the imminent approval of spot bitcoin exchange-traded funds (ETF).

    These market movements were influenced, in part, by the New York Fed’s recent Survey of Consumer Expectations, revealing that US consumers’ short-term inflation expectations in December reached the lowest level in almost three years.

    A key reading on US inflation is scheduled later in the week, offering additional insights into the Federal Reserve’s potential room for interest rate adjustments this year.

    Futures currently indicate the pricing in of nearly 140 basis points worth of easing by the Fed in the coming year.

    Against a basket of currencies, the US dollar experienced a slight decline of 0.08 per cent, settling at 102.22, following a 1 per cent increase in the previous week.

  • PKR ends week in green, settles at Rs281.4 vs USD

    PKR ends week in green, settles at Rs281.4 vs USD

    The Pakistani rupee demonstrated resilience, marking its third consecutive session of gains against the US dollar with a 0.1 per cent appreciation in the inter-bank market on Friday. 

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs281.4, reflecting an increase of Re0.27.

    In a noteworthy development, the SBP’s foreign exchange reserves experienced a significant boost of $1.3 billion over a two-week period, attributed to official inflows from international financial institutions facilitated by the government of Pakistan. 

    The upward trajectory in the SBP’s foreign exchange reserves was evident in the final weeks of December. Inflows totaling $852 million were reported for the week ending December 22, 2023, followed by an additional $464 million by December 29, 2023. 

    Cumulatively, an impressive $1.316 billion contributed to the SBP’s reserves during this fortnight.

  • Finally, some good news for PTI

    Finally, some good news for PTI

    Several Pakistan Tehreek-e-Insaf (PTI) aspirants, along with their allies, re-entered the electoral fray on Thursday following successful appeals against the rejection of their nomination papers by Returning Officers (ROs) during the scrutiny process last week.

    The appellate tribunals, responsible for reviewing appeals against ROs’ decisions, swung into action a day after the deadline for filing appeals expired.

    Rulings were issued on many appeals, while notices were dispatched to the Election Commission of Pakistan (ECP) and other relevant parties for further cases.

    Numerous PTI candidates, facing rejection of their nomination papers, took up the challenge against RO decisions. Simultaneously, objections were raised against the acceptance of Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif’s papers in Karachi.

    According to the election schedule, nomination papers were accepted until December 22, scrutinized by December 30, and the appeal window extended until January 3. The tribunals are expected to conclude all appeals by January 10.

    Among those approved by the appellate tribunals are PTI Central Vice President Firdous Shamim Naqvi for NA-236, Karachi, and party ally Sheikh Rashid and his nephew Sheikh Rashid Shafiq for NA 56 and 57, Rawalpindi. Additionally, several other candidates from various parties, including Ijazul Haq and Punjab Assembly Speaker Sabatin Khan, received the green light to contest elections.

    Firdous Shamim Naqvi took to Twitter (former X) and wrote, “Jibran, Andaleeb and Shiraz, the team that batted for me to get my nomination cleared by the tribunal. My thanks to all those who prayed for my success. I hope to contest with your support and bat for Pakistan. Inshallah we will all succeed on the 8th of February 24.”

    In Rawalpindi, two election tribunals continued hearings on Thursday, deciding a total of 26 appeals—approving 20 and rejecting six. Notably, the tribunals accepted appeals from prominent figures such as PTI founder Imran Khan, former Punjab chief minister Parvez Elahi, and former minister Fawad Chaudhary, prompting notices to the ECP and relevant returning officers.

    Justice Chaudhry Abdul Aziz, a tribunal judge, emphasized the need to adhere to the Constitution and the law during appeal hearings, discouraging the discussion of political matters in court.

    In Islamabad, an appellate tribunal issued notices on appeals from 51 candidates whose nomination papers were rejected, including PTI’s Ilyas Mehrban, Aamir Mughal, Shiraz Kayani, and Zubair Farooq. Tribunal Judge Arbab Muhammad Tahir also sought responses on the appeal against the acceptance of the transgender candidate Nayab Ali’s nomination papers for NA-46 and NA-47.

    Meanwhile, in Karachi, the appellate tribunal at the Sindh High Court accepted the nomination papers of PTI Central Vice President Firdous Naqvi for NA-236, Karachi, declaring objections to his papers as “illegal.”

    The election process is currently undergoing a thorough review, with various candidates and parties actively participating in the appeal process to ensure fair representation in the upcoming elections. The tribunals are expected to play a crucial role in shaping the final candidate list for the upcoming polls.

  • Pakistani rupee strengthens by 5 paisa, closes at PKR 281.67 against US dollar

    Pakistani rupee strengthens by 5 paisa, closes at PKR 281.67 against US dollar

    The Pakistani rupee (PKR) demonstrated a 5.08 paisa appreciation against the US dollar during Thursday’s interbank session, concluding at PKR 281.67 per USD, compared to the previous closing at PKR 281.72 per US dollar (USD).

    Throughout the day, the currency reached an intraday high (bid) of Rs281.84 and a low (ask) of Ra281.8. In the open market, Exchange Companies quoted the dollar at Rs281 for buying and Rs283 for selling.

    It’s noteworthy that the local unit concluded its 13-day historic winning streak against the greenback in the first trading session of 2024, experiencing a modest depreciation of 3.37 paisa against the US dollar.

    In contrast to major currencies, PKR gained 56.27 paisa against the Euro, closing at Rs308.07 compared to the previous value of Rs308.63. 

    The British Pound saw an increase of Rs1.25, concluding at Rs357.49 compared to Rs356.24 from the previous day.

    The Swiss franc recorded gains of 75.99 paisa, closing at Ra332.01 compared to Rs331.25 from the previous session. 

    Against the Japanese Yen, PKR gained 1.18 paisa, closing at 1.964 versus 1.9758 a day ago. The Chinese Yuan lost 4.96 paisa, closing at 39.38 against 39.43 from the previous session. 

    The Saudi Riyal closed at 75.1 with a loss of 1.75 paisa from its values of 75.12 a day ago, and the U.A.E Dirham decreased by 1.28 paisa from 76.69 to 76.71.

    In the current financial year, PKR has appreciated against the Dollar by 4.32 rupees or 1.53 per cent, while the current calendar year has seen PKR appreciate by 18.73 paisa or 0.07 per cent. 

    In the money market, the benchmark 6 Month Karachi Interbank Bid and Offer rates decreased by 6 bps to 21.16 and 21.41 per cent.