Pakistani rupee continued its appreciation for the fourth straight session in the interbank market, posting a gain of 29 paisas on Thursday.
The State Bank of Pakistan (SBP)’s Monetary Policy Committee (MPC) is scheduled to convene on Friday, March 19, 2021, to announce Monetary Policy for the next two months.
Pakistan Mortgage Refinance Company (PMRC) has issued the first of its kind Musharakah based Sukuk of Rs 3.1 billion at 8.25 percent for the promotion of housing finance in the country.
KASB Market View
We feel today would be a mixed to positive day as SBP meets to decide on Monetary Policy. Although, near unanimous view is of status quo, any surprise could bring renewed interest in the Banking Sector (Index heavyweight) that can neutralize bears in cyclical stocks. We expect no change today as growth takes precedence & economy is not overheating.
National News
Pakistani Rupee Makes Big Gains Against the US Dollar 4th Day in a Row
Pakistani rupee continued its appreciation for the fourth straight session in the interbank market, posting a gain of 29 paisas on Thursday.
MPS Preview: 3rd Covid wave to fade away rate hike
The State Bank of Pakistan (SBP)’s Monetary Policy Committee (MPC) is scheduled to convene on Friday, March 19, 2021, to announce Monetary Policy for the next two months.
https://mettisglobal.news/mps-preview-3rd-covid-wave-to-fade-away-rate-hike
Musharakah-based Rs3.1bn sukuk issued
Pakistan Mortgage Refinance Company (PMRC) has issued the first of its kind Musharakah based Sukuk of Rs 3.1 billion at 8.25 percent for the promotion of housing finance in the country.
https://epaper.brecorder.com/2021/03/19/1-page/874360-news.html
Japan will be urged to restore yen-based concessional loans
Pakistan is all set to request Japan to restore yen-based concessional loans and tariff relief on textile and other products under Japan’s GSP Scheme, well-informed sources told Business Recorder.
https://epaper.brecorder.com/2021/03/19/1-page/874361-news.html
Foreign exchange: SBP reserves rise $4m to $13b
The foreign exchange reserves held by the central bank rose 0.03% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
https://tribune.com.pk/story/2290155/foreign-exchange-sbp-reserves-rise-4m-to-13b
Promulgation of the Tax Laws Ordinance; Govt seeks approval of federal cabinet
The government is seeking approval of the Federal Cabinet for promulgation of the Tax Laws (Second Amendment) Ordinance, 2021 for withdrawal of corporate income tax exemptions from the date of promulgation of the Ordinance.
https://tribune.com.pk/story/2290155/foreign-exchange-sbp-reserves-rise-4m-to-13b
Pakistan’s outstanding debt reaches Rs 23.6 trillion in February
Pakistan’s outstanding debts as of February 28, 2021 stand at a colossal amount of Rs.23.61 trillion whereas total debt at the end of the prior month was Rs.23.3 trillion, meaning that around Rs.312.34 billion were additionally borrowed during this month alone.
https://mettisglobal.news/pakistans-outstanding-debt-reaches-rs-23-6-trillion-in-february
Car Prices Expected to Rise Due to Shortage of Containers
Pakistan’s automotive industry relies almost entirely on imported mechanical goods and parts that are assembled after their arrival to build a complete car. With the ongoing acute shortage of containers that is impeding overseas trade and increasing shipping costs, the prices of vehicles are likely to go up in the near future.
https://propakistani.pk/2021/03/18/car-prices-expected-to-rise-due-to-shortage-of-containers/
Privately-imported Covid shots arrive: govt backtracks on price decision
Government has reversed its decision to allow uncapped prices for Covid vaccines imported by private firms, the health minister said on Thursday, a move that coincided with the arrival of a first shipment of privately imported Russian Sputnik-V shots.
https://epaper.brecorder.com/2021/03/19/12-page/874448-news.html
Cotton import from India in sight
Com-merce Ministry said on Thursday that summary on import of cotton from India is under process. Ministry of Commerce also came under fire for giving a subsidy “unfairly” to All Pakistan Textile Mills Association (APTMA) which is allegedly involved in billions of rupees fake invoices scam, “which will be unveiled in the next six months”.
https://epaper.brecorder.com/2021/03/19/1-page/874362-news.html
Inferior Good
-Word of the Day-
An inferior good is an economic term that describes a good whose demand drops when people’s incomes rise. These goods fall out of favor as incomes and the economy improve as consumers begin buying more costly substitutes instead.
